MOU signed between IEPFA and ACCA to empower financial literacy across India
Investor Education and Protection Fund Authority and Association of Chartered Certified Accountants agree to collaborate on a range of educational initiatives, with a particular emphasis on the ACCA’s Financial Literacy Programme "Financial Education for You" (FEFY)
The partnership will contribute to the development of a generation of
financially secure people by providing them with the skills they need to make
prudent financial decisions
The Investor
Education and Protection Fund Authority (IEPFA), under the aegis of the
Ministry of Corporate Affairs, Government of India, has signed a transformative
Memorandum of Understanding (MOU) with the Association of Chartered Certified
Accountants (ACCA) to advance financial literacy, investor education, and
investor protection. The MOU, executed in New Delhi, marks a significant
milestone in the shared commitment to enhance financial education across the
nation, both in urban and rural sectors, ensuring a secure financial future for
generations to come.
Anita Shah Akella, CEO of IEPFA and Joint Secretary,
Ministry of Corporate Affairs, and Helen
Brand OBE, Chief Executive of ACCA, officiated the signing, which was
a major step in the organisations' efforts to increase financial literacy among
Indian schoolchildren. This significant accomplishment highlights the two
organizations' common goal of educating young people about fundamental
financial concepts and fostering a society that is financially robust.
Under the terms of the
MOU, both parties have agreed to collaborate on a range of educational
initiatives, with a particular emphasis on the ACCA’s Financial Literacy
Programme, known as "Financial Education for You" (FEFY). The FEFY
program, a four-year course targeting schoolchildren in grades 6 through 9, aims
to foster sound financial decision-making among young minds, thus laying a
strong foundation for a future generation of informed investors.
Through this four-year
partnership, IEPFA will facilitate the introduction of FEFY in select schools,
spanning both urban and rural regions. ACCA will generously provide the
program’s digital content free of cost, ensuring that financial literacy is
accessible to a wide range of educational institutions. Additionally, ACCA
members will offer professional training to school educators, empowering them
to effectively deliver this vital curriculum to students.
The pilot phase of
FEFY will kick off in select schools, with ACCA providing digital content and
resources to these institutions. The program is designed to be highly
interactive, utilizing experiential learning to drive behavioral change in
financial decision-making among students. Schools will be equipped to host the
program provided they meet the digital requirements and allocate time for
teacher training and student engagement.
In addition to
the FEFY program, the partnership will see ACCA organizing seminars, workshops,
and roundtables on topics related to financial education, investor protection,
and capital market development. These activities, funded by ACCA, will further
deepen the collaboration between IEPFA and ACCA, facilitating a broader reach
for investor education initiatives.
Anita
Shah Akella, Joint Secretary, Ministry of Corporate Affairs and CEO of IEPFA, stated: "We are
happy to collaborate with ACCA to promote financial awareness among students
throughout India. Our goal is to equip future generations with the information
and abilities necessary to make wise financial decisions, and our partnership
supports that goal. Our goal in incorporating financial education into schools
is to foster a financial literacy culture that will help build a more robust
economy and responsible investors.
Helen Brand OBE, Chief Executive, ACCA, emphasised
the importance of this collaboration by saying, "Financial literacy is
about giving the next generation the tools they need to take charge of their
financial destinies, not merely about knowing how much money is in circulation.
Our partnership with IEPFA is intended to provide students throughout India
with this vital information. By giving them the tools to make wise choices,
this collaboration will create a generation that is prepared for the challenges
that lie ahead and has financial stability."
Both IEPFA and ACCA
are committed to maintaining confidentiality regarding any proprietary or
sensitive information shared during the course of their collaboration.
Transparency will be the cornerstone of this partnership, ensuring that the
objectives of both parties are met with mutual respect and integrity.