Financial Literacy Pilot Project

In November of 2009, Grameen Foundation (GF) received a grant from Western Union Foundation to explore if, and how, mobile phones can be used to improve financial literacy and increase financial inclusion amongst poor Ugandans. Additional funding was also provided by project partners Deutscher Entwicklungsdienst (DED) and MTN Uganda, for the set-up and extension of pilot activities. The project ran for 9 months from March through December of 2010.

The Financial Literacy team, led by Dr. Olga Morawczynski focused on three main areas for the initiative:

(1) Making formal financial services more accessible: bringing the financial service provider (FSP) closer to the village through the mobile money (MM) platform and allowing individuals to choose from a variety of savings accounts.

(2) Making financial information more accessible: providing individuals with the information they need to choose if formal savings mechanisms are appropriate for them and how to best make use of these services to manage their money.

(3) Helping individuals to structure their savings: sharing best savings practices with the community and using technology to reinforce good savings behavior.

The Financial Literacy team released the Financial Literacy Pilot Project Report which summarizes their work and findings.