Financial literacy training is Silatech's first project in Sudan.

Doha -31 December, 2012:  Over 1000 credit officers will benefit from the "Financial Literacy Training of Trainers (TOT)" course prepared by Silatech and offered to members of Sudan's banking sector in the country's capital, Khartoum.

Held earlier this month, the three day Financial Literacy TOT course was incorporated by Silatech, into the Sudan Academy for Banking and Financial Sciences (SABFS)'s four-month overall microfinance development program in the capital city of Khartoum for over 1,000 credit officers from throughout the country. The three-day course was initially offered to twenty instructors from SABFS. These newly trained instructors are delivering the overall four-month program and will integrate this financial literacy content into the overall course.

The financial literacy course offered participants an in-depth understanding of the principles of financial literacy, including budgeting, saving, financial negotiations, debt management, and bank (financial) services. It also helped develop attendees' core skills in listening, effective communication and contracting.

The course also highlighted the importance of improving financial literacy, particularly amongst youth in order to enable current and potential clients make more informed decisions about products and services offered by the Sudanese microfinance sector..

Silatech's Director of Microenterprise Justin Sykes said: "This training is the first in a series of engagements in which Silatech is planning in Sudan to build the capacity of microfinance institutions and youth serving institutions to provide non-financial support to their clients and beneficiaries. The imparting of financial literacy, particularly for youth, in essential in helping individuals to make informed decisions about financial services and the relevance of them for their life needs" ."

"We are delighted with the results our training workshops have produced in other countries within the region, and are very happy to be able to share the same knowledge among members of the banking and microfinance sector in Sudan. We also hope that our efforts will help support the larger strategy pursued by the government of Sudan to raise awareness of the microfinance sector and strengthen its efficiency," added Sykes.

Dr. Awatif Yousif, SABFS's President said "The development of the microfinance sector in Sudan is central to Sudan's overall economic development. Increasing financial inclusion alone is not the solution. Alongside efforts to increase the provision of financial products and services a parallel investment in financial literacy must be made so that microfinance clients have the knowledge to make best use of financing. That is why we believe that this financial literacy delivered with support from Silatech is very beneficial as it will provide a large number of credit officers across Sudan with the required skills to be passed on to their respective clients."

Through its partnerships with financial institutions, NGOs, businesses, and various youth-serving organizations, including educational institutions, Silatech now has microenterprise operations in 12 countries across the region. Through a strategy of extensive partnerships, seed financing and technical assistance, Silatech has been able to raise over $35 million of co-funding for its microenterprise programs, making it the largest provider of youth-focused microenterprise services in the Middle East and North Africa.

About Silatech
Silatech is a Qatar-based social initiative that works to create jobs and expand economic opportunities for young people throughout the Arab world. The organization promotes large-scale job creation, entrepreneurship, access to capital and markets, and the participation and engagement of young people in economic and social development. Founded in 2008 by Her Highness Sheikha Moza bint Nasser, Silatech finds innovative solutions to challenging problems, working with a wide spectrum of development organizations, governments and the private sector to foster sustainable, positive change for Arab youth. For more information, please visit: http://www.silatech.com

About SABFS
Sudan Academy for Banking and Financial Services (SABFS), offers extensive training programs and certificates in banking and financial services. Established in 1993, SABFS main mission is to train and develop the staff working in the Sudanese financial sector. The Academy cooperates with several universities, higher institutions in Sudan and outside of Sudan, as well as training centers and international organizations. For more information, please visit: http://www.sabfs.edu.sd/  

Media Contacts:
Tarek Kassar
Outreach and Communications Manager, Silatech
Tel: +974.4499.4827
Email: tkassar@silatech.com

© Press Release 2012