Financial Education Fund

Introduction

The Financial Education Fund is designed to support educational projects aiming to help African citizens increase their financial knowledge and ability.

Key Elements

The fund has a pro-poor, low-income market focus. Projects must deliver financial education directly to low-income people. They must address any, and preferably all, of the four components of financial capability:

• knowledge of personal financial management, money concepts and financial services
• skills i.e. the ability to apply knowledge in the use of financial services and financial management
• attitudes, including confidence, trust and personal perceptions about the use of financial services
• behaviour, the ultimate objective of financial education being behaviour change.

Eligibility

Financial education can be delivered through a range of channels, from those targeting the general public to interventions targeting smaller groups. However, projects must have the potential to reach large numbers of people, directly or through multiplying factors.

FEF will support projects that test alternative approaches to financial education. Every project will be subjected to robust evaluation and applicants need to scope their project proposals around a credible evaluation framework.

Particular consideration will be given to projects which have the potential for rapid scaling up and for replication across other countries.

Content

The fund aims to encourage innovative ideas but not to prescribe the subject matter or the channel used. Grants of up to £250 000 will be awarded. The first round is open to eight Sub-Saharan African countries: Botswana, Ghana, Kenya, Namibia, South Africa, Tanzania, Uganda and Zambia. The geographic focus may be extended in subsequent rounds.

DFID involvement

The Financial Education Fund is conceived as a multi-donor fund with initial start-up capital from the Department for International Development over three years.