Saving high schoolers

When I did graduate school at Georgia State, I also worked in the Office of Civic Engagement. During my time there I had the privilege of being an interim staff advisor to the Economic Empowerment Initiative (EEI), which was student led by my friend Terrance Rogers.

This group was fantastic. They trained students to be smart with their money: How to save and invest, wisely take out loans, and buy responsibly. Most students aren't learning these lessons elsewhere. They also have a Match Savings Program in partnership with Bank of America. If students continue membership in EEI, earn good grades, and save x amount of dollars, Bank of America will match their savings when they graduate (that's a loose description).

Rwanda doesn't have an EEI for students that I know of. What Rwanda does have is the Christ's Friends Anglican Student Association of Butare. These students go to high school for 3 months then break for 2 weeks. While they're off from school, they meet and save money. They are not exactly banking a lot of money being in high school, but the group puts together 100 RWF each and they have 40+ members, so the total every three months accumulates over 4,000 RWF ($7.27 USD). In total, though, they have now accumulated about 25,000 RWF ($45.45 USD).

Each student's individual share is still not very much money, but as a group they have mobilized $45 that they can make loans from. Where else can a high school student get a loan? Where else can a high school student save? More importantly, nowhere else are high schoolers learning how to save.

2 students have loans out right now. They take loans through their parents and repay them through their parents at 10%. They see their pastors saving, see their parents saving, and now these high schoolers are saving. They are practicing managing their money and making it grow. Where else is that happening among the very poor?

That's economic empowerment and a lot of initiative.