In its quest to assist the ordinary African worker to process economic information and make informed decisions about their finances, Financial Literacy Foundation (FLF) Africa has launched its Financial Literacy for Coronavirus Alleviation (FLICA) programme across the continent.
FLICA will provide financial literacy to the formal and informal sectors on how to handle the economic and financial hardship arising from the COVID-19 pandemic for financial wellness.
Speaking at the launch, Executive Director of FLF, Richmond Kwame Frimpong said FLICA was strategically aimed at reducing extreme poverty in sub-Saharan Africa, through the education of individuals on personal financial prudence.
“FLICA is poised to educate individuals on personal financial prudence to mitigate financial crises emanating from reduced incomes, sudden job losses, and increased health cost due to the COVID-19 pandemic and assist in closing the financial inclusion gap and help low-income earners as well as MSMEs (which constitute an important source of revenue for poor households) to achieve financial wellness, access available stimulus packages, make the most of their cashflows, tax returns, savings, credit, investments, mortgages, insurance and pensions,” he said.
He also stated that the project also seeks to avert the risk of making ineffective financial decisions, increasing debt and becoming victims of abusive financial practices, and potentially strengthen the efficiency of financial markets in Africa.
He further noted that, “our ‘IES’ approach will Inform, Engage and Support people through practical and impartial education to build their financial awareness and encourage informed money decisions for their financial well-being especially in these hard economic times of COVID-19.”
FLICA is geared towards all the 46 countries in sub-Saharan Africa and aims to achieve financial independence for 8 out of every 10 individuals by 2030.
As a deliberate strategy, FINANCIAL LITERACY Foundation, seeks to reach the mass rural (farmers, fisher-folk, deprived communities) and mass urban (market women, street hawkers, traders, retail sellers, etc.) while the formal sector will also reach workers in the private, public, social sectors (mass, middle class, and high net worth), pensioners, entrepreneurs, students across primary, secondary, tertiary, vocational and technical levels.