Visa, the Global financial services, has signed a partnership with the Financial Services Consumer Education Foundation (‘FSCEF / the Foundation’) worth US$ 200,000 (approximately R3.35 million) to support youth’s financial education in South Africa.
The partnership is specifically focused on two financial education programmes namely The Financial Literacy Speech Competition for Schools and the Financial Literacy for Students in Tertiary Institutions.
These financial education programmes are anticipated to reach approximately 7500 young people.
Vice President, Carl Manlan explained, “Our mission as Visa is to remove barriers and connect more people to the global economy, we believe that economies that include everyone, everywhere uplift everyone, everywhere. Our partnership with Foundation is to drive access to financial education for young people where they are.
“It further strengthens their pathway to financial inclusion while creating better conditions for financial consumer protection. It is through developing and applying life skills that young people are better able to take control of their money and their future.
“For nearly two decades, Visa’s financial literacy programmes have educated millions of children and adults in more than 30 countries on how to manage their money wisely. The programmes are designed to ensure that as individuals gain access to financial services, they do so with a sound understanding of money management,” he added.
The FSCEF is a local non-profit organisation established in 2004 by the Financial Sector Conduct Authority (previously known as the Financial Services Board). It aims to fund consumer initiatives that will help to increase financial literacy and equip people with the information, tools, and knowledge required to make smarter financial decisions.
The Financial Literacy Speech Competition for Schools is targeted at school learners in quintiles 1, 2 and 3 schools (no-fee schools) across all nine provinces in South Africa. The programme consists of four rounds, which includes school, district, provincial and national rounds.
The winner of each round progresses to the next rounds. Participating learners are provided with prescribed financial education topics of which they are required to choose one and conduct a 5-minute verbal presentation. The National final of the programme will take place on the 14th of October 2022 in Cape Town.
Recognition and prizes are awarded after each round, while the top 3 winners of the National final will also receive fully paid bursaries to study at any institution of their choice within the South African borders. The bursaries include tuition fees, textbooks, accommodation, logistics and a stipend for living expenses.