Responsible Finance Forum

Challenges, Trends and Measures of Success in Supporting Financial Inclusion in Sub-Saharan Africa

Financial education is key to improving individual financial behaviour, preventing over-indebtedness, protecting clients, contributing to market development and ensuring financial stability. It makes a crucial contribution to the development of inclusive financial systems and to broader economic and social development goals. Financial education is therefore increasingly high on the agenda of many countries, including countries in Sub-Saharan Africa (SSA). To increase consumer awareness and financial literacy, financial education is in the interest of a range of stakeholders, including central banks, banking supervisors, insurance supervisors as well as other policymakers and market participants. Considering the need for coordination among these players, a number of countries have developed or are in the process of developing national financial education strategies.