FNB and Visa helping to improve financial literacy in South Africa
Visa and First National Bank (FNB) have embarked on a national financial literacy road show, as part of their continued commitment to improving financial literacy in South Africa. Visa follows a partnership approach to empower as many people as possible through financial literacy education and, in conjunction with FNB, will be targeting historically disadvantaged communities with this campaign. The industrial theatre performance will visit various venues in Gauteng, Kwa-Zulu Natal, North West, Free State and the Western and Eastern Cape over a nine week period.
“Visa has been partnering with our member banks on these initiatives since 2005, reaching more than 82 000 people with various financial literacy messages,” says Gillian Buchanan, Corporate Communications Manager for Visa, Sub Saharan Africa. “This campaign offers the audience an insight into the financial needs lifecycle, ensuring they are aware of what tools and services are available to them to meet their financial needs, from opening a bank account, to withdrawing money, using a debit and credit card and also educating them on the use of newer tools such as internet and cell phone banking.”
The education campaign uses the story of Mandla, who travels to the city from his village for the first time. The audience follows him on his journey and learns from his experiences of transacting with money and making everyday payments. Various aspects of financial literacy are covered, such as the benefits of banking and how to use various payment transaction systems, like ATMs, how to pay with cards and the various retail outlets where one can now pay bills. The performance highlights the differences and benefits offered by using various payment systems, while also highlighting the importance of safety when transacting or withdrawing money. The content ensures the road show is a lot of fun, while at the same time transfers important knowledge about key financial concepts, such as saving and budgeting.
“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,” continues Buchanan.
With a growing number of the previously unbanked population now entering the banking system there have been concerted efforts by financial institutions, as well as government, to educate them on the benefits of the financial tools and services they now have access to, as well as highlighting the best practises when using these tools and services for the first time.
“Financial literacy is key to bringing historically disadvantaged individuals into the mainstream of our economy and at the same time ensuring they have the strongest financial tool today at their disposal, which is knowledge,” says Buchanan. “FNB and Visa are 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,” she concludes.
