Financial literacy is a key enabler of broader and more informed participation in capital markets. This chapter examines financial literacy policies drawing on a stocktaking survey across 28 public institutions in 20 African jurisdictions. It highlights growing policy commitments, with 17 jurisdictions either implementing or developing national strategies for financial literacy. The chapter also reviews financial literacy programmes, including those addressing investment-related topics. While significant progress has been made, challenges remain in the implementation, evaluation and resourcing of national strategies for financial literacy and financial literacy programmes and initiatives.
Africa Capital Markets Report 2026
Abstract
Financial literacy is increasingly recognised as a key enabler of capital market development in Africa. By equipping individuals with the knowledge, skills and confidence to participate in capital markets and make informed investment decisions, financial literacy can strengthen financial resilience and support the mobilisation of domestic savings.
National strategies for financial literacy are gaining momentum across the continent. In particular, they help mobilise political commitment, co-ordinate stakeholders and promote a coherent approach to financial literacy programmes and initiatives. As of 2026, 12 jurisdictions are implementing a national strategy and 5 are planning or developing one. Nine out of these 17 national strategies are stand-alone and focused on financial literacy, while 8 are part of financial inclusion initiatives.
National strategies for financial literacy have strong foundations in governance, stakeholder engagement and evidence-based design. All jurisdictions with a national strategy have identified a leading body and involve public, private and/or not-for-profit stakeholders. Most also inform the development of national strategies with some evidence, stakeholder consultations and programme mapping. However, there is limited information about financial literacy levels, including investment-related literacy.
Two-thirds of national strategies include investment, retirement planning and participation in capital markets as key objectives. Three-quarters of institutions (21 out of 28) indicated implementing financial literacy programmes and initiatives covering investment-related issues, whether as part of a national strategy or independently of one.
Combating investment scams and frauds (21 out of 28) and the basics of investing (19) are the most common focus of investment-related financial literacy programmes and initiatives implemented by public institutions. Fewer institutions also address behavioural aspects of investing (12), including common biases, as well as emerging issues such as crypto-assets (10).
Fifty-three per cent of jurisdictions reported monitoring the implementation of their national strategy, while 41% reported conducting evaluations of their national strategy. Less than 40% of responding institutions (11 out of 28) reported assessing the impact and effectiveness of their financial literacy programmes.
Financial literacy programmes and initiatives are commonly funded either by the co-ordinating body of the national strategy (40% of responding institutions) or through contributions from multiple stakeholders across the public, private and not-for-profit sectors (40%). Responding institutions identified limited funding, human capacity and outreach as key constraints to scaling up programmes and increasing their impact.
The OECD Recommendation on Financial Literacy (“OECD Recommendation”), the international standard for financial literacy policies, defines financial literacy as "a combination of financial awareness, knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve individual financial well-being". Against a backdrop of increasing complexity in financial markets, rapid digitalisation, demographic and economic pressures, and greater individual responsibility for financial decisions, financial literacy has become an essential life skill that supports both individual financial well-being and the resilience of the broader economy (OECD, 2020[1]). “Investor literacy or education” – generally considered to be a subset of the broader concept of financial literacy – focuses on issues relevant to the education and information needs of individuals who participate, or are considering participating, in capital markets (commonly referred to as “retail investors”) (IOSCO, 2014[2]).
The OECD Africa Capital Markets Report 2025 identifies financial literacy as a key enabler of greater retail participation in capital markets in Africa (OECD, 2025[3]). By equipping individuals with the knowledge, skills and confidence needed to understand investment products, understand key investment concepts such as risk, return and diversification, and make informed long-term investment decisions, financial literacy can help individuals engage with investment opportunities in a way that is consistent with their needs, objectives and risk tolerance. While financial literacy alone is not sufficient to increase participation in capital markets, it complements sound financial consumer protection, appropriate product governance and accessible financial markets. Overall, strengthening financial literacy can contribute to more informed participation in capital markets, support long-term wealth accumulation and retirement preparedness, and foster confidence and trust in the financial system (G20/OECD, 2022[4]; OECD, 2019[5]; 2019[6]).
This chapter provides an overview of the growing relevance of financial literacy for capital market development in Africa. It examines the evolving financial landscape, introduces the OECD policy framework on financial literacy and financial consumer protection, and discusses the links between financial literacy and retail participation in capital markets. This chapter also provides an overview of national strategies for financial literacy in Africa, in line with the structure of the OECD Recommendation. Afterwards, this chapter presents an overview of existing financial literacy programmes and initiatives in Africa, including those focusing on investment-related issues, supported by selected case studies.
The main source of evidence for this chapter is an online stocktaking survey (the survey) conducted for the establishment of the Africa Network of the OECD International Network on Financial Education (“OECD/INFE Africa Network”) (Box 7.1).1 The survey was conducted between April and May 2026 among public institutions across Africa which are members of the Africa Network, to assess financial education policies and practices. The stocktaking survey covered topics aligned with the OECD Recommendation, including national strategies for financial literacy, financial education across different financial sectors and the delivery of financial literacy programmes and initiatives. A total of 28 public institutions across Africa responded to the survey, representing 20 jurisdictions. Further information on the survey, participating institutions and jurisdictions is provided in Annex 7.A. The analysis is complemented by desk research and discussions with members of the OECD/INFE Africa Network, as well as research and data collected by the OECD/INFE more broadly.
Under the auspices of the OECD International Network on Financial Education (“OECD/INFE”), the OECD/INFE Africa Network is a regional forum, launched in June 2026, that brings together public institutions in Africa with responsibility for financial literacy and related topics to promote the exchange of information, experience and best practices, and support the design, implementation and evaluation of financial education strategies and programmes.
The OECD/INFE Africa Network also facilitates the dissemination and implementation of OECD international standards and research, including the OECD Recommendation on Financial Literacy, and encourages participation in relevant OECD projects, data collection initiatives and events such as Global Money Week.
Membership of the Africa Network is open to public institutions across Africa with a mandate for, or official interest in, financial literacy and financial education. As of October 2026, a total of 31 national and regional institutions representing 36 African countries are members of the Africa Network.
7.2.1. Macroeconomic and financial context and emerging trends
Africa's financial sector has undergone significant transformation over the past two decades, driven by financial sector reforms, capital market development, expanding financial inclusion and rapid digitalisation (GSMA, 2026[7]; IMF, 2024[8]; African Development Bank, 2024[9]; Klapper et al., 2025[10]; OECD, 2025[3]). The widespread adoption of mobile money, financial technology innovations and digital financial services has substantially expanded access to financial products and investment opportunities by lowering transaction costs and reducing geographical barriers (Ricci et al., 2025[11]; Sy et al., 2019[12]). The emergence of mobile trading applications, digital investment platforms and crypto-assets is also reshaping retail investment behaviour, creating new opportunities for wealth accumulation while exposing financial consumers to increasingly complex products, online scams and frauds, cyber risks, misinformation and behavioural biases (OECD, 2025[13]; 2025[14]; 2026[15]; 2026[16]; IOSCO, 2025[17]).
Developing deeper and more inclusive capital markets has become an important policy priority across Africa. Well-functioning capital markets can mobilise domestic savings, diversify sources of finance beyond bank lending, support business and infrastructure investment and strengthen resilience to external shocks. As highlighted in the OECD Africa Capital Markets Report 2025, broadening the domestic investor base and encouraging greater retail investor participation in capital markets is essential to mobilising long-term domestic capital in support of sustainable economic development (OECD, 2025[3]).
Although African capital markets remain relatively small and heterogeneous compared with those in advanced and many emerging economies, policymakers across the continent are implementing reforms to deepen domestic capital markets, expand investment opportunities and increase retail investor participation (OECD, 2025[3]).
7.2.2. OECD standards on financial literacy and financial consumer protection
Financial literacy has been a longstanding OECD priority, anchored in the OECD Recommendation on Financial Literacy.2 The OECD Recommendation sets the international standard for designing, implementing and evaluating financial literacy policies, built around three pillars: national strategies, integration of financial literacy across the financial landscape and effective programme delivery. It takes a holistic approach, treating financial literacy as working alongside financial access and consumer protection to support financial resilience and well-being. This is reinforced by the G20/OECD Principles on Financial Consumer Protection (FCP Principles), the international standard for comprehensive and effective financial consumer protection policy frameworks, endorsed by G20 Leaders and adopted by OECD Governments in 2022. The FCP Principles include Financial Literacy and Awareness as one of the essential elements of a holistic financial consumer protection framework (G20/OECD, 2022[4]).
Together, these instruments provide a comprehensive policy framework for promoting informed retail investor participation, strengthening confidence in capital markets and supporting market integrity through the complementary roles of financial education, consumer protection and effective regulatory oversight.
This standard-setting work is underpinned by a strong evidence base. Through the OECD/INFE International Survey of Adult Financial Literacy, Inclusion and Well-being (OECD, 2023[18]) and the Programme for International Student Assessment (PISA) (OECD, 2024[19]), the OECD measures financial knowledge, behaviours and attitudes across countries. This enables countries to set baselines, track progress, target support and benchmark against international good practice. The evidence shows limited financial literacy among both adults and young people, identified as a major and growing source of consumer vulnerability. This standard-setting work is also complemented through OECD technical assistance and regional fora, including the OECD/INFE Africa Network, as well as global initiatives such as Global Money Week, which has reached over 71 million children and young people in 176 countries and territories, including many across Africa, since 2012 (OECD, 2026[20]).
7.2.3. Financial literacy and capital market development
Across Africa, there is limited comparable data on financial literacy levels and, in particular, on investment literacy. Existing evidence is based on country-level financial capability and financial inclusion surveys rather than on harmonised cross-country assessments. For example, FinScope surveys conducted in Botswana (FinMark Trust, 2024[21]), Malawi (FinMark Trust, 2023[22]), Tanzania (FinMark Trust, 2023[23]) and South Africa (FinMark Trust, 2023[24]) assessed financial capability alongside financial inclusion through indicators such as financial planning, savings behaviour, risk management, financial resilience and wealth-building. The findings point to persistent weaknesses in consumers’ ability to plan for the future, manage financial risks and engage with investment products, despite rapid growth in access to digital and mobile financial services. Data availability and comparability are expected to improve as more African countries participate in international assessments, including the OECD/INFE International Survey of Adult Financial Literacy, Inclusion and Well-being.
Although cross-country evidence on financial literacy in Africa is still developing, existing research consistently highlights the importance of financial literacy for individuals' engagement with formal financial services and investment products. A large household-finance literature documents a robust positive association between financial literacy and participation in capital markets. For example, a study finds that individuals with higher financial literacy are significantly more likely to hold stocks (van Rooij, Lusardi and Alessie, 2011[25]). Subsequent research confirms this positive relationship between financial literacy and participation in capital markets in several African countries such as Zambia (Hangoba and Marvin, 2025[26]), Ghana (Blay et al., 2024[27]), Tanzania (Epaphra and Kiwia, 2021[28]) and South Africa (Nyakurukwa and Seetharam, 2022[29]).
Financial consumer protection is also a core pillar of inclusive and resilient financial systems, alongside financial literacy and financial inclusion (G20/OECD, 2022[4]). Effective consumer protection measures, including transparent disclosure, fair treatment, suitability requirements and accessible redress mechanisms, help investors make informed decisions, reduce misconduct of financial providers and ultimately strengthen trust in capital markets. Greater investor confidence can, in turn, encourage broader participation in capital markets, supporting household wealth accumulation and improving the efficient allocation of financial resources in the economy.
7.2.4. Main challenges to increasing retail participation in capital markets in Africa
The 28 African institutions that responded to the survey identified several challenges that currently constrain retail participation in capital markets. Among the challenges highlighted, demand side barriers were identified by 17 responding institutions. These barriers are closely linked to low levels of financial literacy and digital skills, limited understanding of capital market concepts, investment products and risk-return trade-offs, and unequal access to financial information and education. These challenges are particularly pronounced among rural and vulnerable populations, where language barriers can further limit engagement with capital markets. As a result, many individuals continue to rely on traditional savings channels, such as bank deposits, real estate or informal savings mechanisms, and may perceive capital markets as complex, risky or accessible only to wealthier groups. Other demand side barriers exist, such as low pension scheme coverage, but are not addressed in detail in this chapter.
In addition, responding institutions highlighted exogenous economic, technological and social barriers including persistent poverty, low or irregular incomes, high levels of unemployment, particularly among young people, regional inequalities in access to financial services and educational resources, which tend to be concentrated in urban areas, and the large size of the informal economy, all of which can reduce households' capacity and incentives to invest through formal capital markets. At the same time, the rapid digitalisation of financial services and the increasing complexity of investment products have created new challenges for investor education. While digital channels provide opportunities to expand access to investment products and services, gaps in digital skills and connectivity may exacerbate existing inequalities. Growing exposure to online scams and frauds, social media-based investment information and potentially misleading financial advice adds to the challenges associated with investor education. Recognising these barriers, the remainder of this chapter focuses on an analysis of financial education policies and programmes and policy recommendations to strengthen financial literacy relating to investing and capital market participation.
To strengthen financial literacy across the population, many countries and economies around the world, including in Africa, have adopted national strategies for financial literacy (OECD, 2026[30]). National strategies play a central role in mobilising political commitment, co-ordinating stakeholders, identifying priority target groups, and promoting a coherent and efficient approach to the design, implementation and evaluation of financial literacy initiatives. They also provide a flexible framework for responding to emerging challenges, including digital financial services, artificial intelligence, increasingly complex investment products and more sophisticated financial scams, ensuring that financial literacy programmes and initiatives remain relevant, effective and responsive to evolving consumer needs (OECD, 2026[30]).
As national strategies are generally implemented at national or regional level, the analysis in this section refers to 20 jurisdictions.
As of 2026, 12 jurisdictions3 in Africa were implementing a national strategy for financial literacy and 5 were planning or developing one. Around half of (planned) national strategies are stand-alone and focused on financial literacy (9 out of 17) and half (8) are part of another initiative (i.e. financial inclusion) (Figure 7.1).
Note: Number of jurisdictions=20.
Three jurisdictions indicated neither planning, developing nor implementing a national strategy for financial literacy.
Source: OECD stocktaking survey among OECD/INFE Africa Network members, April-May 2026 and OECD/INFE stocktaking survey on the implementation of the OECD Recommendation on Financial Literacy, February 2025.
7.3.1. Key features of national financial literacy strategies
The OECD Recommendation defines national strategies for financial literacy as “co-ordinated, evidence-based policy frameworks that recognise financial literacy as a national priority, align it with broader policy objectives such as financial consumer protection and financial inclusion, and establish governance, implementation, monitoring and evaluation arrangements to ensure effective delivery of financial literacy programmes and initiatives”. This sub-section reports on these key features as reported by jurisdictions in Africa.
Governance arrangements differ across jurisdictions, although all 17 responding jurisdictions that reported planning, developing or implementing a national financial literacy strategy indicated having a designated body responsible for leading the strategy and co-ordinating its implementation. Approximately half of the jurisdictions (9 out of 17) have designated a single lead authority, typically a central bank or ministry. The remaining jurisdictions (8 out of 17) rely on collective governance arrangements. Of these, five have established a co-ordinating body composed exclusively of public institutions, such as central banks, ministries, financial regulators and supervisors, while three have adopted a broader governance model that also includes private-sector and/or not-for-profit organisations.
All jurisdictions indicated the involvement from private and not-for-profit sector stakeholders in the development and implementation of national strategies. Financial services industry stakeholders are commonly involved in the development and implementation of national strategies, particularly banks and credit unions, insurance companies and financial industry associations (Figure 7.2). Their involvement can strengthen financial education through financial and in-kind resources, specialised expertise, effective communication channels and support in key financial decision points. Outside of the financial services industry, media organisations, non-governmental organisations (NGOs), academics and consumer representative bodies are also involved in some jurisdictions. Notably, 11 out of 17 jurisdictions reported having arrangements or mechanisms in place such as codes of conduct governing the participation of private and/or not-for-profit stakeholders in the implementation of national strategies. Such arrangements or mechanisms are considered crucial to ensure the consistency and quality of financial education messages, neutrality and objectivity, and the clear distinction between financial education and commercial communication.
Note: Number of jurisdictions that are planning, developing or implementing a national strategy for financial literacy=17. Several responses were possible.
Source: OECD stocktaking survey among OECD/INFE Africa Network members, April-May 2026 and OECD/INFE stocktaking survey on the implementation of the OECD Recommendation on Financial Literacy, February 2025.
A wide range of sources of evidence and analysis are used to inform the development of national strategies, including the collection of quantitative and qualitative evidence on financial literacy (14 out of 17 jurisdictions that are planning, developing or implementing a national strategy for financial literacy), review of national and international good practices (14 out of 17), mapping of existing financial literacy programmes (14), stakeholder consultations (13), financial market analysis (10) and consumer complaints data (8) (Figure 7.3). However, measuring financial literacy levels through dedicated international surveys remains rare; only one African jurisdiction (i.e. South Africa) has participated in the OECD/INFE International Survey of Adult Financial Literacy, Inclusion and Well-being since its inception.
Note: Number of jurisdictions that are planning, developing or implementing a national strategy for financial literacy=17. Several responses were possible.
Source: OECD stocktaking survey among OECD/INFE Africa Network members, April-May 2026 and OECD/INFE stocktaking survey on the implementation of the OECD Recommendation on Financial Literacy, February 2025.
Regarding implementation arrangements, monitoring and evaluation, in around 65% of jurisdictions that are planning, developing or implementing a national strategy for financial literacy, the strategy includes, or is accompanied by, an implementation roadmap or action plan with defined measures. In addition, 53% of jurisdictions reported monitoring the implementation of their national strategy, while 41% reported conducting evaluations of their national strategies. Dedicated online platforms to support the implementation of national financial literacy strategies remain relatively uncommon. Only three responding jurisdictions reported having a one-stop financial literacy website or central information repository, while six indicated that they plan to develop one.
National strategies cover a wide range of topics. Between 60% and 79% of jurisdictions that are planning, developing or implementing a national strategy for financial literacy cover key topics, including budgeting and short-term money management (79%), financial scams and frauds (79%), insurance and risk management (72%), savings (68%), investments and participation in capital markets (68%), planning and saving for retirement and pensions (68%), credit and avoidance of over-indebtedness (68%), and access to and use of digital financial products and services (68%). Remittances, despite their importance in many jurisdictions, remain among the least frequently covered topics (32%).
7.3.2. Key challenges and areas for further development on national strategies for financial literacy
Despite the significant progress made in developing national strategies for financial literacy across Africa, several common challenges remain. Limited financial and human resources continue to constrain the implementation, outreach and sustainability of national strategies, while gaps in monitoring and evaluation highlight the need for stronger evidence to assess effectiveness and inform future policy design. Although governance arrangements are generally well established, maintaining effective co-ordination among the wide range of public, private and not-for-profit stakeholders involved remains an ongoing challenge. There is also scope to strengthen the evidence base underpinning national strategies, particularly through more systematic measurement of investment-related financial literacy levels. For example, only one African jurisdiction has participated in the OECD/INFE International Survey of Adult Financial Literacy, Inclusion and Well-being. Finally, digital tools supporting the implementation of national strategies could also be further strengthened, as dedicated one-stop financial literacy websites or central information repositories remain relatively uncommon.
While national strategies for financial literacy provide the framework for implementing financial literacy programmes and initiatives, institutions also deliver programmes outside the scope of such strategies. This section provides an overview of financial literacy programmes and initiatives implemented across the responding institutions. Where available, it highlights evidence on investment-related financial literacy programmes and initiatives. In contrast with the previous subsection, the analysis is presented at the institutional rather than jurisdictional level.
7.4.1. Main target groups
Financial literacy programmes and initiatives in Africa target a broad range of population groups. Children and young people, women and the general population are the groups most frequently prioritised by responding institutions, followed by working-age adults and micro- and small-business owners or self-employed people.
Investment-related financial literacy programmes and initiatives tend to be more targeted (Figure 7.4). Although many are open to the general population (15 programmes and initiatives), they place greater emphasis on working-age adults and employees (16), children and young people (14), retail and individual investors (14), and students (13). Several also target groups that may face barriers to investment participation or long-term financial resilience including women (11), older adults (10), people living in rural areas (8), low-income populations (7) and individuals with lower levels of education (6). Only a couple of institutions reported providing investment-related financial literacy programmes and initiatives to specific occupational groups such as farmers, artisans or informal workers.
Note: Number of institutions=28. Several responses were possible.
Source: OECD stocktaking survey among OECD/INFE Africa Network members, April-May 2026
7.4.2. Financial literacy programmes and initiatives targeting children and youth
Almost all responding institutions (26 out of 28) indicated that they implement financial literacy programmes and initiatives targeting school-age children and young people (i.e. people aged about 5-18, depending on national definitions).
Among responding institutions, 13 (out of 28) reported that financial education is provided to school-age children and young people in school as part of curricular teaching and learning (i.e. in school classes taught by schoolteachers). Twelve institutions indicated that financial education is delivered via extracurricular school-based activities, such as awareness sessions, competitions and guest lectures. Eleven institutions indicated that they implement out-of-school initiatives, complementing school-based provision through activities delivered in communities or by external stakeholders.
The institutionalisation of financial education in schools remains limited across responding institutions with half of the responding institutions reporting no policy or framework to define learning objectives. Only 6 out of 28 institutions reported the existence of a dedicated financial literacy school curriculum, while 4 reported having developed learning standards or objectives and four reported having a financial literacy competency framework for children and young people.
7.4.3. Main topics covered
Financial literacy programmes and initiatives in Africa primarily focus on core financial literacy topics including budgeting, saving, credit management, digital financial services, insurance, retirement planning and protection against financial scams and frauds. Alongside these core topics, three-quarters of responding institutions (21 out of 28) reported implementing financial literacy programmes and initiatives covering investment-related issues, whether as part of a national strategy or independently of one.
Investment-related financial literacy programmes and initiatives emphasise a range of different areas between jurisdictions (Figure 7.5). The two most common areas are combatting investment scams and frauds, and the basics of investing. Twenty-one institutions reported providing investor education on recognising the common features of investment scams and frauds and helping consumers to avoid becoming victims. Typical activities include guidance on identifying fraudulent investment schemes and investor alerts on scams, unlicensed entities and illegal investment practices. Nineteen institutions reported providing educational materials that cover core investment concepts, including risk and return, diversification, investment objectives, investment horizons and capital market terminology.
Note: Number of institutions=28. Several responses were possible.
Source: OECD stocktaking survey among OECD/INFE Africa Network members, April-May 2026
7.4.4. Main types of financial literacy programmes and initiatives
Financial literacy programmes and initiatives in Africa are delivered through a variety of channels. Face-to-face activities, including workshops, seminars and community events, are the most widely used (mentioned by 91% of responding institutions), followed by traditional mass media (86%), printed materials (82%) and social media (77%).
Within this landscape, investment-related financial literacy programmes generally pursue one of two objectives: to increase knowledge and awareness of investment products and their risks, or to strengthen the skills, behaviours and attitudes needed to make informed investment decisions. The most common types of investment-related financial literacy programmes and initiatives are those aimed at raising knowledge by providing information to the public through ad hoc or regular communication campaigns, such as Global Money Week or World Investor Week (23 responding institutions out of 28), and through the ongoing provision of information (22 responding institutions) (Figure 7.6).
Note: Number of institutions=28. Several responses were possible.
Source: OECD stocktaking survey among OECD/INFE Africa Network members, April-May 2026.
7.4.5. Funding of financial literacy programmes and initiatives
Financial literacy programmes and initiatives are most commonly funded either by the co-ordinating body of the national strategy (for 40% of responding institutions) or by a range of stakeholders, including public, private, and not-for-profit sector (40%). Limited funding, human capacity and outreach resources remain important constraints to greater impact as reported by responding institutions.
7.4.6. Impact assessment of financial literacy programmes and initiatives
Less than 40% of responding institutions (11 out of 28) reported assessing the impact and effectiveness of their financial literacy programmes. Of these, three reported assessing all their financial literacy programmes, three reported assessing most of their programmes, and five reported assessing only a subset of their programmes.
7.4.7. Examples of investment-related financial literacy programmes and initiatives aiming at improving knowledge and awareness about investing
Communication and awareness campaigns
Across Africa, awareness campaigns are the most common approach used to improve the financial literacy and awareness of retail investors; 23 responding institutions out of 28 reported doing so (see Figure 7.6). Many institutions indicated that they participate in international initiatives. Forty African countries participated in the latest edition of Global Money Week, an annual OECD-led awareness campaign aimed at improving financial literacy worldwide (OECD, 2026[20]). Responding institutions also reported participating in the World Investor Week (IOSCO, 2026[31]), a global investor education and protection campaign co-ordinated by the International Organization of Securities Commissions (IOSCO), or World Saving Day (WSBI, 2026[32]).
Responding institutions indicated using these campaigns to deliver a wide range of activities related to promoting investment, including school competitions, investor clinics and public awareness events. For example, the Securities and Exchange Commission of Nigeria and the Capital Markets Authority of Uganda both held "Ring the Bell for Financial Literacy" events (CMA, 2025[33]), and the Securities and Exchange Commission of Zimbabwe organised high school-based quizzes on capital markets (SECZIM, 2022[34]).
Several responding institutions also reported initiatives aimed at raising awareness of investor rights and protection measures, including campaigns on recent regulatory reforms (Egypt's Financial Regulatory Authority), consumer/investor alerts on scams and unlicensed entities or illegal investment practices (e.g. in Botswana, Mauritius, Nigeria, South Africa, Zambia), or the recovery of unclaimed dividends (Nigeria's Securities and Exchange Commission).
Other channels used to provide information
Twenty-two responding institutions (out of 28) reported providing information about investment-related issues through a wide range of outreach activities such as conferences, lectures, webinars, courses, seminars or workshops to strengthen investment-related financial literacy. These included, for example, investor workshops and clinics on portfolio diversification and investment planning organised by the Securities and Exchange Commission of Nigeria; dedicated online courses on investment delivered by the National Social Security Fund (NSSF) in Uganda (NSSF, 2026[35]); webinars and workshops on investment instruments, products and risks organised by the Capital Market Authority of Rwanda or the Financial Sector Conduct Authority (FSCA) of South Africa; and monthly virtual town halls and webinars aimed at demystifying capital markets organised by the Securities and Exchange Commission of Zambia.
Furthermore, several responding institutions have established dedicated investor education webpages providing free, self-directed educational resources. Unlike the one-stop online platforms that support the implementation of national financial literacy strategies by bringing together resources from multiple stakeholders, these webpages are typically managed by individual institutions and focus specifically on investor education. Although the breadth of information provided varies, these portals typically offer investor guides, educational publications and frequently asked questions covering investment products, capital markets and investor protection. Examples include the investor handbooks and investment protection guides developed by the Autorité Marocaine du Marché des Capitaux of Morocco (AMMC, 2020[36]) under the co-ordination of the Fondation Marocaine pour l’Education Financière,4 the investor guide (beginner, intermediate and advanced) developed by South Africa’s FSCA (FSCA, 2023[37]), investor education materials made available by the Conseil du Marché Financier of Tunisia (CMF, 2026[38]) or the Capital Markets Authority of Uganda (CMA, 2026[39]).
7.4.8. Examples of investment-related financial literacy programmes and initiatives aiming at improving skills, behaviours and attitudes
Games and competitions
Sixteen (out of 28) responding institutions indicated using games and competitions to develop practical investment skills and behaviours. Games and competitions are primarily used to engage children and young people while encouraging active learning. Examples include Algeria's Commission d'Organisation et de Surveillance des Opérations de Bourse FinTalk video competition (COSOB, 2025[40]), Rwanda's Capital Market Authority annual Capital Market University Challenge (CMA, 2026[41]), South Africa’s Financial Sector Conduct Authority Financial Literacy Speech Competition (FSCA, 2026[42]), and Tanzania's Capital Markets and Securities Authority Capital Markets Universities and Higher Learning Institutions Challenge (CMSA, 2025[43]) and educational games such as Ubongo Kids (UBONGO, 2026[44]). At the regional level, the Commission de Surveillance du Marché Financier de l'Afrique Centrale organises the Financial Market Olympiads across the Communauté Économique et Monétaire de l’Afrique Centrale (CEMAC) member states on an annual basis.
Training, including training of trainers
Thirteen (out of 28) responding institutions indicated delivering training on investment-related financial literacy. For example, Angola's Capital Markets Commission combined digital and face-to-face investor education through learning initiatives such as Cresce Investindo (CMC, 2026[45]; CMC, 2026[46]). Zambia's Capital Markets Ambassador Programme (SEC, 2026[47]) trained university students and market professionals to deliver peer-to-peer investor education. In South Africa, the FSCA developed the MyMoney Learning Series (FSCA, 2026[48]), a facilitated training programme on understanding investments.
Beyond the institutions covered in this chapter, stock exchanges also play an important role through initiatives such as virtual trading platforms, investor workshops and training programmes.
Several institutions indicated implementing training of trainers programmes to equip teachers, community educators and other intermediaries to deliver investor education. For example, the Fondation Marocaine pour l ’Education Financière (FMEF) implements training of trainers programmes for teachers and partner organisations covering, among other topics, competencies related to saving and investment. The FMEF also provides specific training on capital markets and stock market investment, including for education-sector stakeholders (FMEF, 2026[49]). In Uganda, the NSSF and the Central Bank of Uganda jointly conducted quarterly face-to-face regional training of trainers programmes to equip local community leaders and partners with the knowledge and skills needed to champion financial literacy initiatives within their communities. Several institutions in Nigeria, Rwanda and South Africa have also introduced certification or continuing professional development programmes for financial sector professionals.
Interactive tools
Seven (out of 28) responding institutions indicated providing interactive tools to deliver financial education on investment-related matters. These tools help strengthen investors' confidence and practical understanding before participating in financial markets. Such tools include investment simulators and virtual trading tools, allowing individuals to apply investment concepts in practical settings. For example, Morocco's AMMC investor education portal includes investment simulators (AMMC, 2026[50]). Stock exchanges and other market operators have also developed innovative tools to promote investment literacy. In Mauritius, the Stock Exchange offers a virtual trading game (SEM, 2026[51]) alongside online courses covering portfolio management, risk tolerance and trading processes.
7.4.9. Key challenges and areas for further development on financial literacy programmes and initiatives
The findings presented in this section highlight several areas where financial literacy programmes and initiatives could be further developed. Integrating financial education into school curricula, for example, would help equip children and young people with the knowledge, skills and confidence needed to make informed financial decisions from an early age.
While awareness campaigns and information provision are already widespread, these approaches could be complemented by more structured and interactive programmes designed to strengthen financial knowledge, skills, behaviours and attitudes. Games, edutainment and other experiential learning approaches could provide more engaging ways of supporting financial learning across different audiences.
The use of digital delivery channels could also be expanded to increase the accessibility, engagement and scalability of financial education. In particular, co-ordinated national online portals could provide a central point of access to information and programmes, while also strengthening stakeholder co-ordination and reducing fragmentation of financial literacy programmes and initiatives.
Strengthening the monitoring and evaluation of financial literacy programmes and initiatives would further support these efforts by helping identify effective approaches, inform evidence-based policymaking and improve the allocation of limited resources. At the same time, the capacity of public institutions to expand, sustain and evaluate such programmes remains constrained by limited funding, alongside shortages of staff capacity and outreach resources.
Based on the findings of this chapter, the following policy recommendations are suggested to responsible policymakers and/or public institutions with the aim of strengthening financial literacy related to investing and capital market participation. They are presented in descending order, from actions to strengthen the national enabling environment (e.g. national strategies) to actions to enhance the design and delivery of financial literacy programmes and initiatives.
Responsible policymakers and public institutions could adopt national strategies for financial literacy, in line with the OECD Recommendation on Financial Literacy, that recognise investment and participation in capital markets as policy objectives, helping to ensure that these areas receive sustained policy attention and are integrated into broader financial literacy as well as financial inclusion efforts.
To support implementation and improve access to existing initiatives, relevant public institutions could consider developing websites that support national strategies for financial literacy and act as a one-stop shop or central repository for financial literacy programmes, educational resources and information on available services at national level.
A robust evidence base can help identify gaps, target interventions and monitor progress over time and would further support the development and targeting of financial literacy programmes and initiatives. Quantitative evidence on financial literacy related to investing could therefore be collected by relevant public institutions, where possible, through periodic and co-ordinated international surveys such as the OECD/INFE International Survey of Adult Financial Literacy, Inclusion and Well-being and PISA.
Responsible policymakers and public institutions could recognise retail investors and potential retail investors as a priority target group within national financial literacy strategies. They could also develop targeted programmes to strengthen understanding of key investment concepts, investment products, risk and return, diversification, investor rights and responsibilities, and the benefits of long-term saving and investing.
Investment-related financial literacy could be promoted from an early age by integrating investment-related topics into school curricula and developing appropriate educational materials. This could include foundational concepts such as saving, compound interest, the time value of money, risk and return, and informed financial decision-making as well as the introduction of age-appropriate concepts related to investing.
To support the development of effective programmes, responsible policymakers and public institutions could also consider adopting financial competence frameworks to guide the design, implementation and evaluation of financial literacy programmes and initiatives. Existing international frameworks can provide a useful starting point and may be adapted to specific target groups, including adults (European Union/OECD, 2022[52]), children and youth (European Union/OECD, 2023[53]), investors (OECD, 2019[6]) and MSMEs (OECD, 2018[54]), or focus on specific topics such as digital financial literacy (OECD, 2026[55]).
The reach and scalability of programmes and initiatives could be expanded through greater use of digital technologies and innovative delivery channels, including Artificial Intelligence tools, while ensuring accessibility for underserved populations and addressing digital literacy gaps. This could be accompanied by measures to strengthen digital financial literacy, so that individuals have the knowledge, skills and behaviours needed to use such technologies and digital financial services in an informed and safe way.
Finally, public institutions could strengthen monitoring and evaluation of national strategies and financial literacy programmes and initiatives. Such monitoring and evaluation can support evidence-based policymaking and improve the effectiveness and efficiency of financial literacy programmes and initiatives.
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A total of 28 African public institutions with a mandate for, or an official interest in, financial literacy and related topics, such as financial consumer protection and financial inclusion, responded to the stocktaking survey, including 26 national institutions representing 19 countries and two regional institutions whose mandates cover six countries of the Economic and Monetary Community of Central Africa (“CEMAC”). For comparability purposes and to acknowledge that individual countries within the CEMAC region also implement financial literacy policies at national level alongside regional initiatives, this chapter refers to jurisdictions instead of countries when it comes to presenting national strategies for financial literacy. Therefore, this chapter covers 28 public institutions (hereafter “responding institutions”), representing 20 jurisdictions. The list of participating institutions and jurisdictions is provided in Annex Table 7.A.1.
Note: (*) Information on Egypt and Libya is based on responses to the OECD/INFE Stocktaking Survey on the Implementation of the OECD Recommendation on Financial Literacy, February 2025.
← 1. The OECD International Network on Financial Education (OECD/INFE) is the global leader in developing high-quality research, analysis and policy guidance on financial literacy and financial education. Established in 2008, INFE promotes and facilitates international co-operation among policy makers, public authorities and other stakeholders on financial education and related topics. The membership of INFE comprises close to 300 public institutions from over 130 countries, at all stages of economic development. Members include central banks, financial regulators, consumer agencies, ministries of finance and ministries of education. The work of the INFE is valued and recognised internationally, including by the G20, the European Union, APEC and ASEAN. INFE oversees the OECD Recommendation on Financial Literacy, the international standard to assist governments and relevant stakeholders in designing, implementing and evaluating financial literacy policies
← 2. The OECD Recommendation has been adopted by the OECD Council in 2020 and welcomed by the G20 Finance Ministers and Central Bank Governors in July 2021 under the Italian G20 Presidency. The OECD Recommendation is included in the Financial Stability Board Compendium of Standards.
← 3. The number of national strategies reported in this chapter is based on the report on the implementation of the OECD Recommendation on Financial Literacy (OECD, 2026 forthcoming[56]) and may not be exhaustive.
← 4. The Moroccan approach is built around the Fondation Marocaine pour l’Education Financière (FMEF) as a national co-ordination platform. The Autorité Marocaine du Marché des Capitaux (AMMC) and the Casablanca Stock Exchange are among the founding members of the FMEF and contribute, within their respective roles and areas of expertise, to financial education for savers and investors. Financial education of savers and investors is part of the AMMC’s mandate, while the Casablanca Stock Exchange actively contributes to the development and delivery of programmes aimed at strengthening knowledge and competencies related to stock market investment. The FMEF and its partners therefore work within a shared national vision, while implementing joint and complementary programmes depending on target populations and contexts. Within this framework, the FMEF implements training of trainers programmes based on financial education modules covering, among other areas, competencies related to saving and investment. It also conducts specific training on capital markets and stock market investment, including for education-sector stakeholders. These initiatives complement the investor education programmes and tools developed by the AMMC and the financial education initiatives implemented by the Casablanca Stock Exchange.