The Importance of Financial Education: Sensitizing Populations on the Value of Money

Saly, Jul 23 (APS) – Financial education is not a promotion of financial products and services but rather the sensitization of populations on the value of money, explained the executive secretary of the Observatory of the quality of financial services (OQSF).

“Financial education is not a promotion of financial products and services, it is a sensitization of populations on the value of money, on how to deal with frauds and scams but also how to arouse the entrepreneurial spirit among young people and develop a sense of tax citizenship,” said Habib Ndao.

He was speaking on the sidelines of a technical workshop dedicated to the development of the national financial education program (PNEF) which is being held in Saly from July 21 to 23.

According to him, financial education makes it possible to promote financial inclusion but also to protect populations and users of financial services by showing the interest of having a bank account, the reflex of taking out an insurance policy “only to seize the opportunities”.

“Financial education is one of the three pillars of client protection alongside financial inclusion and sector regulation. For emerging economies like ours, financially literate consumers can help ensure that the financial sector makes a real contribution to economic growth and the fight against poverty,” continued Mr. Ndao.

He expressed regret that despite the progress made in terms of people’s access to financial services in recent years, thanks to technological changes, a number of challenges in terms of financial education still remain to be met.

Habib Ndao therefore returned to the importance of developing the financial skills of children and young people, from an early age, but also building capacity on good practices in responsible finance for vulnerable groups such as rural populations, women, the informal sector.

The representative of the ministry in charge of finance Momar Diop evoked for his part, a “financial democratization” through the triptych financial education, financial inclusion and social inclusion.

Aissatou Lena Sène, Dean of the General Inspectorate of Education and Training (IGEF) and representing the Ministry in charge of National Education, explained that the introduction of Financial Education in the curricula makes it possible to reach a large section of the population by instilling in students the civic duty in terms of knowledge and financial inclusion.

“Also, the training and information of teachers, all cycles combined, will enable them to educate part of the adult population on financial education, which constitutes a real challenge for the countries of the sub-region members of the UEMOA in general and for our country in particular”, she declared.

MF/OID