“On-going mentorship for self-help groups are the way to successful financial education and upliftment of women,” was KwaZulu-Natal Finance MEC Ina Cronjé’s recommendation at the Expert Subgroup meeting on Empowering Women through Financial Awareness and Education at the Congress Centre of the Czech National Bank in Prague, Czech Republic.
“Mentorship is extremely important in helping women on their journey to independence and self-realisation.” Citing the example of women co-operatives in the KZN School feeding scheme, she mentioned how groups that received support and mentoring from district officials were flourishing, while others without that support were not as successful.
MEC Cronjé is one of four members of this subgroup of the International Network for Financial Education (INFE), administered by the Organisation for Economic Co-operation and Development (OECD). The subgroup advises countries on the upliftment of women through financial education and makes recommendations to the G20 Finance ministers and Central Bank Governors.
Sharing some success stories of women who are benefitting from the Zimele Developing Community Self Reliance project in KwaZulu-Natal the MEC told the audience how financial education and mentorship, coupled with a strong emotional support system, has changed not only the financial well-being of the women but also lifted their self-esteem. She explained that Zimele means to ‘stand on your own two feet’ in Zulu, and that is indeed what these women are now doing.
Also quoting research from a second case study “How do savings groups support enterprise development, especially in agriculture?” conducted by the Finmark Trust and Genesis on SaveAct (an NGO) beneficiaries in Bergville and Matatiele, ms Cronjé pointed out how the savings of the Self Help Groups have provided them with access funds to start and develop their small enterprises, further grow their savings and investment, and build agency and further social capital.
Both Zimele and SaveAct are members of the KwaZulu-Natal Financial Literacy Association, championed by MC Cronjé. The successes of these two entities have resulted in the Office of the Premier providing funding to expand the Zimele project, while the Provincial Treasury, through the Office of the MEC, will partner with SaveAct doing pilot studies on Financial Education for domestic workers, women and girls in informal settlements and people with disabilities.
The MEC also recommended international research measuring the impact of empowering women through financial education on economic growth, since there is very little, if any, information available on this topic. She intends doing the same in KwaZulu-Natal, which research findings will be made available to the proposed international study.
“Our government takes financial education seriously, as we see it as one of the ways to address the challenges of poverty and unemployment which further exacerbates inequality,” said MEC Cronjé in her contribution to the International Network for Financial Education (INFE) meeting, attended by representatives of 50 countries on 15 May 2013.
She shared KZN’s model of a public private partnership established through the KZN Financial Literacy Association and emphasised the importance of working together to achieve financial wellbeing for citizens.
The subgroup and INFE meetings are held back to back with the Czech Repubblic-Oecd Conference on Financial Education, which the MEC will be attending today and tomorrow (16 and 17 May 2013). The conference is co-organised by the Organisation for Economic Co-operation and Development (OECD) and the Czech National Bank (CNB), in co-operation with the Ministry of Finance of the Czech Republic.
For more information contact:
Christi Naudé
Cell: 082-8610114
Email: christi.naude@kzntreasury.gov.za
Ntokozo Maphisa
Media Liaison Officer
Cell: 0827730937
Tel: 033 846 6986
Fax: 033 846 6801/2
Emails: ntokozo.maphisa@kzntreasury.gov.za or ntokozo.maphisa@yahoo.com or ntokozo.maphisa@gmail.com
