A money skills programme delivering financial capability in Mozambique has benefitted over 45,000 young people.
Money skills Mozambique is a partnership between the National Youth Agency in the UK , the Instituto Nacional da Juventude (an agency of the Ministry of Youth and Sports) and Barclays Mozambique. The 2-year programme was funded by ABSA based in South Africa.
The programme used a peer education model, pioneered by NYA and Barclays in the financial education sector, which trained 5,000 ‘champions’ and reached over 100,000 young people.
In Mozambique educational attainment is low, poverty is high and formal employment is difficult to secure. Whilst financial capability is improving it remains a significant challenge compared to other countries in Southern Africa. NYA’s money skills programme responds to these challenges.
The programme delivered 125 workshops to raise young people’s general financial skills. As a result, 83% of attendees felt their savings skills had improved, 87% felt their financial skills had improved. 75% of all participants achieved their personal financial objectives.
Rui Barros, CEO of Barclays Mozambique said, “It has been a project that went beyond our expectations.”
Jon Boagey, associate director at the National Youth Agency, who helped set up the programme in Mozambique, said “Young people need support to develop their financial skills and knowledge whether that’s in Africa or in the UK. Our programme trains young people who are best placed to support their peers in improving their know-how, embedding these skills for future generations.”