FNB launches Fincents, a new platform for financial literacy

FNB has introduced Fincents, a financial literacy platform designed to improve knowledge about money management, debt, and other key financial topics among South Africans. Available at www.fincents.co.za, the platform offers free access to various learning materials, including articles, videos, and interactive modules.

 The bank says registration is open to all South Africans, regardless of their banking institution, and users can download content for offline learning.

 Lytania Johnson, CEO of FNB’s personal segment, says financial literacy remains a significant challenge in the country. "According to the FSCA Financial Literacy Baseline Survey, 48% of South African adults struggle with basic financial literacy. And, with women and underserved communities bearing the brunt of this knowledge gap, we view it as critical for us to open up our capabilities and expertise to empower South Africans from all walks of life with potentially life-changing financial knowledge."

FNB says the data suggests that many consumers find financial terminology complicated and experience anxiety when dealing with personal finance topics. Additionally, research indicates that financial information is not easily retained after a single interaction. To address these challenges, the Fincents platform offers simplified financial education content and interactive learning tools such as storytelling and quizzes.

Dhashni Naidoo, programme manager at FNB Consumer Education, says: "With this in mind, we have tailored the content and information available on the Fincents website to meet these requirements by offering users core financial education support. Our team tapped into its experience working in communities across the country and partnered with digital content experts to craft an interactive learning platform that allows users to learn through storytelling, quizzes, and contextual content."

 The platform covers a range of financial topics, including budgeting, saving, identifying financial scams, managing debt, and retirement planning. Johnson notes that the initiative aims to improve financial literacy while positively shaping perceptions about the importance of managing personal finances effectively.

FNB’s Consumer Education unit has long engaged in various outreach efforts, including community workshops, radio programmes, and social media content. It currently reaches over 70,000 South Africans annually through workshops conducted in multiple languages, reinforcing the bank’s commitment to accessible financial education, the bank says.

As part of its long-term strategy, FNB says it plans to expand the content available on Fincents, incorporating topics such as homeownership, vehicle finance, and cryptocurrency, while also developing specialised content tailored for educators and parents.

Johnson highlights the broader impact of financial literacy, saying: "It’s also critical for families, communities, and the broader economy. And, by opening the platform up to all South Africans, FNB hopes to be able to play a critical role in improving the quality of financial inclusion, increasing financial wellness and financial stability among vulnerable members of our communities, and empowering them to secure their financial futures."

PERSONAL FINANCE