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FE Blog Vol. 2: Adapting the Financial Education Core Curriculum to the National Level

Personal Financial Management comic strip from Uganda’s Simplify Money

Microfinance Opportunities’ research-based methodology has been applied in a variety of contexts and financial education programs. In several instances, the curriculum is being incorporated into the National Financial Education Strategies of governments in developing countries.

In 2012, MFO worked with Access to Finance Rwanda (AFR), The Ministry of Finance and Economic Planning (MINECOFIN), the National Bank of Rwanda (BNR), and other key stakeholders to develop Rwanda’s National Financial Education Strategy (NFES). Using our previous work in the region and the Financial Education Core Curriculum to guide us, MFO worked with local stakeholders to identify: distinct population segments with differing financial education needs; how to reach each segment most effectively; and the content that data on the financial capabilities of each segment suggested would be most appropriate..

This year, MFO has also been involved in Uganda’s National Financial Literacy Strategy, spearheaded by the Bank of Uganda and supported by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). The training package for the financial literacy strategy is based on the Financial Education Core Curriculum, and is being adapted to the specific context of the strategy and Ugandan population. “Rather than starting from scratch, Bank of Uganda decided to build on the GFEP curriculum, as it is comprehensive, pedagogic, and easily understandable,” said Lisa Peterlechner, an Adviser for FSDP from GIZ.

The Ugandan government recently launched the Simplify Money website as a major component of the National Financial Literacy Strategy. The website includes content for two distinct demographics: end-users of financial education tools and trainers or managers implementing financial aid programs. For end-users, or beneficiaries, in Uganda, there are lessons adapted from the FECC on personal financial management, savings, loans, investment, insurance, planning for old age/retirement, making payments, and financial service providers in addition to quizzes, comics, a budget planner tool, and online games to facilitate financial capability building. A sample from one of these tools can be seen in the image above. Financial education trainers and managers can also find resources, including core messages and training materials.

The Financial Education Core Curriculum has sparked worldwide interest in the flexible, client-centered modules, which have since been adapted to a diverse array of contexts, like Rwanda’s NFES and Uganda’s Simplify Money program. In this series you will also find upcoming Partner Spotlights on Banca de Las Oportunidades, Colombia’s policy mechanism for financial inclusion, and the Bankgo Sentral ng Pilipinas’ Economic and Financial Learning Program. Both explore how the Financial Education Core Curriculum has been adapted for financial inclusion programming that achieves nationwide outreach.

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