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Importance of financial literacy for women in Ethiopia

Financial literacy is the possession of skills that allows people to make smart decisions with their money. As a country, this ability to understand how money works, process financial information and make informed decisions can be considered as low. Without an understanding of basic financial concepts, it is difficult to run and lead businesses. Thus, knowing how to manage money can empower women to become critical thinkers. By making connections between financial literacy and well-being, Women can learn how their choices and behaviors affect them, their families and others in their community.

To support women’s ability to create businesses and secure their own livelihoods, the Government of Ethiopia encourages financing of female-owned businesses by providing access to revolving funds, loan and credits. However, due to lack in financial literacy the level of women’s saving and borrowing patterns, bargaining power, financial well-being and understanding government financial policies is not realized as stipulated by the government.

Financial literacy training providers in Ethiopia

Enat Bank: through the “Enat financial education” tools it provides training to women on financial literacy which is believed to change their standard of living.

Kirkos sub-city, woreda 8, in front of Yordanos Hotel
P.O. Box: 18401, Addis Ababa
Tel: +251 115 158278 / +251115507074
Fax: +251 115 151338 / +251115504948
Web: https://www.enatbanksc.com/products-services/women-financing.html

Ethiopian Institute of Financial Studies (EIFS): provides financial literacy training on demand. These courses are either provided in half-day or full-day sessions with different durations.

To register for the training use the following contact address;

National Bank of Ethiopia
Sudan Avenue
P.O. Box 5550
Tel: +251 11 517 7430
Fax: +251 11 517 4588
Email: eifs@nbe.gov.et

Other institution indirectly providing such services are:

Organization for Women in Self Employment (WISE)

WISE provides financial education, business development services, cooperative management skills, innovation challenge fund grants and improved financial services including micro-insurance to ensure their ability to create sustainable jobs and improve their livelihoods.

To date, WISE has delivered Training of Trainers (TOT) in Business Management skills, Financial Literacy, Leadership and Management, Life Skills and other related topics to close to 1000880 staff of 175 Government, non-governmental, private and community organizations. For further info click here.

Contact information
Nefas Silk Lafto-City Woreda 08
Tel:  +251 114 423594, +251 114 423597, +251 114423585, +251 114423596
Web: www.wise.org.et
Facebook: https://www.facebook.com/wise.org/

Agar Ethiopia Charitable Society

Agar is a national non-governmental and non-profit making organization
See program details here
P. O. Box: 28657/1000
Tel: +251 11 369 8073
Fax: +251 11 369 8062
Mob: +251 93 009 8695
Email: agarethiopia2005@yahoo.com, agarethiopia2005@gmail.com, info@AgarEthiopia.com
Web: www.agarethiopia.com