flip project plan

2014/15

Financial Literacy Project (FLIP) PLAN

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AIESEC Ghana, Standard Chartered Bank

1/1/2014

TABLE OF CONTENTS 1 PROJECT PURPOSE.......................................................................................................... 2 2 PROJECT EXECUTIVE SUMMARY...................................................................................... 2

3 PROJECT OVERVIEW ....................................................................................................... 3 4 PROJECT SCOPE .............................................................................................................. 3

4.1

4.2

4.3

4.4

4.5

Goals and Objectives ...................................................................................................3

PROJECT PRINCIPLES....................................................................................................3

Organizational Impacts ................................................................................................4

Project Deliverables.....................................................................................................5

Project Estimated Costs & Duration ............................................................................5

5 PROJECT CONDITIONS .................................................................................................... 7

5.1 Project Assumptions ....................................................................................................7

5.2 Project Issues ...............................................................................................................7 5.3 Project Risks.................................................................................................................7

6 PROJECT STRUCTURE ...................................................................................................... 8

7 PROJECT APPROACH....................................................................................................... 8 8 PROJECT TEAM ORGANIZATION ...................................................................................... 9

9 APPROVALS..................................................................ERROR! BOOKMARK NOT DEFINED.

AIESEC Ghana | [email protected] | P.O. Box LG 364 Legon | gh.aiesec.org | +233 (0) 302 433 327

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1 PROJECT PURPOSE

Financial literacy is about understanding money and finances and being able to confidently apply that knowledge to make effective financial decisions. Knowing how to make sound money decisions is a core skill in today's world, regardless of age. It affects quality of life, opportunities we can pursue, our sense of security and the overall economic health of our society. The Financial Literacy Project seeks to educate Ghanaian youth on the gain of saving, budgeting, managing and living a

disciplined financial life.

.

2 PROJECT EXECUTIVE SUMMARY

Africa is rising. This is a sentence that is in in circulation. We all say it. Africa is rising. A recent study by

African Renewal showed that 6 out the 10 fastest developing economies are in Africa. Out of the four

factors of production, only one is somewhat understood, land. This translates to 75% ignorance of what

Africa needs to indeed rise. Furthermore, Africa has over 200million youth, 60% of whom are unemployed

and living under $2 a day.

In Ghana, it is estimated that 300,000 youth enter the labor market every year with 6000 (2%)being

engaged by the formal sector which leaves 98% in informal sectors or unemployment. The International

Labor Organization estimates that 73.8 million youth will be unemployed by 2017 with Ghana contributing

an estimated 882,000 youth to this figure. It is therefore no surprise that poverty and vices are now

synonymous with the youth. With these damning statistics, the youth in Ghana and Africa in general, can

be viewed as either an opportunity or a ticking time bomb.

AIESEC Ghana has developed a Financial Literacy Project that seeks to empower the youth by addressing

the following issues that are responsible for their current financial status:

i.

ii.

iii.

iv.

v.

Lack of financial knowledge in saving, budgeting and investing

Lack of capital

Lack of knowledge on what to invest in.

Lack of discipline

Lack of skills

At the conclusion of our project, we look forward to a reduction in the gap between the rich and the poor

which we believe will have a ripple effect in creating financial equity. AIESEC Ghana | [email protected] | P.O. Box LG 364 Legon | gh.aiesec.org | +233 (0) 302 433 327

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3 PROJECT OVERVIEW AIESEC Ghana has conducted a feasibility study and as a result, came up with 3 clusters of society:

• Senior High School students

• University Students

• SME Owners

These parties will be engaged in our project in the following ways:

• Financial literacy sessions that will cover budgeting, saving and investing.

• Entrepreneurial mentorship aimed at starting and running a business with emphasis on credit

acquisition, responsible use of credit and business registration procedures.

The project will be run in 5 cities of Ghana namely: Accra, Cape Coast, Wa, Sunyani and Kumasi.

AIESEC Ghana seeks to bring in 40 exchange participants from our partner countries to:

• Facilitate the financial literacy sessions and entrepreneurial mentorship.

• Share good case practices from their countries.

4 PROJECT SCOPE 4.1 Goals and Objectives

Goals Objectives

The project seeks to

achieve the education of 500 people on financial literacy in the first phase 1

4.2 PROJECT PRINCIPLES

Reduction of poverty among the educated group and their families

Elimination of financial exclusion among the educated group

Reduction in youth unemployment through encouragement od entrepreneurism

i.

ii.

This project to improve financial literacy is founded upon the following core principles:

Inclusiveness—reaching as many youth, particularly those most in need and future generations of consumers and investors; Engagement— helping all appreciate the importance of financial literacy and that small things done regularly make a real difference;


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iii.

iv.

v.

vi.

vii.

Diversity—delivering learning that recognizes the different ways people learn and allows all to

participate fully;

Knowledge and empowerment—giving access to information, tools and ongoing support systems;

Improving outcomes—recognizing that information alone is not always enough and using additional mechanisms to achieve better outcomes; Partnerships—mapping and building on existing foundations to fill gaps and ensure other sectors and organizations see the need for financial literacy and work cooperatively; and

Measurement—evaluating our work to know what is and is not effective, and learning from and sharing these evaluations

4.3 Organizational Impacts

Organization Impact to and Participation of Organization

SCB Corporate Social Responsibilities are fulfilled

External positioning among the Ghanaian youth as an organization that supports entrepreneurship and financial inclusion

Increase in client base as a result of accessibility with the youth

Human resources to run the project o a larger scale than before

AIESEC Ghana External relevance as impact is made on lives of

others

Strong relationship and support from Standard Chartered Bank

Cultural exchange experience trainee interns have as a result of the project

Community Members of society will be better able to

overcome or avoid financial exclusion. Such exclusion impacts on the opportunities individuals

can pursue their sense of security and their overall

emotional and physical wellbeing.

Good financial literacy skills help individuals and


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families make the most of opportunities, meet their goals and secure their financial wellbeing, as well as contribute to the economic health of

society.

Improved financial literacy can increase economic participation and social inclusion, drive competition and market efficiency in the financial

services sector, and potentially reduce regulatory

intervention.

4.4 Project Deliverables

Milestone Deliverable

1. SCB Training for Prepare Module for training

AIESECers Organize a boot camp for the trainings to be delivered

Successfully train 12 people to understand the training module for the project.

2. Opening ceremony Organize a 2 hour ceremony to launch the project

Obtain media coverage for the project launch

3. Training Intern Trainers Train 25 intern trainers to educate the target group for the

project

4. Education of target Train 500 trained persons and

group Evaluate the learning to certify those who received the training can be considered financially literate.

4.5 Project Duration & Estimated Costs

Project

Milestone

SCB Training for

AIESECers Opening ceremony Training Intern Trainers

Date Estimate

23/11/14 to

28/11/2014 05/12/14 12/01/15

Deliverable(s) Included

Successfully train 12 people

to understand the training

module for the project.

A 2 hour ceremony to launch the project and meet the press

Successfully train 25 intern trainers to educate the target group for the project

Confidence Level

High

High Medium


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Education of target group

19/01/15 to 06/03/15

Train 500 trained persons and evaluate their learning to certify they can be

considered financially

literate.

High

FINANCIAL LITERACY PROJECT BUDGET -NOVEMBER 2014 TO

MARCH 2015

TRAINERS BOOT CAMP

Venue

Accommodation

Feeding( GHS 30 per day*12* 5days)

Transportation:

Cape Coast @ GHS 30*2

Accra @ GHS 15*2

Kumasi @ GHS 70*2

Sunyani @ GHS 80*2

Wa @ GHS 100*2

60.00

30.00

140.00

160.00

200.00

GHS

1000.00

2400.00

1800.00

590.00

GHS

OPENING CEREMONY

Venue

Refreshments

TRAINERS TRAINING TRAINEES

Feeding( 7 persons per LC @ GHS 15 for 5 days in 5 LCs)

INTERN TRAINING

Accommodation ( 25*GHS 254)

400.00

700.00

2625.00

6350.00

5790.00

1100.00

2625.00

6350.00

15865.00


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5 PROJECT CONDITIONS 5.1 Project Assumptions

The dates of reopening of Senior High Schools and universities will on average be in the second week of January 2015

5.2 Project Issues

Priority Criteria

1 High-priority/critical-path issue; requires immediate follow-up and resolution.

2 Medium-priority issue; requires follow-up before completion of next project milestone. 3 Low-

priority issue; this will be resolved prior to project completion.

Date

8th December

8th December 2014

Priority

1

2

Owner

SCB

Project Manager

Description

Module for

training of

AIESECers

Training Camp for

Status & Resolution

[Replace this text with Status

and Proposed or Actual Resolution.]

[Replace this text with Status

and Proposed or Actual Resolution.]

5.3 Project Risks

# Risk Area Likelihood Risk Owner Project Impact-Mitigation Plan

1 Strike Medium AIESEC Ghana 5 communities with most of its

Actions in population being youth will be

Schools identified and the youth will be educated

2 Ebola Scare Low AIESEC Ghana More members of AIESEC Ghana will

be sourced to do the educations


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6

7

Project Structure

• 12 AIESECers will receive training from Standard Chartered Bank on financial literacy to train others to educate the target group.

Training from

SCB

Project Approach

Trainees train

others

•The AIESECers who

received the trainings will give trainings to others to put them in a position to educate members of comminities and schools

•Those trained by the

trainers will in turn educate the target audience

Target Group

Education

i. ii. iii.

iv.

v.

vi.

vii.

viii.

ix.

Tailor and target all messages and materials to ensure they address the needs of particular target groups Have clear, simple calls to action Consumer-test messages and materials to ensure they resonate clearly with target audiences Work with and coordinate efforts of stakeholders to maximize distribution of messages and minimize duplication and information overload Make messages available in a range of formats and channels to cater to diverse information needs and preferences Meet the information needs of people at specific or unplanned life events, or when they have a particular financial or investment decision to make Provide practical tools and resources that allow people to test their understanding of finance and investment concepts Provide means for consumers to commit to their goals and receive prompts, tips, encouragement and reinforcement Evaluate campaigns and programs and use the results of the evaluation for continuous

improvement.


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8 Project Team Organization

SCB Rep

Trainers from SCB Project Manager

Trainees

Target group

Project Team Roles Project Team Member(s) Responsibilities

Advisor and liaison Richard Act in an advisory

between SCB and AIESEC position to the FLIP Ghana team

Inform the team of requirements, changes and other

inputs required for

the project.

Evaluation of Success of the project

Project Management Evelyn Sena King Final responsible for

Team (AIESEC Ghana) Genevieve Simiyu the operations Toyosi Abolarin pertaining to the

project

Management of


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trainers and their activities related to the project

Seek advice from the advisor and communicate progress of the project periodically

Evaluating the success of the project in consultation with advisor

Trainers 12 AIESECers Receive training

from SCB

Train trainees without filtering or altering the training material provided by SCB

Trainees 25 interns from AIESECs Educate the target

Community Development group

Program Evaluate target


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Prepared by

Approved by

Evelyn Sena King

__________________________________ Project Manager

__________________________________ Project Sponsor

__________________________________ Executive Sponsor


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