AFRICA — Junior Achievement (JA) Africa and Ecobank Group have launched  their new partnership- “Banking on Africa’s Youth,” to promote financial literacy skills among the youth.

 A statement from Ecobank explained that the partnership will undertake a campaign which will tap into JA’s vast online community, comprising over one million young social media followers spread across Africa.

According to Ecobank, the partnership will mobilize and educate over 600,000+ young people with financial literacy knowledge.

The statement from the bank revealed that the Banking on Africa’s Youth partnership is part of Ecobank’s Junior Savers initiative which in part seeks to grow financial inclusion for young Africans using Ecobank’s mobile/digital resources.

“The purpose of the online campaign is to empower potential and existing Junior Savers account holders with the requisite financial literacy knowledge to build a culture of savings as part of their personal financial habits,” read the statement from Ecobank.

The campaign targets youth groups, online influencers and communities with knowledge of some basic financial concepts.

 “The Ecobank Group is committed to building financial literacy and money management skills amongst the youth as they transition into Africa’s productive workforce,” said Nana Araba Abban, Group Consumer Banking Head at Ecobank Transnational Incorporated.

“Our collaboration with JA Africa will enable us positively impact young citizens who are our investment in the future of the continent.”

The value for customers will be expanded to include financial literacy concepts: earning, budgeting, spending and banking.

According to the World Bank 2018 report, young Africans are less likely to have a bank account than adults on the continent.

At the same time, they are more likely to have a mobile phone, engage with friends and be aware of digital channels.

Current technology channels, especially social and digital media, provide the avenue to reach and engage young people at scale. The campaign therefore seeks to leverage technology to achieve its goals.

JA Africa is expected to launch the campaign to reach different youth groups in Ghana, Kenya, Nigeria, Cote d’Ivoire and Senegal through all its media outlets over a period of three years.

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