Grant contributions to enable the delivery of approved projects are to be deposited into the ASISA Foundation bank account from December 2012 onwards. Projects will be selected based on a formal strategy and framework compiled by the ASISA CFE Standing Committee, which incorporates CFE priorities as defined in the national CFE strategy. Specific programmes, service providers and budgets will be submitted via the ASISA CFE Standing Committee, for approval by the Board of Trustees of the ASISA Foundation, based on predefined priorities and evaluation criteria.
All initiatives will be aligned to the OECD definition of Consumer Financial Education as adopted by National Treasury and the Financial Services Board (FSB). Initiatives will be required to meet the FSC guidelines for Consumer Financial Education, in order to facilitate measured entities being able to claim their FSC points for consumer education. These guidelines include physical accessibility; appropriateness; measurability, affordability, simplicity and non-discriminatory. It is important to note that consumer education spend excludes any expenditure on employee skills development.
In light of the recent gazetting of the FSC,as well as the outcomes of the FSB’s national baseline survey measuring financial literacy in South Africa, the focus of the ASISA Foundation’s initiatives will be targeted at the entry to middle LSM levels 1 to 8 (unless otherwise indicated) and will include basic financial literacy concepts linked to relevant access products and services.