This is an initiative of I Profile Foundation Uganda that is geared toward having financially literate adults in Uganda and over time in Africa. The challenge was put in place to give children the basics of saving and add a twist to the culture by encouraging a little healthy competition. It is characterised by ninety days of saving for the participants. At the end of the ninety days, the highest savers get a boost on their savings inform of prizes.
The challenge is broken down into phases, that is to say, activation, lessons and saving. During activations, the ground rules for participation are laid down to the participants and they are given a brief. After this they are taken through interactive lessons that are carefully prepared to enable they learn more about financial management at their own levels of understanding without necessarily boring them with the feel of a classroom. Our trainers are carefully selected and chosen to ensure that they can put across the required message and get the children to grasp the concept. Once this is complete and they have gone through the lessons, they are given saving boxes and their saving journey is flagged off.
The children are given a set number of days to save as much as they can. This is in a bid to teach them money discipline and also to ensure that at the end of the day, the children are able to act rationally even without close supervision. This is to inculcate the habit of saving in them. After the stipulated time for saving elapses, a finale is held, usually on World Saving Day, 31st October. During this finale, the children get to interact with other savers from other schools and also other trainers. A set of activities is organized to give the children a quick and more fun recap of the theoretical lessons they had previously and also check to be sure that the lessons have been learnt.
On completion, the boxes are opened and the children’s money is counted and accounts are opened. This came up as a result of the dismal statistics with regards to the number of people in the country that own and use bank accounts. At the Foundation, we believe that lessons learnt by children at an early age influence their habits as adults. So giving children the chance to open up bank accounts helps them learn and get used to operating bank accounts and makes it even easier for them to adapt to the habit even in adulthood.