Influential “Africa Rising” Conference Highlights Financial Literacy

Upon convening an elite cross-section of policymakers, academics, civil works and representatives from other key constituencies such as corporate and private foundations, the IMF and the Government of Mozambique implemented a highly successful “Africa Rising” conference on May 29 and 30 in Maputo, where financial literacy was an important topic both on and beyond the conference agenda.

A primary component of the financial literacy conversation included the industry’s intersection with financial inclusion, as conference participants promulgated that greater levels of financial education will help drive the success of financial inclusion developments throughout Africa and beyond.

The Africa Rising conference was designed as a follow up to the Tanzania Conference held in 2009 that was aimed primarily at stimulating increased support for Africa following the 2008 financial crisis, which had a broad range of devastating effects on the continent. Financial literacy proponents have long believed that the 2008 financial crisis, and others like it, stem in large part from the high and growing rates of financial illiteracy in both developed and developing nations. Now, five years later, many African countries are showing marked improvements in their economies, but observers agree that future economic growth and prosperity will hinge largely on the success of financial education initiatives being developed and rolled out in Africa.

The conference focused on policy development and implementation in connection with financial literacy. A broad range of policy challenges were discussed and debate, with an overwhelming majority of participants agreeing that Africa is well positioned to address the policy issues successfully and, therefore, unite with other global regions to use financial education as a key tool to accelerate both personal financial empowerment and success among individuals and families, as well as economic prosperity in many regions throughout Africa.

More information on Africa Rising can be found here.