Financial literacy empowers consumers
As part of its continued commitment to improving financial literacy in South Africa, Visa has launched a series of financial literacy road shows, in partnership with the Department of Trade and Industry (the dti) and the Umsobomvu Youth Fund. Visa follows a partnership approach to empower as many people as possible through financial literacy education. The travelling theatre will perform in 28 locations over a two month period.
In keeping with South Africa’s strong story telling tradition, the audience follows a young man on his journey of discovery and we watch him learn from experience. The performance is a lot of fun, while at the same time transferring knowledge about key financial concepts such as budgeting and saving. The show is performed in local languages to make it as accessible as possible.
“These shows form part of Visa’s financial literacy programme, which has been running since 2005, with various partners. Thus far, Visa has reached more than 82 000 people with their financial literacy message. This is the first time that Visa has partnered with government bodies in South Africa,” says Gillian Buchanan, Corporate Communications Manager for Visa, Sub Saharan Africa. “For some time we have been talking to government bodies in South Africa about the social and economic benefits of cards and other forms of electronic payment; now we are working with them to practice what we preach. We are excited about these partnerships, since they help us to reach a larger audience. This time, our target audience is students at universities and Further Education and Training Colleges (FETCs). Students are faced with the challenge of starting to manage their finances for the first time, and it is an appropriate time to provide financial and consumer information.
Concerted efforts by government and financial institutions are resulting in many people in SA gaining access to financial tools and services for the first time. Consumers now require higher levels of knowledge and skills to participate effectively in the marketplace. “Financial literacy is key to bringing historically disadvantaged individuals into the mainstream of our economy. As part of the partnership with the dti, this version of the show has an even greater consumer education focus than before. For example, the lead character learns to avoid pyramid and other money making schemes,” continues Buchanan. The Minister of Trade and Industry, Mr. Mandisi Mpahlwa, in his speech at the Consumer Awards function on Thursday 13 March 2008, thanked Visa for their contribution to consumer education in partnership with the dti.
“The strongest financial tool today is knowledge. Visa is committed to helping people learn how to manage their finances, as well as teaching them the benefits and responsibilities that come with owning Visa cards,” Buchanan says.
Two well-known actors are taking the show country-wide. They are Bonginkosi Twala from Yizo Yizo and Vusi Msane from Isidingo. They explain how to obtain access to financial services, using a debit card, managing your money through budgeting and protecting your money by knowing your rights. People are also educated on security measures such as the importance of keeping a PIN number safe.
“Research conducted at previous shows by Visa, through the use of questionnaires, has shown that educating consumers in this manner has a high impact, because the audiences both understand and remember the core messages well. Of the 1,646 questionnaires filled in, where respondents answered 10 questions about the content of the show, 93% of the answers were correct,” Buchanan concludes.
