“A better life through Savings” – this was the motto of this year’s financial literacy week in Zambia. Banks and microfinance institutions from all provinces of Zambia organized games and competitions for all age groups and presented exhibitions and road shows all around the topic of saving.
Saving money is not a question of income
Under the slogan “Every ngwee counts” (100 ngwee make up a kwacha, the currency of Zambia. Six kwachas correspond to about one euro), many schools profited from the activities within the scope of the Financial Literacy Week. Different school classes engaged in a kind of savings competition: Every class developed its own project, which was supposed to be later on financed out of the class’s individual savings income. The reward for the winner class was a financial contribution to the own project.
The pupils collected their savings in piggy banks made of papier-maché, which were particularly produced for this special purpose by Sparkassenstiftung in cooperation with a Zambian sheltered workshop. The heaviest pig weighed an impressive 40 kilos.
Within the scope of the competition, only the number of collected coins counted, but not the overall amount saved. Thus, schools located in the country’s poorer regions had the same chances of winning as schools from richer areas.
Long-lasting cooperation – Sparkassenstiftung has started to enhance basic financial literacy in Zambia already in 2012
Zambia is more than twice as large as Germany. But with a number of about 14 million inhabitants, the landlocked country in southern Africa is very scarcely populated. Despite a generally positive economic development and a growing financial sector, more than 60 percent of Zambia’s population do not have access to financial services. In addition to that, there is not only a lack of knowledge of financial products and their possible use, but also of economic and financial correlations. That is why Sparkassenstiftung started to support the Zambian government in implementing its national strategy for financial education in 2012. A working group initiated by the Bank of Zambia coordinates a multitude of stakeholders and education measures for different target groups. Sparkassenstiftung, for example, develops and executes own education measures for micro and small entrepreneurs. Furthermore, Sparkassenstiftung qualifies own trainers, enabling them to organize and perform trainings for small entrepreneurs all over the country. Another special project feature is the support rendered to the Financial Education Coordination Unit (FECU) of the Bank of Zambia. Sparkassenstiftung provides special training measures to FECU focusing on project management or communication. In addition to that, Sparkassenstiftung helps to organise the National Financial Education Week, which has meanwhile become an annual event in Zambia.
“Get to know your numbers” – Telenovela of Sparkassenstiftung shown on Zambian TV during the Financial Literacy Week
Another instrument for promoting financial literacy has just recently celebrated its premiere: With the telenovela “Get to know your numbers”, the same-titled micro business game by Sparkassenstiftung is made accessible to the Zambian population for the first time and on a countrywide basis. Thus, everyone is given the opportunity to have a direct share of the financial literacy trainings offered by Sparkassenstiftung. In ten episodes, the telenovela tells the story of the Micro Business Game, while showing how to play the game in practice.
Further information about the management games of Sparkassenstiftung and the film “Get to know your numbers” can be accessed <link http: www.sparkassenstiftung.de en media-publications news news-detail datum get-to-know-your-numbers-filmpremiere-das-mikrofinanz-planspiel-der-sparkassenstiftung-erstma.html _blank>here
For additional information on the project “Strengthening basic financial literacy in Zambia”, follow the <link http: www.sparkassenstiftung.de en projects projekt staerkung-der-finanziellen-grundbildung-in-sambia.html _blank>link
Contact partners:
Stefan Henkelmann / Carina Lau
Sparkassenstiftung für internationale Kooperation
Simrockstraße 4
53113 Bonn
Phone: +49 228 9703-6625 / -6608
Fax: +49 228 9703-6613