Developing a 3-Year Bank Strategy for Financial Literacy Programme


Developing an Inclusive Financial Literacy Strategy

ConsumerCentriX supported DSIK by developing a financial education strategy as a part of the Financial Literacy and Institutional Strengthening of the Microfinance Sector program in Mozambique.

We developed an inclusive financial literacy strategy for a bank, which included general action items that can be widely implemented the support customers with low or no literacy levels and increase their financial literacy skills and knowledge. The program takes into consideration the social challenges faced by customers due to the ongoing COVID-19 pandemic and proposes sustainable mitigation measures.

Our Methodology

We used a three-dimensional approach to identify needs, gaps, and actions in the strategy framework.

Financial Literacy Strategy

Secondary Research + Market Research ( Client Survey) + In-depth Interviews with Key Players

In order to finalize the strategy, we conducted secondary desk-research, market research which included a client survey, and in-depth interviews with key stakeholders. It is best practice for financial institutions to consider financial literacy methods as a core component of their client acquisition and retention strategy, however, the institutions must consider the business case for non-financial services (NFS). Below are six key factors that should be considered including the financial institution’s previous experience with NFS, its purpose, target segment, costs, internal capacities needed to deliver in-house services versus outsourcing, and relevant key performance indicators:
In partnership with a local consulting company, CCX developed a list of recommendations and concrete activities for a 3-year financial literacy staretgy that aligns with the bank’s business strategy.