BY Fast Company 5 MINUTE READ

Rachel Moré Oshodi, the founder of RUWAH, has dedicated her career to advancing economic growth and development in Africa. Her interest in finance and economic development was sparked during her childhood spent in between Cameroon and France, where her father’s work in public finance and her family’s extensive background in education exposed her to a wealth of information about money and growth at a young age.

She was exposed very early in her life to how macroeconomics and politics impact a nation and shape the living condition of its people. Later on, she could understand geopolitics as well, the relationship between governments, and that topics like macroeconomic growth and prosperity are much more complex than one might initially think.

Very few young people in Africa have similar access to information and knowledge at a young age. This is particularly true when it comes to financial literacy, as African countries score the worst in the world according to S&P’s Global Financial Literacy Survey. The most financially literate country is Botswana at 51% and the least is Somalia at 15% according to the survey.

Financial literacy is a crucial skill for everyone to have, regardless of where they live. Given the importance of finance in modern society, lacking financial literacy can be very damaging to an individual’s long-term financial success. Unfortunately, research has shown that financial illiteracy is very common, with the Financial Industry Regulatory Authority (FINRA) attributing it to 66% of Americans. The picture is even worse in Africa, especially for young people. According to a report by the African Development Bank, over 60% of the population in Sub-Saharan Africa is still unbanked. This means that they have no access to basic financial services such as savings accounts, credit, and insurance.

With a deep understanding of the challenges faced by many African families due to the lack of financial literacy, Rachel has made it her goal to empower kids and teens to build generational wealth, break the cycle of poverty, and promote economic development across the continent.

Lack of financial literacy in Africa and its consequences

Many families in Africa do not understand how to manage their finances, how to save money, or how to invest. This lack of knowledge can lead to poor financial decisions and can perpetuate the cycle of poverty. The lack of financial literacy can also lead to detrimental consequences not only for individuals, but also for their future generations, the financial service industry, and the economy as a whole.

Aside from contributing to poverty alleviation, recent trends in the digitization of financial products and services, and the increase in lenders and micro-financing have shown that financial literacy is an essential tool for survival. With easier access to capital and the numerous financial products promising abnormal guaranteed returns, low levels of financial literacy and skills could lead to detrimental consequences. This is a concern that has to be addressed by policy policy makers, financial service regulators, and all stakeholders involved.

Creating generational wealth and reducing poverty in Africa through financial literacy.

Financial resilience can be boosted enormously by understanding how money works in everyday life. Financial literacy education gives young people the foundations for future prosperity — and can help economically disadvantaged people out of deprivation.

Rachel, a former banker is planning to impart all of that for young people in the continent. “As a former investment banker, I have worked for close to two decades at the interface of both private and public sectors on strategic initiatives to foster development and economic growth on the continent. I strongly believe today that financial literacy is the missing piece of the puzzle to creating generational wealth, reducing poverty, and driving economic growth that can transform Africa.” said Rachel in outlining her objective.

Overview of Rachel’s financial literacy program for African kids and teenagers

Recognizing the importance of financial literacy in modern society, Rachel, a former banker with close to two decades of experience in the private and public sectors, has established RUWAH, a comprehensive and innovative financial literacy platform and prepaid debit card for African kids and teenagers between the ages of 7 to 18+.

RUWAH aims to reduce the knowledge and opportunity gap between African children and the rest of the world by teaching them the skills they need to succeed financially later in life. The program includes self-paced financial classes, a pocket money app, and a prepaid debit card designed to teach young people essential personal finance skills such as earning, saving, investing, and multiplying money responsibly to achieve goals.

In addition to providing financial education, the all-in-one platform includes a range of resources such as motivational videos, inspiring stories, and interactive exercises to help the next generation develop a healthy and abundant mindset. These resources are designed to instill positive attitudes towards finances and empower young learners to believe in their ability to create a better future for themselves and their communities.

The importance of technology in making financial literacy accessible

to all children in Africa

The RUWAH program uses various types of technology to make financial literacy education accessible to as many children as possible in Africa. One example is the use of mobile technology, such as smartphones and tablets, which are becoming increasingly prevalent in many parts of Africa. The program’s platform is designed to be user-friendly and accessible on these devices, enabling children to access the program’s content from anywhere, at any time.

In addition, RUWAH e-Learning platform offers online classes, interactive lessons, and quizzes. The program also has a mobile application that offers a convenient way for users to access the e-learning platform, track their progress, and connect with other students.

Also embedded, is a secure payment system that enables users to make transactions using a RUWAH prepaid debit card. This system is built using encryption technologies and integrated with payment gateways such as Stripe and PayPal. It enables students to practice making financial decisions in real-life situations and learn about managing their money.

The program also has a data analytics and reporting platform that helps administrators track student progress and analyze the performance of the program. This platform is built using data visualization and business intelligence tools.

Finally, RUWAH has a cloud-based infrastructure that ensures high availability and scalability of the system. The system is hosted on AWS and uses technologies such as Docker and Kubernetes to ensure seamless deployments and upgrades. Together, these technologies enable the online platform to offer flexible and accessible learning for students, while the pocket money app provides an easy way for students to manage their finances and track their spending.

RUWAH’s vision and mission to build generational wealth and a

positive attitude toward finances in Africa.

RUWAH is led by a team of experienced financial experts and educators who have a deep understanding of the financial challenges facing young people in Africa today. The team has an understanding of how early experiences with money shape our relationship with it. This is one of the reasons why their mission is not simply to provide financial literacy education but also to help the next generation develop a healthy mindset and a positive attitude toward it for a brighter future. RUWAH’s team of experienced financial experts and educators is determined to ensure that young people are provided with the tools to seize the multitude of financial opportunities that exist in the global economy.

RUWAH’s vision is to build generational wealth – one child at a time, and help break the cycle of poverty in Africa. The program is tailored to the needs of young people, providing them with the relevant and practical financial education that they can apply in their everyday lives at every stage of their development. By equipping young Africans with financial literacy skills, RUWAH aims to empower them to seize the financial opportunities that exist globally, and ensure that they are able to build a brighter future for themselves and their communities.