Direct selling company rolls out pilot in Turkey and Nigeria to increase financial inclusion for marginalised communities
Developing financial knowledge, skills, and habits are important stepping stones in young people’s path to independence and inclusion. According to the Organization for Economic Co-operation and Development[1], financial literacy is essential for economic stability and growth, especially among youth in developing economies. As part of its corporate social responsibility, e-commerce based direct selling company QNET is proud to kick off FinGreen, its signature financial literacy programme aiming to develop healthy financial habits through education and training in the most vulnerable communities, especially among young adults.
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Financial literacy is one of the main drivers of the developmental goals in modern society. Under the United Nations’ Sustainable Development Goals (UN SDGs), financial literacy and education are interlinked with multiple objectives, such as Decent Work and Economic Growth (SDG8) and Reduced Inequalities (SDG10). It also plays a vital role in supporting overall economic growth and encouraging governments, corporations, and communities to achieve broader development goals, such as establishing solid social security and providing equal opportunity for all, regardless of demographic.
Conceived in 2021, FinGreen aligns with the United Nations SDGs[2] and the Addis Ababa Agenda[3] to provide adequate skills and proper developmental training for all, particularly for youth, women, and those aspiring to be entrepreneurs. The programme will play a pivotal role in supporting marginalised communities in emerging economies reduce poverty through capacity building and equipping participants with basic financial knowledge for better decision-making in their daily life.
FinGreen aims to address the challenges of young adults’ financial know-how by equipping them with the proper knowledge and confidence to make conscious decisions on effectively managing financial services based on these three pillars:
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- Assess – FinGreen’s first approach to educating communities on financial know-how is planted from the ground up. FinGreen collaborates with local experts and partners to assess who, where, and how best to implement training sessions. FinGreen will also run surveys throughout the programme to evaluate the effectiveness and efficacy of the training, alongside addressing any issues along the way.
- Train – Training is divided into short sessions that are conducted face-to-face or online, where peer-to-peer conversations are highly encouraged. This is especially important for young adults, especially those from economically underprivileged backgrounds, who may lack the resources to complete longer courses. FinGreen trainers are carefully vetted based on their qualifications and teaching methods.
- Advocate – A unique facet of FinGreen is its commitment to building a sustainable programme, serving as a foundation for developing curiosity, self-esteem, and relational skills through education. Participants are encouraged to become points of reference for their peers and community on financial literacy topics, creating a ripple effect that makes financial knowledge more accessible and has a long-lasting influence on the community.
QNET is rolling out the pilot for FinGreen in two countries, Turkey and Nigeria, initially, with plans for expansion into more markets in the next phase.
EDUCATING WOMEN ON FINANCIAL LITERACY IN TURKEY
FinGreen held its first online training session in Turkey in May in which 45 women from different walks of life – especially those from economically challenged backgrounds – joined in to learn about budget management, basic investment skills, and how to manage personal finance responsibly.
As inflation rates in Turkey hit an all-time high, women are disproportionally affected by the situation and experience higher inflation than men due to systemic and structural barriers. Enlisting the expertise of prominent Turkish economist and journalist Mine Uzun, FinGreen’s first session focused on ways to budget and plan investments for women’s personal and family financial health. The session was held with the support of the several nonprofit organisations in Turkey that focus on gender equality and women’s education– the Erguvan Women’s Cooperative (Erguvan Kadin Kooperatifi), Pink Amazon Platform (Pembe Amazon Platformu), and Children and Women First Association (Önce Çocuklar ve Kadınlar Derneği).
“It is widely accepted that better and relevant financial inclusion initiatives can foster reduced gender inequalities. Women who have access to bank accounts, savings mechanisms, and other financial services may be better able to control their earnings and undertake personal and productive expenditures. In fact, numerous studies posit that improved access to financial services for women could also prove to be the key to unlock the potential for their micro and small enterprises to grow,” explains Malou Caluza, CEO of QNET.
The FinGreen progamme in Turkey will continue to focus on educating women and young adults on essential financial knowledge through online training workshops and short-form videos. The first educational video, now publicly available on QNET Turkey’s YouTube Channel, discusses managing money and investments amidst fluctuating inflation rates.
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