Bridging the Financial Knowledge Gap: Innovative Approaches to Financial Literacy in Africa

Sarah Amana () and Dr Alex Tamunomiegbam ()

American Journal of Finance, 2024, vol. 10, issue 3, 24 - 42

Abstract: Purpose: This study seeks to examine the importance of financial literacy, the current state of financial literacy in Africa, barriers to financial literacy on the continent, and innovative approaches to financial literacy. The study further explores how the UK's Money Advice Service and Singapore's National Financial Literacy Programme can be leveraged to bridge the financial knowledge gap in African countries such as Nigeria, Kenya, South Africa, and Ghana. Case studies from these countries highlight the impact of integrating financial education into national curricula, community-based programmes, and leveraging mobile technology to enhance financial behaviours and inclusion. Materials and Methods: The study is anchored on the human capital theory and employed a qualitative research design. Content analysis was used to interpret and synthesize data from various institutional and academic publications. Findings: Findings revealed that innovative financial literacy initiatives, such as gamification and digital platforms, significantly improve financial literacy and inclusion. Tailored financial literacy programmes that consider cultural and linguistic diversity are crucial for effective financial education in Africa. Implications to Theory, Practice and Policy: Based on the above, the study recommended among other things that there is need develop localized financial literacy content to align with the cultural and linguistic diversity of African populations.

Keywords: Financial Knowledge Gap; Financial Literacy; Innovative Approaches; Personal Finance; Educational Finance; Economic Development (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bfy:ojtajf:v:10:y:2024:i:3:p:24-42:id:2280

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