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Acting CEO Speech-Handing Over Money Smart Materials
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27 July 2010

Speech by Acting Chief Executive Officer Mr. Nafitalai Cakacaka On the occasion of the handing over of financial literacy materials for Money Smart™ to the Ministry of Education

The
-  Director Curriculum Advisory Services, Nemani Drova;
- The Principal Education Officer (Secondary), Lusi Fotofili,
- Teachers, colleagues, members of the media ladies and gentlemen.
It has been over three years since the Ministry of Education and the Fiji Development Bank embarked on this journey to create
greater financial understanding amongst the budding population of our nation.

Since 2007, we have seen close to 50,000 third formers from 162 secondary schools in Fiji and one in Tuvalu who undertook the
programme. This year, a further 16,000 students stand to benefit from “Money Smart”

The desired outcome from students is the ability to grasp and display good financial management skills through budgeting and
savings. Students are taught the art of identifying, separating and prioritizing the needs and wants and decide what is applicable and
relevant to the short-term and the long-term goals.

Using the Student Workbook that they have been provided,Students are skilled to track their daily income and expenses and
use their spending trend to prepare a budget and savings plan.The ultimate measure of the effectiveness of this programme is the
zero variance that students attain from the written work that is assessed through moderation. A more practical indication of
success however, is of course the level of savings students accumulate at the end of 12 weeks and their ability to stay within
their weekly budget.

In 2007 and 2008, the reported average savings increased from $26.31 to $33.73 respectively per student, from 47 schools.
In 2009, 90 schools reported back (90% increase) with the average saving per student at $26.13 (similar to 2007 result). This is not an
indication of a decline in the average saving per student, but ratherimproved reporting with a larger spread of 9,335 students in 2009
compared to 5,544 in 2008 and 6,670 in 2007.

To encourage greater reporting for 2010, the awards system has been changed slightly to reflect a more realistic situation whereby
the schools are now assessed based on their actual geographical location as set out by the Ministry - this being Urban, Rural,
Remote and Very Remote as opposed to divisional administrative system used previously. Instead of a computer, the Bank has cash
prizes a cash prize be given to each of the winning schools. The awards for 2009 under the new criteria will be held in June.
I have been told that Money Smart™ has had a far wider impact then the students themselves. The teachers have also expressed
their gratitude to Money Smart™ for teaching them also how to budget and save for the short and long term.
We view Money Smart™ as an investment in the future because we know that a financially literate generation who are innovative,
enterprising and better at managing personal finances is the way forward out of poverty and improved livelihoods for all our
citizens.

The sponsorship through resource materials, operational costs for teacher training and awards for winning schools amongst other
things, has been provided by the Bank at a value of close to $180,000 for the last three years. We are in the process of
reviewing our financial support for the programme for the second half of 2010 and onwards.

The FDB through Money Smart, is in compliance with the Reserve Bank of Fiji’s intension to engage financial institution under its
Financial Inclusion programme through Financial Systems and Compliance Office that was announced in April last year. The office
established was to develop and monitor several critical areas including microfinance and financial literacy. Under this initiative,
the Bank is a member of the respective working groups that will take Financial Inclusion and Financial literacy forward for the
country.

This is the fourth year that Money Smart™ has been in place and I am pleased beyond all expectations to see that it will now expand
to the fourth form. To assist with the expansion, it is my great pleasure this morning to hand over to the Ministry of Education these money boxes,
student resource and workbooks, key tags as well as a computer to help the Commercial Studies section as the Ministry monitor and
evaluate Money Smart™ in schools.

I take this opportunity to also wish the teachers all the best for the writing workshop.

Thank you.
 

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