In the space of three months, the Malagasy Mutual Savings and Credit Company (SMMEC) shows a strong attachment to young university students.
On December 13, 2022, SMMEC executives came at the Higher Institute of Technology (IST) of Antananarivo, to give a conference on financial education, with the aim of guiding the students of this center to better manage their income and expenses. In short, so that these young people from the Finance and Accounting, Marketing and Communication sectors clearly understand the notion of money management.
SMMEC, formerly OTIV TANA, is a network of microfinance institutions approved by the Banking and Financial Supervision Commission (CSBF) that has existed for around twenty years, with 16 branches and 200 points of sale throughout the island.
It has been chaired since February 2021 by the young Romuald Andriamarosolo Randriamalala. This partly explains the SMMEC’s penchant for young university students.
The financial education in question not being a financial service, but which the Director General has highlighted in the main activities of the network, in the same way as savings, credit and mutual health insurance. The research objective: to instill in young people and also in its members skills and knowledge to better manage their income.
Empower young people to become strong leaders
At IST, there was talk of training students on different modules, such as budgeting, savings, negotiation and debt management. “Instilling in young people the importance of and responsibility for spending limits is a way of shaping them to become strong, effective and courageous leaders in their lives.”says a senior executive of the SMMEC
During the year, the SMMEC has already conducted an integration and training workshop for financial education, in partnership with technicians from the Ministry of Economy and Finance, National Education and with the support from experts from the NGO Aflatoun International. This workshop is about promoting financial education from an early age so that students can be introduced to the benefits and limits of spending and respect for public goods.
On November 23, 2022, it was the turn of Mahefa Ratavao, Marketing and Development Director of SMMEC, to give a conference at ISCAM Business School, one of the most renowned business schools in the capital.
It has developed marketing and finance knowledge in students while relying on the correlation component between the two disciplines, in order to better guide them and above all to give them an angle of approach to the professional world.
In this initiative to give importance to young people, on November 11, 2022, Romuald Andriamarosolo, number one of the SMMEC was to sponsor the release of a promotion of students in Economics from the University of Antananarivo. This is the so-called promotion “Filamatra” (free translation: Excellence) of students in Master II in Economics, Option: Currency, Banking, Finance. During which, he punctuated his message with incentives, encouragement, blessings and motivations to his godchildren, so that “they are fully actors of their own future”
With this series of initiatives in favor of young people, SMMEC always aims to be the best microfinance institution in terms of quality of service and meeting the needs of its members.