FINANCIAL EDUCATION IN UGANDA– GATHERING STORIES MAKING HEADLINES IN SCHOOLS

“Our efforts, Uganda’s transformation”

During the end of last year 2011, Citi’s Executive Director Ms. Rita Balaka affirmed that the Aflateen Youth social and financial education program can front innovations in Financial Empowerment and through its work with the local non-governmental organisation - Private Education Development Network (PEDN) Citi intends to further demonstrate the power of public-private sector partnerships.

Fast forward, it’s a year now and this partnership has unearthed and unlocked the social and financial potential of Uganda youth. It’s Citi’s desire to increase the number of low - to moderate-income youth and their families who adopt positive financial behaviors and accumulate and preserve financial assets.

The ripple effect that the Aflateen has had on youth and family livelihoods affirms this anticipation. This is what students like Joana (Not real name), make of their engagement in Aflateen. She says, “Before I joined Aflateen I wasn’t saving but now I save in our School saving box because Aflateen has brought saving in our school. I now know how to save and handle money. With the knowledge I have now I advise my mother in her retail shop business…” 

Financial capability may be deficient if not matched with relevant business and social entrepreneurial agility. Put together, this dexterity can create youth financial sustainability. Aflateen has given youth an appropriate learning environment to challenge the vivid lack of financial education in schools, teaching them the discipline of saving and responsible spending in the right mix of learning about self and social justice and how all this plays to influence youth leadership, career and business orientation.

Fred (not real name), an Aflateen student says “I am now an Aflateen Club President and now know my strengths, weaknesses and most importantly, how to set goals. My saving goal is to buy a laptop and I already have saved a quarter of the money I need. I was taught how make paper bags and realize there is market for it in my area. Aflateen is shaping my future….I expect to achieve my goals.

It is such evidence that demonstrates the value that Citi and PEDN are adding to Uganda’s economic development and PEDN’s intent is to continue expanding this country wide. So far, over 90 schools in Kampala, Wakiso, Mukono and Luweero districts have benefitted from these financial education initiatives. According to Ms. Irene Mutumba (PEDN’s Executive Director), PEDN’s intention is to consolidate, strengthen and expand the program in Uganda in order to reach more youth and inspire them to be agents of change in their communities.

Aflateen is a social and financial education program for youth 14-19 years implemented as part of a global brand in over 80 countries worldwide. The model helps youth reflect, understand and practice values of self, family, community responsibility, money, savings, spending, and financial and social business and increase their enthusiasm in keeping these skills as part of their lifetime culture.