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

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vi • FSD’S FINANCIAL EDUCATION PROGRAMME: EVALUATION AND RECOMENDATIONS Table 1: Components of a national financial education and consumer protection framework National organisational structure framework • Governance structure • Implementation/ coordination structure • Stakeholder strategy – consult, inform, implement • Funding Policy and regulatory framework • Financial education (optional) • Consumer protection (several Acts and regulations may be affected) Consumer strategy M&E Framework 1. Programme objective: • Awareness • Knowledge and skills • Behavioural modification • Programme R&D 2. Programme implementation • Target market • Channel • Frequency • M&E • National level: FinCap Baseline – track over time • Programme level: develop as integral part of each programme Source: Marketworx Africa (2008)
FSD’S FINANCIAL EDUCATION PROGRAMME: EVALUATION AND RECOMENDATIONS • 1 Chapter 1 BACKGROUND AND APPROACH 1.1 Background In 2008, the Ministry of Finance mooted the formation of a Financial Education Partnership (FEP) in the form of a Public Private Partnerships (PPP). It was to complement the Financial Access Programme and FinAcces in contributing towards achieving Vision 2030. The Financial Sector Deepening Kenya (FSD) endeavoured to help lay the foundations for the development of a national financial education (FE) programme and assumed the role of Secretariat for the FEP. The FSD commissioned a financial education scoping study to ensure that a strongly demand-driven approach was taken in developing such an FE framework. The culmination of the scoping exercise was a workshop for all stakeholders to review the findings, sketch a framework for a national programme and confirm participants’ interest in and commitment to moving forward. Based on the findings and recommendations of the scoping study and workshop, a Project Appraisal Report (PAR) was developed in 2008. This provided the guidelines for a two-year Financial Education (FinEd) programme which was then implemented from September 2008 to December 2010. The purpose of the programme was to ‘lay the foundations for a comprehensive and sustainable national programme of financial education in Kenya.’ The project was subsequently extended to March 2012. The project had four key output areas. These were: • • • Establishing the Financial Education Partnership (FEP) Providing support for the development of a preliminary framework for a national financial education program Establishing a financial literacy baseline • Supporting pilot delivery projects Subsequent to the design of the project, the demand arose from government to develop a framework for consumer protection in the financial services sector. The FSD therefore supported the implementation of a diagnostic study – including demand-side research - which produced evidence-based recommendations to the authorities. 1.2 Objectives of the project evaluation The aim of this evaluation is to ‘rigorously evaluate the progress made in the FSD’s financial education project against its objectives, and produce evidencebased recommendations for future work.’ The objectives of the evaluation are to assess: (1) the strategic relevance of the various project components to the overall project objective; (2) the quality of work (effectiveness and efficiency); and (3) evidence of impact. Two specific issues to be addressed are: • Progress made towards establishing a national framework. Assess: (1) the degree of engagement by stakeholders; (2) the credibility of the emerging framework; (3) the prospects for mobilizing resources; and (4) the potential to deliver real results. • Pilot delivery projects. Evaluate: (1) the target markets reached; (2) delivery cost per person; (3) evidence of impact; and (4) potential scalability of the channel. • The Terms of Reference are attached as Annex A. 1.3 Logical framework The evaluation considers the FinEd programme in terms of: • • • Achievements against own project goals and objectives Strategic relevance in Kenya Strategic fit within FSD 1.4 Methodological approach The evaluation comprised a desktop review of several project-related documents and interviews with multiple stakeholders, including the FSD Project Manager (Fin Ed PM), FSD theme heads, FEPP members, the implementers of the four pilot programmes and several other stakeholders in government and the financial sector. A list of stakeholders interviewed is included in Annex C. 1.5 Structure of the report Section 2 of the document provides an overview and evaluation of the FinEd programme, its various components and additional initiatives implemented. The conclusions and recommendations are presented in Section 3.
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