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

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14 • FSD’S FINANCIAL EDUCATION PROGRAMME: EVALUATION AND RECOMENDATIONS Table 8: FinEd project targets Objective/ Output Objective 1. 2. 3. 4. Targets Qtr 2 Qtr 4 Qtr 6 Qtr 8 Groundwork established for a national financial education programme % of Kenyan adult population reached (cumulative) 15% 15% 25% % increase in audience knowledge of key messages 50% 50% 50% % of audience indicating changed financial practices 10% 10% 10% Number of people receiving financial literacy training 100 5,000 5,100 % trained changing knowledge, skills attitudes 50% 50% 50% % trained changing financial practices/behaviours 25% 25% 25% Financial education partnership (FEP) established by private and public sector stakeholders FEP established ü Number of FEP meetings (cumulative) 2 4 6 8 Financial literacy baseline established Baseline report from FinAccess 2008 ü Revisions for FinAccess 2010 developed ü Potentially viable approaches for the delivery of financial education piloted Pilot projects active (planning/underway) 3 4 4 0 Pilot project fully completed and evaluated (cumulative) 1 1 5 Projects fully meeting targeted objectives 3 Preliminary framework established for a national financial education programme Initial vision established ü Key enabling environment issues identified ü National programme framework document developed ü Furthermore, the FSD can play a key role as catalyst and in facilitating initiatives which would have wide outreach, such as embedding financial education in the educational system. • How can stakeholders be more effectively engaged in the future – what are the incentives to ensure that key players remain involved? Firstly, the appropriate organisational structure for coordinating FE and CP should be put into place. Secondly, a stakeholder strategy should be developed as part of the broader national framework, and a compelling case built for stakeholder involvement. • How do we synergise existing work within the various themes in FSD? As discussed in Section 9.1: the FSD should adopt a matrix approach with FE/ CP, policy and research as cross-cutting, and with their first priority to serve the internal markets/ theme areas already identified. • How do we align with Vision 2030? This is a strategic question on FSD level and not on FE/CP level.
FSD’S FINANCIAL EDUCATION PROGRAMME: EVALUATION AND RECOMENDATIONS • 15 Chapter 3 CONCLUSIONS The FinEd programme has partially achieved its four core planned outputs. There were shortcomings in the design of the programme and some challenges in its execution. These findings are summarised below: 3.1 Core outputs and other outcomes Core outputs: • FEPP: the FEPP was established, but the structure was not institutionalised and as such came to an end when the FinEd came to an end – partially achieved. • Develop a preliminary framework for a national FE programme: a draft framework was developed at the end of the FinEd programme, but was not disseminated, approved or implemented – partially-achieved. • Establish a financial literacy baseline: both FinAccess 2006 and 2008 were reviewed and recommendations put forward for strengthening FinAccess with respect to financial capability. However, the recommendations and the final FinAccess 2012 still do not capture financial capability well and it is doubtful that it will be possible to establish a comprehensive baseline following FinAccess 2012 – under achieved. • Piloting potentially viable approaches to FE: four pilots were implemented and there were some lessons learnt, although these were not disseminated. While some pilots achieved their targets, others did not – partially achieved. Additional outputs: • Conduct a consumer protection diagnostic: completed with recommendations – achieved. • Study into branchless banking and financial capability: implemented – achieved • Create an FE website: completed, but now dated as no party has taken responsibility for it post the FEPP – achieved • Training of public sector organisations to deliver FE: implemented – achieved. • Development of FE Curriculum: completed, but not disseminated – partially achieved. Other outcomes: • • The FinEd programme created much awareness around FE in the marketplace Several skills relating to FE were developed in the market place 3.2 Programme design The shortcomings of the FinEd relate mostly to its design and in particular its strategic approach. There was little in the line of published best practise at the time of this initiative. The challenges and short comings of the programme design are summarised as follows: • Firstly, the case was not built for why FE was required in Kenya and what should be the overall direction of FE. The MFO Scoping Study – which by and large seemed to inform the programme design - was limited in its vision and the recommendations emphasised tactical execution, rather than putting in place a strategic framework as a starting point. The FinEd and FEPP consequently assumed a very tactical nature focussing on pilot implementation rather than setting the strategic direction. • The composition and role of the FEPP were not strategic in nature, but followed the pilot-driven approach set by the Scoping Study. The outcome was that: • • • • • Active members of the FEPP were mostly representatives of the pilot programmes who participated by default, not design. Despite the CBK governor being the champion of FE, no real ownership of the FEPP was taken by the market, as the FEPP was largely perceived by stakeholders as an FSD creation. Most critically, the outcome of the above was that the FEPP was not institutionalised and as such ceased when the FinEd came to a closure and no longer provided secretarial services to the FEPP. Beyond the formation of the FEPP, there was no explicit stakeholder strategy forthcoming from the Scoping Study/FinEd programme design. Such a strategy is required to educate and inform stakeholders, get their buy-in and support, and co-op implementation support. Understanding and positioning of FE in the market: • It appears that the focus of FE under the FinEd was on increased financial inclusion/ product uptake, which is moving very closely to the domain of marketing. This view comes through particularly strongly in the review of FinAccess 2008. What is missed is the broader role of FE as a component of CP, market development and market stability (see Annex B). • Several stakeholders (particularly financial service providers) appear to perceive FE as being in the competitive domain rather than the public domain. This may be due to a lack of understanding of FE (to be addressed in an implicit stakeholder strategy). However, it also appears to be an unintended consequence of the pilot-driven nature of the FinEd (the outcome of the MFO Scoping Study) which resulted in stakeholders competing for funds.
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