SPECIAL FOCUS
Nedbank was also behind a local movie Nothing for Mahala,
which sought to educate on financial fitness and the risks
around debt.
‘As a bank for all and a responsible financial services provider,
Nedbank understands that consumer education and community
development are vital in its efforts to continue making banking
more accessible to all in South Africa, in particular the entry-level
market. It is for this reason that the bank introduced the financial
fitness programme, supported by easy-to-use personal financial
management tools like MyFinancialLife, which is designed to
empower consumers to manage their finances, make informed
financial decisions, and plan for the future,’ says Zwane.
Absa says that they have a two-pronged approach to consumer
education. This includes face-to-face engagement, partly initiated
through the Teach Children to Save initiative, and working with
suppliers that use accredited training materials and educational aids
such as industrial theatre and money boxes. The bank also runs a
number of awareness campaigns on its own digital channels, as well
as on various other television and radio channels.
Absa says that because its consumer education team is not FAIS
(Financial Advisory and Intermediary Services) accredited, it cannot
sell or offer advice on consumer financial education. The bank says
it recognises the risk of getting the balance between workplace
marketing and consumer education wrong, and its consumer
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education team does not have incentive and performance targets
related to commercial leverage.
‘While there is a brand association through our consumer
education activities, in many cases the groups we meet are not
necessarily even potential clients for our various offerings. Our
Work Plan Marketing focuses on groups that are in the market, so
to speak,’ Absa says.
Liné Wiid, CEO of FNB Transactional Banking and Mass Market,
says that through its “Be Financially Smart Programme”, aimed at
educating consumers on financial matters on radio, online, face-toface and digital platforms, FNB has educated more than 200 000
people since the programme started in 2006.
Wiid says that FNB ran a home owners educational programme
targeted at first-time home buyers, of which the bank spent over
R12 million, and had trained close to 39 000 new home owners
since 2006.
‘We take our programme to worksites, community centres and
schools, as well as participate in other financial services initiatives,
for example, the Teach Children To Save initiative in conjunction
with The Banking Association,’ adds Wiid.
Capitec says it had crafted a new consumer education initiative
and saw the need to educate consumers on managing their money,
prioritising essential costs, budgeting, and driving awareness about
banking and financial pro X