Entrepreneurship Nepal (EN) is gearing up to launch Fin- Teach program with an investment of 15 crore rupees. The application objects to promote financial literacy in Nepal.
EN was established in 2014 by a team of veteran professionals from different sectors. By targeting different groups and work to encourage “Entrepreneurship through Financial Literacy” has been hosting various financial literacy programs. The program will be conducted after the recent completion of two long years of in-depth research, study and need assessment of financial literacy in Nepal.
The education campaign will run under a slogan that reads ‘साक्षर मात्र होइन वित्तिय साक्षर बनौं’; which generally means being literate is not enough, lets become financially literate. The targeted audiences for this program are Young children of rural areas and their families, remittance receiving groups, teacher of local schools, local representative, and resident.
How the concept for program sparked?
In the due process of promoting the culture of entrepreneurship in Nepal, Entrepreneurs Nepal realized, from experience, that most of the entrepreneurs face many difficulties related to finance. Most of their problems were related to financial decision making. This drove us to look into the topic of financial literacy. According to Global FinLit Survey 2014 conducted by S&P, Nepal ranked at 136thposition, with a Financial Literacy Score of 18%. We rank in the bottom 10 in the world and the lowest among the South Asian countries.
-Entrepreneurs Nepal
Primary focus on children and young entrepreneurs
As we all know children are the pillar of the nation, this projects motives to make children well known about the financial needs, spending habits, benefits of saving at their early age, so they will acquire good practice from their old age. They will also be taught about spending, saving, banking and earning.
Activity-based learning to generate awareness
The fin-teach project has been launched with a concept that financial education should be part of the formal education system.
Fin Teach project carries the concept that financial education should be made mandatory in a formal education system.
Keeping traditional education in one side Fin Teach brings activity-based learning system that will create awareness efficiently and make students able to discern the basic financial concepts. The classes will provide knowledge about how to keep a record of money received from abroad, how to save it and how to invest in productive areas.
65.90% of the population is literate in Nepal; however, only 18% of the population is financially literate. Realizing these things in mind EN brought Fin-Teach project to change this number.
-Asmita Adhikari, Treasurer, Entrepreneurs Nepal; Project Director, Fin-Teach
In the beginning phase, Entrepreneurs Nepal hosted this program in Orphan Children Rescue Center (OCRC), Durbar High School (DHS), Padhmodaya School (Putalisadak), Medha Higher Secondary School (Bhaktapur) and Sanchetana School (Dhobighat) to enhance financial skills among the children. After the end of each program, Entrepreneurs Nepal team was able to realize the enthusiasm of children on this topic.