Will financial literacy and the use of a personal budgeting mobile app promote financial inclusion?
In response to this question, the Institute for Finance and Management (IFM) at the African School of Economics (ASE) has rolled out a financial education training at ASE’s campus located in Arconville (Benin). This training started on August 6, 2019, and is a component of the “Personal Finance Management and Financial Inclusion in Benin” project. Trainings will take place on Tuesdays and Wednesdays from 9am to 3pm for four weeks.
As a reminder, this training follows a baseline study evaluating the financial inclusion levels of participants, then there will be a follow-up phase during which the participants will be accompanied and supervised in the practical implementation of the concepts they acquired in the training. Finally, another survey will be distributed to determine the training’s effect on the beneficiaries’ financial literacy levels.
The three main modules included in this training are:
- Financial literacy
- The presentation of formal financial products and services in Benin
- The provision of a mobile application designed by ASE (DRL)
This training aims to instill in participants both the habit of financial planning and an understanding of the advantages of using financial products and services.
To achieve this objective, many financial sector actors have partnered with ASE throughout the training, including insurance companies (GAB, Atlantique Assurance), banks (BGFI, Coris Banque), a brokerage firm specializing in investment services (Africabourse), the national branch of the Regional Securities Exchange (ANB), microfinance institutions (FECECAM, FINANCIA), and telecommunication networks (MTN, MOOV).