AIESEC in Rwanda promotes efforts aimed at improving the financial literacy of young people through Global Money Week

On 11 mai 2022 at 12:36

Global Money Week is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitude, and behaviors necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.

This year 2022, AIESEC in Rwanda in partnership with I&M Bank (Rwanda)plc, Rwanda Stock Exchange, and Economic Policy Research Network (EPRN) Rwanda participated in the 10th edition of Global Money Week under the theme “Build your future, be smart about money”.

At this time of the covid-19, it is underlined that the pandemic has increased social inequalities and made the situation worse for many vulnerable groups. Young people are those who are suffering the most from the crisis. Access to education, job prospects, and the ability to thrive socially have all been badly hit and all of these are limiting opportunities to build a secure financial future.

The theme “ Build your future, be smart about money” captures the importance of thinking about one’s own future when making financial decisions. This theme not only prompts young people to be forward-looking but also encourages Global Money Week’s participating organizations to think about the future as well as to address issues such as sustainability or the digitalization of financial services. This theme stresses the importance of building financial resilience not to cope with the current crisis, but also for future ones thereby supporting the financial well-being of young people and future generations.

During Global Money Week 2022, AIESEC in Rwanda visited different public and private institutions including financial and learning institutions across the country where participants were equipped with knowledge about money matters such as the stock market, banking, budgeting, saving, investing, etc.

At the closing event of Global Money Week 2022, Fiona Kamikazi the Head of marketing and communications at I&M Bank (Rwanda) plc, stressed that no matter the educational background ; anyone can join the backing industry.

“ Are you a youth having a different educational background from finance ? I&M Bank (Rwanda) plc offers you ManagementTraineeProgramme after you graduate in whatever educational background, so you can join the banking industry,” she said.

To stress the urgency and importance of youth participation in the conversations around money matters ; UWASE Maliki, the Country Director at AIESEC in Rwanda said that “Young people need to be given the instruments, and the opportunities to build a better, more inclusive, and more sustainable future for themselves but also for the society that they live in.”

Financial literacy is one of those instruments together with adequate financial inclusion, and financial consumer protection. The research published on youth financial inclusion in Rwanda (Finscope 2020) showed that about three in five or 1.1 million youth, use informal mechanisms of saving and the most savings are for non-developmental purposes.

Lack of inclusion also appears in form of loan access, rural areas, etc that’s why AIESEC in Rwanda is working with like-minded institutions to tackle such issues mostly found in less privileged demographics.

During the Global Money Week event that took place from 21st to 27th March 2022, more than 5000 young people and children were engaged and impacted across the country and many stories of impact continue to be created.

AIESEC in Rwanda has always put its focus on youth empowerment and leadership development in young people as it welcomes and appreciates all like-minded organizations to foster collaboration toward youth development in Rwanda.

Participants were equipped with knowledge about the stock market, banking, budgeting, saving and investing.
I&M Bank was among visited institutions.