fsd's financial education programme: evaluation and ... - FSD Kenya

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8 • FSD’S FINANCIAL EDUCATION PROGRAMME: EVALUATION AND RECOMENDATIONS Table 5: Pilot targets and actual achievements Performance against key targets: 1 Project Indicator Target Actual Number of Kenyans reached through broadcast 6m 7.2m Mediae Number of SMS queries received and responded to 8,000 % of viewers changing knowledge/skills/attitudes 20% 10% Number of people receiving training 70,000 48,306 Faulu Number of community based trainers certified 500 625 % increase in audience knowledge from training 50%
FSD’S FINANCIAL EDUCATION PROGRAMME: EVALUATION AND RECOMENDATIONS • 9 model: frontline staff (Development Finance Professionals) now provide training to group members over an 8-12 week period. This training includes two broad topics: Entrepreneurship and Financial Education. Faulu has found that this model works better, especially with groups, and it is also a more cost effective model than the classroom training conducted under the pilot. Equity The project performance largely met its stated purpose. Equity met its key performance target of numbers of youth trained. The main challenges for the training of KU students were the large size of classes and master trainers not being satisfied with their training allowance. The key challenge for the training of outside youth was that the student coaches were not trained on group mobilization skills. Other key points are: • • • • The evidence of impact is hard to assess. The monitoring system was borrowed from previous activities of Equity Group Foundation and did not reflect the uniqueness of training. No pre- or post-test tools were used to measure change in knowledge, skills and attitudes. Furthermore, as there was no baseline, the end-line focused on questions such as whether the participants remembered the training modules – which is not a measure of impact. The target market segment for this project was a mix of urban and rural youth. Of the youth trained, 35% were KU students and therefore urban. Of the remaining 65%, it is not evident how many were urban or rural. The cost per person of the Equity project was USD$27.3 per person trained (including trainers). The model is replicable and scalable. Equity Bank has expanded it to other universities and other banks are introducing similar models. Plan The project performance did not meet its stated purpose. Plan did not meet its key performance target of number of students trained and while the pilot target was 148 schools, it was implemented in only 80 schools. The key challenges were: (i) the short implementation time, because of delayed commencement of training; and (ii) a dysfunctional project structure and fractious relationship among the project partners. (iii) The project also suffered from trying to do too much (training of teachers, training of students, Aflatoun clubs, child-led microenterprise development, opening of savings accounts, and influencing national education curriculum). Other key points are: • The evidence of impact is limited: the project succeeded in introducing Aflatoun savings clubs and curriculum in schools, but the learning did not go much beyond the club members and focal teachers. The project achieved very little in other areas and financial education was in no way entrenched within the educational system. • The target market segment for the Plan pilot was primary school students in government and informal schools, primarily in rural areas. • The cost per person of the Plan project was $20 per student ($19.5 if trainers are included). The model is not replicable, scalable or sustainable without significant donor support and also without being done at scale in order to bring costs down. Plan is keen to continue this type of activity, perhaps with a limited focus on supporting the creation of Aflatoun clubs. They have included the activity in their new strategic plan. However, this is not one of the core areas for Plan and no budget has been committed. The main conclusions regarding the pilot projects are: • Effect on market: the pilots served to create much awareness of financial education among stakeholders. Several institutions benefited from skills development in the design and delivery of financial education. • Additionality and replicability: the mere fact that these pilots were implemented with huge donor support means that these programmes are not replicable by any of the implementers without similar support. Equity may be one exception in terms of replicability, as they have the internal resources to implement their own programme, but then that raises the question of ‘additionality’: it appears as though this programme may well have been implemented without the support from Fin Ed. • Size of projects: the large minimum amounts required by FEF meant that small possibly more effective and efficient programmes were not considered. • Implementation time: the implementation time for the projects was too short. Because the FSD funding ran only until December 2010, the grants could not go beyond that date. Subsequently, the grant periods ranged from 15 to 17 months. Given start-up lags, the effective implementation times were only about a year. The grants were subsequently extended, but primarily to allow the evaluation to be undertaken. For pilots of this nature to be successful, a minimum time of around three years would be required. • Models: three of the four pilots followed didactic models. These models were of the first approaches used in financial education globally. While they may be the most suitable approach in some circumstances, they are also known to be extremely expensive with limited outreach and low frequency (mostly a once-off). It is therefore unclear why these tried and tested approaches (with known limitations) formed the basis of three of the four pilots though they were useful in creating interest in FE.
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