The University for Development Studies (UDS) School of Business on November 29, 2023, launched the Financial Literacy and Awareness Association (FLAA). The launch was held during a public lecture at the Dr. Andani Andan Chamber, themed "Shaping Africa’s Development Finance Landscape: Challenges and Prospects." The event drew a distinguished audience of academics, policymakers, industry leaders, and students, offering a platform for discussing critical financial and developmental issues.

Public Lecture as the Launchpad
The hybrid event featured a keynote address by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors at the ECOWAS Bank for Investment and Development (EBID). Dr. Donkor provided a compelling analysis of the evolving role of Development Finance Institutions (DFIs) in Africa's economic transformation. He highlighted the significant contributions of DFIs in infrastructure development, financial inclusion, climate finance, and counter-cyclical funding while emphasizing the importance of financial literacy as a cornerstone for sustainable development.

Delivering an address during the launch, Dr. Yazidu Ustarz stressed the transformative potential of financial literacy in empowering lives and communities. "Financial literacy is not just about managing money; it is about understanding its role in shaping opportunities, securing futures, and building a thriving society," he remarked.

About the Financial Literacy and Awareness Association
Established under the UDS School of Business, the FLAA aims to bridge gaps in financial knowledge and empower individuals through education. Aligned with the university's motto, "Knowledge for Service," the Association seeks to join the Global Financial Awareness Foundation, whose mission is to address the global challenge of financial illiteracy.

The FLAA is open to all UDS students and staff, offering a platform for learning and community engagement. Its programs will include workshops and seminars on essential financial topics such as budgeting, saving, investing, credit management, and retirement planning. The Association also plans outreach initiatives targeting the informal sector and second-cycle institutions, extending the benefits of financial education beyond the university.

"A financially literate person is empowered to take control of their destiny, break free from the cycle of debt, and embrace a life of financial freedom," Dr. Ustarz emphasized. He highlighted the broader economic benefits of financial literacy, noting its role in fostering capital formation, innovation, and inclusive development.

Leadership and Vision
Speaking at the launch, the Pro-Vice Chancellor of UDS, Prof. Elliot Haruna Alhassan, representing the Vice-Chancellor, reiterated the university’s commitment to fostering financial empowerment. "This Association is a testament to our dedication to addressing real-world challenges and providing students and communities with the tools to build sustainable futures," he stated. The Dean of the School of Business, Prof. Ibrahim Osman, lauded the creation of the FLAA as a natural extension of the School’s mission to tackle Africa’s financial and developmental challenges.

A New Era of Financial Awareness
The launch of the Financial Literacy and Awareness Association represents a pivotal step in UDS’s mission to contribute to national and continental development through education and research. By empowering students, staff, and communities with critical financial knowledge, the FLAA is poised to inspire a new wave of financial literacy, equipping individuals with the tools to navigate financial challenges confidently and drive socio-economic progress.

Story by
Sumaila Mohammed
(UDS Media)