Financial education is key to improving individual financial behaviour, preventing over-indebtedness, protecting clients, contributing to market development and ensuring financial stability. It makes a crucial contribution to the development of inclusive financial systems and to broader economic and social development goals. Financial education is therefore increasingly high on the agenda of many countries, including countries in Sub-Saharan Africa (SSA).
Too often, national financial education strategies are developed and implemented with insurance not included or only added as a bit of an afterthought. To encourage better cross-sectorial coordination and facilitate sharing of experiences on the key factors involved in a successful financial consumer education campaign, the Access to Insurance Initiative (A2ii), the International Association of Insurance Supervisors (IAIS), the Financial Services Board (South Africa) and FinMark Trust organized the Seminar on Financial Education: Challenges, Trends and Measures of Success in Supporting Financial Inclusion in Sub-Saharan Africa from 29-30 September 2016 in Sandton, South Africa. The seminar brought together 150 delegates from 15 African countries.
The discussions revealed that the challenges in financial education are similar across Sub-Saharan Africa (SSA) and that important lessons could therefore be learnt from existing experiences. Overall, the seminar proved successful in bringing together a diverse range of stakeholders involved in financial education from across Africa. It also met its objective of contributing ideas and support to OECD/INFE for the development of an international declaration on financial literacy.