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

12 • FSD’S FINANCIAL EDUCATION PROGRAMME: EVALUATION AND RECOMENDATIONS
The evaluation team was informed that these modules had not been reviewed
within FSD and as such had not been disseminated to the organizations that
took part in the adaptation. It would therefore seem that the action plan
developed by the group at the second workshop was never implemented.
2.7.4 Development of a financial education curriculum
It appears that two sets of curricula were developed:
•
modules adapted for the pilots by Faulu and Equity
• public sector modules (discussed above)
The evaluation team is of the opinion that a significant opportunity to
disseminate the material widely was lost. Even now, two years later, there
would be considerable merit in making the modules available to a wide range
of potential users – such as financial service providers, educational institutions
and NGOs.
2.7.5 Creation of a financial education website
A FEPP website was created as a communication and dissemination tool
(www.fepkenya.org). It is very informative, although there is little reference
to CP.
As no-one has been driving the FEPP since January 2011, it is now somewhat
dated. This is symptomatic of the absence of a national-level institutionalised
body to take ownership of FE and CP in Kenya. Ideally the ownership of this
website should be shifted away from the FSD and placed with a national
secretariat/ unit.
In the interim, the FSD should place the following on the website: the outcomes
of the Naivasha workshop and materials subsequently developed (such as the
curricula); progress made with CP; and an indication that Phase 1 of the FinEd
programme has been closed and that the FSD is considering its next steps. In
future, the website could further evolve to include more pragmatic technical
advice (‘how to’) and content. It could also be expanded to include more links
to other relevant sites.
2.8 Roles and Links
The FinEd set out to build several links with key players in the market, both
government and private sector. While most of these stakeholders participated
in the FEPP and some were involved in the pilots, limited lasting links were
built. As stated previously, ownership of the FEPP then also vested with the
FSD/FinEd and not with these stakeholders. Perhaps the intent was never to
transfer ownership, as the purpose of the links (as described in Table 7) was
primarily participation – not leading.
The most important outcome of the FinEd/FEPP was probably to raise
awareness on the issue of financial education. The Central Bank of Kenya has
subsequently introduced a financial education working group at the Regulators
Forum.
2.9 Performance targets
The FinEd project targets are presented in Table 8. While these were partially
achieved in terms of the programme implementation (1-4), the targets for
the stated objectives are, as with the pilots, essentially focused on reach
(quantitative). The targets do not consider frequency, quality or content of
messaging. In essence, the targets do not reflect the complexities of financial
education, the need for a targeted approach and repetition of multiple
different messages. Different types of measures are required to assess
different types of projects and activities and in future a more realistic and
practical M&E framework should be developed for a FinEd II and for its various
components (such as specific programmes). There is much expertise in the
market on monitoring and evaluating programmes, including media-based
programmes.
2.10 Specific questions in the ToR
•
Is there any evidence that conventional didactic models really result in
behaviour change?
The educational system is proof of both the effectiveness and limitations of
didactic models. However, the application of didactic models is limited in the
domain of financial education. The starting point of a national FinEd programme
should also not be the channel and form, but the target market, followed by
the messaging and only then should the appropriate channel(s) be decided on.
I.e. a detailed media plan (above-, through- and below-the-line) should be
developed to serve the target market and content, not the other way around.
•
Would a focus on improving the quality and relevance of services
provided by financial institutions produce greater impact?
More customer-centric products and improved service delivery should definitely
improve product uptake, but this is not a function of FE, and FE should not be
measured through product uptake – marketing should.
•
How scalable are current approaches – is a national vision for financial
education realistic in Kenya at the current time?
A national vision is certainly an option for Kenya, but would require starting at
the beginning, i.e. by developing a national framework. The pilots are tactics and
should not be confused with a national vision.
•
How important is consumer protection and to what extent is this best
achieved through improving awareness/caution among consumers or
through regulatory oversight and enforcement?