Financial Literacy for Coronavirus Alleviation

Support Financial Literacy for 8 out of every 10 African Workers-

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With the outbreak of the novel coronavirus in December 2019, it has fast become a global pandemic. Currently, there are over 15 million confirmed cases globally and more than half a million deaths. The pandemic is now described as the defining global health crisis of our time and the greatest challenge the World has faced since World War II. Putting financial and health related stress on every country on the continent, it has the potential to create devastating economic ramifications that will leave deep and longstanding scars. People are losing jobs and income daily, with no way of knowing when normality will return.
The International Labour Organization estimates that 195 million jobs could be lost. The World Bank projects a US$110 billion decline in remittances this year, which could mean 800 million people will not be able to meet their basic needs.

In Africa, the situation could be worse as nearly 10(ten) years of continental economic progress could be wiped out by this Pandemic. Real Per capita GDP is now projected to contract by 5.4% in 2020 (a double of what was projected in April 2020). Already, low-income earners who earn a living on a daily basis and have limited or no access to social safety nets, are severely hit and suffering disproportionately from the adverse effects.

Financial Literacy Foundation (FLF) Africa believes it is vital to educate, inform and assist the majority of African families to be educated on essential financial basics that will help them make informed financial decisions in order to cope with the growing hardship.

Against this backdrop, FLF Africa has launched the Financial Literacy for Coronavirus Alleviation (FLICA) - across the continent. FLICA will provide financial literacy to the formal and informal sectors on how to handle the economic and financial hardship arising from the Covid-19 pandemic for financial wellness.
As part of our strategic goal to reduce extreme poverty in sub-Saharan Africa, FLICA will help achieve four critical objectives:
1) Educate individuals on personal financial prudence to mitigate financial crises emanating from reduced incomes, sudden job losses, and increased health cost due to the Covid-19 pandemic.
2) Assist in closing the financial inclusion gap and help low income earners as well as MSMEs (which constitute an important source of revenue for poor households) to achieve financial wellness, access available stimulus packages, make the most of their cash flows, tax returns, savings, credit, investments, mortgages, insurance and pensions.
3) Avert the risk of making ineffective financial decisions, increasing debt and becoming victims of abusive financial practices.
4) Potentially strengthen the efficiency of financial markets in Africa. Consumers who are better informed about financial risks and opportunities, and who are more aware of their own rights and responsibilities in relation to financial institutions can contribute to developing better functioning financial markets (alongside appropriate regulation and consumer protection).

This pan African continental project is geared towards all the 46 countries in sub-Saharan Africa and aims to achieve financial independence for 8 out of every 10 individuals by 2030.  As a deliberate strategy, our Informal Sector reach will cover the mass rural (farmers, fisherfolk, deprived communities) and mass urban (market women, street hawkers, traders, retail sellers, etc.). The Formal sector will also reach workers in the private, public, social sectors (mass, middle class, and high net worth), pensioners, entrepreneurs, students across primary, secondary, tertiary, vocational and technical levels.

Our “IES” approach will Inform, Engage and Support people through practical and impartial education to build their financial awareness and encourage informed money decisions for their financial wellbeing especially in these hard-economic times of Covid-19. This strategic approach will address attitudinal and behavioural barriers to our goal of financial wellness through public education (audio, visual, online and on-air channels with resource materials) in both official and local country languages. It will also engage governments in addressing structural barriers to achieving long-term, continental improvements in institutionalizing financial literacy.
In addition, FLICA will employ consistent, strategic and collaborative partnerships with institutional stakeholders such as donor agencies, ministries of finance and economic planning, regulatory bodies, community service, education service, health service, security service, academia, industry and professional bodies in achieving our financial wellness for all objective


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Financial Literacy Foundation Africa 
Waltham Cross, East of England, United Kingdom
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