‘Scarcity Mindset Instead Of Abundance Mindset A Real Issue In Africa’: The Cameroonian Enabling Financial Literacy
A basic understanding of your financial health goes a long way in not only how you plan your economic wellbeing but also how healthy an economy is. These small micro financial decisions are so crucial that they are learned by most people by the age of seven, according to Rachel Moré-Oshodi, an investment professional turned entrepreneur, with her solution to teach children about financial literacy called RUWAH.
RUWAH, is a prepaid debit card and financial literacy platform on a mission to educate kids and teens in Africa about generational wealth. As a former investment banker, Moré-Oshodi defines wealth as not just money; wealth is about having a purpose and vision for your life and going for it. She learned the importance of wealth-building after a bitter personal experience – when she lost her father to cancer.
“Growing up, money was not spoken about. When my father died 23 years ago, there was no will that we could find and my mum and kids lost everything. We had a legal battle with some of [my dad’s] family members over assets and we are still in court today,” says Moré-Oshodi.
Originally from Cameroon, she has spent a significant amount of her life helping to raise investments for organizations such as the World Bank, Rand Merchant Bank and Total Energies. But even with that breadth of experience, it was not until 15 years ago that she truly understood the importance of having a firm grasp on financial literacy.
“I have been helping raise money for companies and I thought I knew finance but I didn’t know anything about personal finance. Then I realized I had an issue with money and I didn’t have a relationship with money. The money was just sitting in my bank and going from my paycheck to my bank and I didn’t realize that I had a fear of investing”.
Moré-Oshodi believed it was good and safe to leave the money depreciating in her bank account instead of making the money work for her.
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