FIN-Uwezo is a public awareness and engagement collaborative of PM Skillshouse and Moyomuhle Social Solutions. A combination of the FIN for finance (financial literacy and inclusion) and Uwezo, which is Swahili for capability and also means helping someone cross over from one end to the other in Nguni languages. The name embodies the concept of taking individuals on a journey of understanding their finances, building their financial capability and crossing over to building their knowledge and wealth acumen.
Data shows substantial differences in the financial literacy of South Africans. The national average is at 48.4 % on a scale of 0 to 100. Below average financial literacy is found among black South Africans, women, youth, individuals with less than a high school education, and those with low income.
Against this backdrop, FIN-Uwezo offers a platform to equip individuals with financial literacy by focusing on the working and middle class as a population that can benefit from better financial literacy.
FIN-Uwezo’s big idea:
- Offer a platform for consumers to learn how to navigate the financial landscape
- Bring consumers closer to financial service providers, regulators and consumer protection agencies
- Build a trust relationship between consumers and financial service providers
- Encourage dialogue on financial matters and literacy, break taboos and debunk myths on finance-related issues, i.e. credit worthiness, policies, saving schemes (stokvels), among others