Individuals particularly those in underserved communities and young adults will soon be equipped with the knowledge and tools needed to manage their personal finance.
This is thanks to Mastercard Academy one of the leading providers of world class training solution that has unveiled a free online financial literacy course dubbed ‘Master Your Card: Finance Demystified’
The course is designed in partnership with the Mastercard Center for Inclusive Growth and aims to empower individuals with the financial knowledge needed to navigate complex personal finance tools and improve their overall financial well-being
In a press release today by Mastercard, a global Finlit Survey, only 33 percent adults, 35 percent men and 30 percent women worldwide are financially literate.
This means that around 3.5 billion adults, most of them in developing economies, lack an understanding of basic financial concepts.
In Kenya, with a population of approximately 50 million people, only 38 percent of Kenyans are financially literate according to 2021 Global Financial Literacy Survey in comparison to 40 percent in Tanzania and 42 percent in SouthAfrica
Driss Belemlih, Executive Vice President of Customer Delivery, In Eastern Europe, Middle East and Africa (EEMEA) at Mastercard said those trained will not only achieve their financial goals and avoid common financial pitfalls but will be able to manage their finances with confidence.
The Mastercard’s financial literacy program will remove geographical barriers to financial education and promote greater access to financial services in line with the company’s goal of connecting one billion individuals worldwide to the digital economy by 2025.
The engaging course features interactive lessons, quizzes and real-world examples across four key areas: electronic payments, budgeting, credit scores and financial security.
Available worldwide, the new proposition underscores the importance of education in advancing Mastercard’s mission to power economies and empower people on a global scale.
“At Mastercard, we are dedicated to democratising financial literacy and ensuring that everyone has access to the tools they need to achieve their financial goals. Our new free online course removes the confusing jargon and cracks the code on everyday finances,” said Belemlih.
Additionally, Mastercard’s customers can leverage the free access to the course to reach the unbanked, youth and gig worker segments in their regions, helping integrate them into the digital economy and establish brand affinity early on.
A report published in The World Bank Economic Review shows that individuals who participate in financial education programmes are likely to see a significant improvement in their financial knowledge and adopt more positive financial behaviors.
Mastercard Academy usually offers access to on-demand and instructor-led training from over 200 experts across Mastercard’s global network.
Their comprehensive online learning platform equips the company’s customers and partners and now also the public with professional insights, skills and knowledge they need to succeed in the world of payments.
By Wangari Ndirangu
