Qatar-based social initiative Silatech, that works to create jobs and expand economic opportunities for young people throughout the Arab world, has extended microfinance training to over 1,000 credit officers in Sudan.
The three-day ‘Financial Literacy Training of Trainers (TOT)’ course was incorporated by Silatech into the Sudan Academy for Banking and Financial Sciences (SABFS)’s four-month overall microfinance development programme.
It was held in the capital city of Khartoum initially for 20 instructors from SABFS, who, in turn, will deliver a four-month programme and integrate the 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 the training is the first in a series of engagements in Sudan to build the capacity of microfinance institutions and youth serving institutions to provide non-financial support to their clients and beneficiaries.
“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,” he added.
SABFS’s president Dr Awatif Yousif said the development of the microfinance sector in Sudan is central to the country’s overall economic development.
Through its partnerships with financial institutions, NGOs, businesses, and various youth-serving organisations, 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 $35mn of co-funding for its microenterprise programmes, making it the largest provider of youth-focused microenterprise services in the Middle East and North Africa.
Founded in 2008 by Qatar Foundation chairperson HH Sheikha Moza bint Nasser, Silatech finds innovative solutions to challenging problems, working with a wide spectrum of development organisations, governments and the private sector to foster sustainable, positive change for Arab youth.