Dates: October 29 – 31, 2024
Location: Cotonou, Benin
Theme: “Financial inclusion: the role of financial and digital education in promoting formal savings”
Context and Rationale
Financial literacy, or the ability to manage finances, encompasses the knowledge and skills necessary to make everyday financial decisions, improve financial well-being, and contribute to the economic landscape. Choosing a financial institution, opting for a specific mortgage, investing, or saving requires an understanding of these concepts. However, a 2020 survey conducted by the OECD/INFE on adult financial literacy revealed that nearly half of the respondents struggle to grasp basic financial concepts. This gap is even more pronounced among vulnerable populations, particularly low-income individuals, women, youth, and seniors.
While financial and digital literacy is well-established in developed economies, it remains scarcely examined in developing economies. The OECD recommends integrating financial education into school curricula from an early age. According to the BCEAO, financial and digital education is a learning process that equips individuals with the knowledge, skills, and behaviors necessary to responsibly and effectively use digital financial services, including mobile payments, money transfers, savings, and investments.
In a world increasingly driven by technological advancements and financial innovations, it is essential that users of financial services acquire a solid foundation in financial and digital education. This education is crucial to help individuals navigate the modern financial landscape, making responsible and informed decisions. The importance of financial and digital education has led regional decision-makers to include it in the Strategic Axis 4: “Strengthening financial education and consumer protection of financial services” of the Regional Financial Inclusion Strategy (SRIF), and the Beninese government has integrated it into the Strategic Objective: “Ensure financial and digital education of populations and protection of financial service clients” in the Strategic Orientation (OS3) of the SNIF 1.
In 1924, savings bank representatives from 29 European countries gathered to raise public awareness about the importance, necessity, and benefits of saving. Although initially a low-key event, the first World Savings Day was celebrated in 1925. This year marks the 100th anniversary of the World Savings Day celebration. After six successful editions with strong participation from the Beninese population and various financial and banking ecosystem actors from both Benin and the sub-region, SIF-Groupe is proud to announce the 7th edition of the World Savings Day (JME_2024) in Benin. This event aims to prepare Beninese populations for more structured personal and business financial management, fostering a savings culture that ensures a more fulfilling financial life. Whether as consumers, investors, credit or insurance subscribers, homeowners, entrepreneurs, or employees, financial education is the cornerstone of any responsible financial decision.
General Objective:
The objective of this event is to provide participants with the knowledge and tools necessary to strengthen their financial and digital education, thereby promoting a responsible and sustainable savings culture in Benin.
Specific Objectives:
- Enhance financial education awareness
- Organize interactive workshops and training sessions for professionals in financial institutions on the importance of financial education for their clients.
- Implement awareness and training programs for public and private sector employees to promote better understanding of financial products and digital services.
- Promote innovation in financial services
- Showcase the latest technological and digital innovations in financial services, with a focus on facilitating savings and access to financial services through mobile and electronic platforms.
- Encourage the development of new financial products tailored to the specific needs of different population segments, such as youth, women entrepreneurs, rural populations, and SMEs.
- Strengthen customer trust and loyalty
- Implement initiatives aimed at improving transparency and security in digital financial transactions.
- Offer personalized advice and financial solutions to encourage regular savings and long-term financial planning.
- Enhance personal financial management skills
- Organize educational sessions for youth, women, and entrepreneurs on budget management, savings, and responsible investment.
- Facilitate access to simple and secure digital tools for managing personal and business finances.
- Encourage financial inclusion and empowerment
- Collaborate with cooperatives and small businesses to develop specific financial education programs that strengthen their financial management skills and access to financial services.
- Promote financial education as a key driver of economic empowerment for women and rural communities.
Target Audience
The 7th edition of World Savings Day (JME_2024) is open to everyone, including:
- Banks, Decentralized Financial Systems, insurance companies
- Asset management and brokerage companies (SGI/SGO)
- Mobile network operators and electronic money issuers
- FinTech and InsurTech actors
- Youth and women’s associations, local governments, NGOs
- Farmer cooperatives, traders, artisans, SMEs
- Public and private sector employees, rural populations
- The media
Format
The official launch of JME_2024 will take place on Thursday, October 31, 2024, in Cotonou, with decentralized celebrations in 19 cities across Benin.
Contacts:
- Email: contact@sifgroupe.bj ; abc@sifgroupe.bj
- Website: www.sif-groupe.bj
- Phone: +229 66061105 / 64635050
Organizer
