Ethiopia Introduces National Financial Education Program for Youth and Small Businesses

The National Bank of Ethiopia (NBE), the Mastercard Foundation, and First Consult have joined forces to launch the National Financial Education Module for Youth and Micro, Small, and Medium Enterprises (MSMEs) in Addis Ababa. This initiative, part of the BRIDGES program, aims to promote financial literacy and empower individuals to make informed financial decisions.

The official opening event of the Standardized National Financial Education Module was attended by key stakeholders in the Ethiopian financial industry, including Martha Hailemariam from NBE, Samuel Yalew from the Mastercard Foundation, and Nebil Kellow from First Consult. The module covers topics such as savings, digital banking, lending, insurance, and business planning, with a special focus on supporting women entrepreneurs.

Martha Hailemariam highlighted the importance of advancing financial literacy to achieve a 75 percent awareness level of financial services among MSMEs by 2025. Samuel Yalew emphasized the potential of the program to address critical gaps and foster job creation and economic growth in Ethiopia. Nebil Kellow stressed the role of financial education in equipping individuals with the knowledge and skills to navigate the financial landscape.

The development of the Financial Education module is seen as a significant milestone in enhancing financial literacy and promoting economic stability. The BRIDGES program, implemented by First Consult and the Mastercard Foundation, aims to create and support 718,000 youth jobs, with a focus on women, in the manufacturing sector to address unemployment in Ethiopia. This collaborative effort is set to benefit millions in the coming years by providing access to skilling, information, mindset training, capacity building, and finance.