Country
Mozambique
Local Project Partners
Population (in particular children and young people) in Mozambique
Donator
KfWBankengruppe
Duration
01.01.2014 - 31.12.2015
Financial attitudes and behaviours, which relate to thinking about the future, and putting money aside for unexpected or old age expenses, seem to be a major challenge in Mozambique. Only about a fifth of the adult population in Mozambique saves, most of whom through informal schemes or at home.
Access to formal financial services is limited, especially in the rural areas. Informal financial services, such as ‘xitique’ (rotating savings and credit associations) still have great importance. Consequently, a substantial portion of savings is kept out of the economic cycle and is not available for investment by private production enterprises, thus constituting an additional obstacle to general economic growth in the country. Moreover, keeping money at home represents a risk for private individuals. With no access to secure savings accounts, the little extra money some people have is precariously saved in hiding places at home.
The main project goals, therefore, are to raise the awareness of the importance of saving, improve financial education, particularly of children and young people as future savers, strengthen the trust in the financial sector and mobilise savings.
Together with the Mozambican consulting agency ICC, the Sparkassenstiftung advises the central bank of Mozambique (Banco de Mocambique) on introducing the World Savings Day and supports the participating banks in implementing various activities and events.
On 31 October 2014, the first ever World Savings Day was successfully executed in Mozambique in and around the capital of Maputo (including Matola).
The commitment of the participating institutions in Mozambique was particularly geared towards promoting financial literacy at schools throughout the country. Sparkassenstiftung organised a training seminar for the bank staff to train them as multipliers for financial literacy. The freshly qualified trainers then imparted their newly gained knowledge to schoolteachers. Thanks to this multiplying effect, more than 7,000 scholars were educated in financial literacy in 2014. In addition to training units dealing with saving and the responsible handling of money, the pupils were playfully familiarised with basic financial knowledge in form of, for example, theatre plays, guessing games and competitions. In total, some 11,000 children and young people were reached by activities of the World Savings Day and alerted about the importance of saving and financial literacy.
In 2015, activities promoting the idea of saving will be exectued in all 11 provinces of the the country and will actively involve more than 100 schools.
The song “Vamos Popurar”, which has expressly been composed for this event, and the cute Mozambique savings mascot “Moedinhas” will accompany all activities around World Savings Day.
This year’s World Savings Day will be opened on 30 October within the scope of an official ceremony under the auspices of Banco de Mocambique. The participating banks will inform about their savings products at information desks and in their branches. Special activities for adults and children will round off this campaign: It is planned to create a wishing tree to visualize the visitors’ savings goals, organise painting competitions, lotteries and many further actions.
Services provided
- Consulting of the central bank of Mozambique (Banco de Mocambique),
- Organisation of workshops on marketing and product development for participating banks,
- Development of customized material to promote financial literacy in Mozambique,
- Training of trainers and teachers,
- Support of marketing activities and media campaigns,
- Support of banks in executing World Savings Day and school activities
