Azaland

As defined by The Azaland Project, Financial Literacy is the possession of the requisite knowledge, skills and behavioural patterns that enable a person make sound financial decisions or choices day after day. Financial literacy skills and knowledge are critical life skills needed not only to excel, but also to survive in this modern world with rapidly evolving financial landscape. In the financial scenes, we now have more than fiat currency, Blockchain technology has brought about new dimensions that we cannot run away from for long, no matter how much we try.

According to S&P’s Global Financial Literacy Survey, African countries score the worst in financial literacy globally. This implies that Africa has the worst level of financial literacy around the world. The highest ranking is found in the developed nations like the US. But Africa shows ratings that are poor. Hence our major focus at Azaland is Africa. Up to about 60% of Americans are considered financially literate, whereas only about 30% of Africans on the average are. With the rapidly evolving financial landscape, it becomes highly important that sufficient attention is paid to African youth to prepare them for the future that is already here.
At Azaland's Azademy, we have the knowledge and skills package and curricula tailored to kids, young adults and adults alike in Africa.

Financial Literacy - Africa on the Spotlight
In Africa, Botswana has been ranked the most financially literate country with 52% of its population covered, while Somalia, with 15%, ranks least in the region. These data are based on the Global System for Mobile Communications Association (GSMA)'s presentation made at RegTech Africa Conference 2023 in Lagos, with the theme, ‘Elevating National Policy on Financial Inclusion, Consumer Protection and Cybersecurity’. In the same report, Nigeria, Kenya and South Africa ranked 26%, 38% and 42% respectively talking of level of financial literacy among the population.

According to GSMA report, the financial literacy challenge in Africa is a multifaceted issue requiring a multi-stakeholder approach.

Therefore, it is important to address these challenges and ensure the continent enhances the growth of financial inclusion beyond having a bank account or a digital financial service account. There is the need to develop and implement financial literacy programmes and initiatives to address the financial literacy gaps in the continent; also to conduct a thorough market assessment by stakeholders to inform the training focus areas, support financial service providers in developing financial literacy training manuals and content, collaborate in delivering Financial literacy training, consulting and involvement of relevant stakeholders during financial education policy formulation and development, coordinating monitoring and evaluation of financial literacy initiatives and gaps for impact assessment and data sharing with all stakeholders and the development of national financial literacy programmes.

Hence, The Azaland Project was born!

The Azaland Project: Focusing on Africa - First
The image below highlights the levels of financial literacy in African countries. Unfortunately, like on so many other measures of economic progress and development, Africa scores the worst of all the continents. Only one country, Botswana, breaks the 50% barrier, with more places falling in the 31%-40% range. The worst country for financial literacy on the entire continent is Somalia, at 15%. The situation in Western Africa isn’t much better, where Sierra Leone is at 21%. Nigeria scores 26%.

What These Imply
These metrics have far-reaching impacts on African countries as individual nations, on the people now and in the future. lets take a look further.

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