StanChart to impart financial literacy skills among youth

09Sep 2019
Beatrice Philemon
Dar es Salaam
The Guardian
StanChart to impart financial literacy skills among youth

Youths will benefit from a Standard Chartered Bank’s five year ‘Futuremakers’ program which seeks to impart financial literacy and digital skills.

Director of National Payment System from Bank of Tanzania, Bernard Dadi (L) and Group Chief Financial Officer of Standard Chartered Bank, Andy Halford (R) unveil a curtain to launch ‘Futuremakers’ program in Dar es Salaam last week. Photo: Beatrice Philemon.

Standard Chartered Tanzania Limited’s CEO, Sanjay Rughani said the fine year project will be implemented in all countries where the bank has operations and has been allocated U$50 million.

“We want to use the unique skills of the bank and of our employees to share and build capacity of young people to access jobs and economic opportunities that will help close the inequality gap,” Rughani said.

He said the launch of Futuremakers fully aligns with StanChart’s objective to drive commerce and prosperity through its unique diversity and reinforce its promise to be here for good.

“This is a five- year financial education program designed to empowering the next generation on financial managers to help them build necessary skills to save money, to take control of finances and enable businesses to prosper,” he added.

The launch of the program was officially done by Director of the National Payment System from Bank of Tanzania, Bernard Dadi who commended the leading global lender for coming up with such a timely initiative.

“Involving students from primary schools to university levels as well as women entrepreneurs on financial education will tackle inequality and promote greater economic inclusion in our market as well as help people to save money, manage their personal finances and avoid relying on borrowing,” he noted.

The program is a result of the bank’s development of its community strategy to be more responsive to the changing social and economic needs across its markets addressing social and economic inequality and the limited opportunities for young people.

It is expected that during the implementation period, students in primary schools, secondary schools and university levels, staff in various companies and entrepreneurs, will be receive financial literacy training to enable them have skills to manage their money but also make right financial decisions.

“So far we have already prepared a curriculum for primary schools, secondary schools, universities, staff and entrepreneurs that will be used to train them and enable them learn, earn and grow,” the StanChart Tanzania CEO noted.

“We have decided to embark on this program after discovering that lack of financial knowledge is a major barrier for many to succeed with only 30 percent of people who gain access to financial services, having appropriate financial knowledge,” he added.

On his part, the bank’s Chief Financial Officer, Andy Halford noted that the programme is StanChart’s global initiative to tackle the issue of inequality and seeks to promote greater economic inclusion for young people in communities.

“We will execute the initiative by supporting disadvantaged young people from low-income households particularly girls and people with visual impairments to take part in programmes focused on education, employability and entrepreneurship,” Halford pointed out.

Globally over 400 million entrepreneurs in low and middle income countries, including Tanzania, are struggling to manage daily operational risks, because they lack the knowledge of basic financial tools like insurance and savings.