Financial Literacy Challenge
While banks become more efficient and improve performance with digital banking, more is needed to promote financial literacy. Financial literacy is a crucial component of achieving financial inclusion. An understanding of basic concepts in finance empowers people to make sound financial decisions including how to manage household expenses and how to save money, bookkeeping, budgeting, and business management.
Improving financial literacy positively influences access and uptake of formal financial services. To increase financial literacy we should aim to leverage the extremely rapid growth of phones and data usage. We can design financial gaming applications (SMS/USSD/Apps) where people can learn more about financial concepts such as savings, interest payments and insurance while they play.
We believe that through digital application, people will be able to improve their understanding of financial concepts, which will hopefully lead to an improvement in financial literacy. The Digital and Financial Expo #DiFiExpo will introduce different initiatives promoting financial literacy and the Digital Impact Awards Africa #DIAA will award the most innovative initiative promoting financial literacy.