NBE Launches National Financial Education Module to Empower Youth, MSMEs

The National Bank of Ethiopia (NBE) unveiled a Standardized National Financial Education Module aimed at empowering the youth and Micro, Small, and Medium-sized Enterprises (MSMEs) with essential financial knowledge and skills. The launch took place on February 29, 2024, at the Inter Luxury Hotel. W/ro Martha Hailemariam, Advisor to the Vice Governor of Financial Institutions Supervision at NBE, emphasized that this module will play a pivotal role in advancing financial literacy, with the ultimate goal of achieving a 75 percent awareness level of financial services among MSMEs by 2025.

Highlighting NBE’s commitment to enhancing financial inclusion and ensuring sector stability, the advisor underscored the importance of coordinated efforts in promoting financial capability and awareness. The comprehensive module covers various topics, including savings, digital banking, lending, insurance, interest-free finance, and business planning, with a special focus on supporting women entrepreneurs.

Samuel Yalew, Country Director of MasterCard Foundation Ethiopia, praised the initiative, emphasizing its significance in aligning with the objectives outlined in the National Financial Inclusion Strategy. By targeting youth and MSMEs, Yalew stressed the potential to address critical gaps and foster job creation and economic growth in Ethiopia.

Nebil Kellow, Managing Director of First Consult, highlighted the significant challenges facing youth and MSMEs in achieving financial inclusion, notably the lack of awareness and literacy. He emphasized that financial education plays a vital role in equipping individuals with the necessary knowledge, skills, and confidence to navigate the complexities of the financial landscape and achieve their financial goals.