UK: NGOs to tackle financial illiteracy in Africa

The Department of International Development has launched a new £4m (5,360,000 euro) fund to improve financial education in Africa.

The running and the management of the fund is open to tender and it will look to new proposals from government, NGOs, social enterprises and others to improve financial know-how in the third country. Application can be submitted by the 25 march 2008.

Proposals can include promotion of financial literacy through school curricula, road shows, mass media campaigns, better banking services or by bringing the private sector, governments and civil society together to meet the rising demands for financial education.

The fund, in a long term, will replicate successful schemes across Africa.
Africa has the world?s lowest savings rate. UK has funded a research into banking in Botswana, Kenya, Namibia, South Africa, Tanzania Uganda and Zambia. These countries represent one fifth of the whole population in Africa and considering the adult population (92 million), only 29% has a bank account. The research highlights that in countries like Zambia about 50% of the adult population don?t understand how to use basic financial products.

www.dfid.gov.uk