…the story behind the Centre for Financial Literacy Education (CFLE Africa)
Sometimes the life lessons shared by people, especially the elderly, might be the perfect starting point of a positive life for another. And that is exactly what happened in the situation of Peter Kwadwo Asare Nyarko, co-founder of the Centre for Financial Literacy Education (CFLE Africa), who shares his story with the B&FT Inspiring Start-ups.
Background
Peter was born and raised in a small farming community called New Edubiase, a suburb of the famous golden city of Obuasi in the Ashanti Region, Ghana.
Currently, Peter is a financial literacy advocate and educator; an author; a certified personal finance and business coach; an entrepreneur; and a public speaker.
A graduate of the University of Professional Studies Accra (UPSA), he can be described as someone who is “on a mission to empower and educate his generation, with a focus on financial management, business development and investments”. A mission he is confident will help many to build and achieve financial success, happiness and fulfilling lives.
But what informed this path he is on?
The birth of CFLE Africa
Peter recounted that a conversation his grandfather had with him at an early age was what motivated his exploits in the financial landscape.
His grandfather shared a story of how his financial actions and inactions had a huge impact on his life after retirement. Peter’s late grandfather, who was popularly called ‘Pensioner’, made a lot of money; but because he could not build a strong financial foundation due to inadequate financial planning, he struggled after retiring.
This, according to Peter, has impacted his financial decisions, and now his financial literacy organisation. In view of this, Peter and other like-minded colleagues visited marketplaces, churches and schools to raise awareness on the importance of sound financial decisions.
CFLE Africa
In 2018 he took the bold step to establish the Centre for Financial Literacy Education (CFLE Africa) together with two colleagues, Barbara Ama Aboagye and Philip Oduro Annor.
CFLE Africa is a not-for-profit social organisation that develops and promotes financial literacy skills.
CFLE Africa is empowering, educating and teaching Africans, especially young people, to make wiser and more informed financially-sound decisions, and save and plan for the future.
How education and experience has helped
Peter, who enjoys volunteering with local and international organisations, has noticed that lessons learned and the skillsets he has acquired have helped him develop and broaden his projects. He highlighted that the value he places on collaboration, diversity and teamwork is a result of his experiences.
Challenges and motivation
Funding has been a challenge for many start-ups, and CFLE Africa is no exception. Peter told the B&FT that: “Our number-one challenge is funding. We are struggling to get enough funds to advance our projects and initiatives. However, our quest to make a significant impact in the lives of others is the driving force. I believe my legacy will not be the amount of money I have in my bank account or the material possessions I have accumulated, but the number of people I was able to touch and impact”.
Social Entrepreneur of the Year
Winning the Social Entrepreneur of the Year award at the 2022 Ghana Startup Awards, Peter said it is a recognition of his outfit’s effort and hopes to attain higher heights in the financial space as they continue to positively impact society.
“It was a huge motivation and a pat on the shoulder. It makes us realise the stakeholders have seen our efforts and appreciate our mission,” he said.
Vision
The goal of CFLE Africa is to contribute in the development of a financially literate continent. Over the next five years, it intends to raise awareness on the essential principles of smart money management among the majority of Ghana’s population.
How should government assist start-ups?
Peter believes that government creating an enabling environment for startups will help propel their growth.
“Government should collaborate with startups and help them stand firm. Tax incentives, grants, and opportunities should be created for young entrepreneurs and startups to thrive,” he said.
Advice to other entrepreneurs
“My advice to any young person is that we must dare to dream; but most importantly, we must dare to do. The difference between change-makers or successful people, people who achieve their goals in life and every other person is action. They dream, plan, and work their plan to achieve their dream.
“Putting my financial literacy advocacy hat on, I want to say: “The best financial or money advice is to educate yourself financially. An investment in knowledge pays the best interest. Be great!” he advised.
Contact details
Whatsapp/Call: +233 (0)278 553 887
Email: [email protected]
Linkedin: https://linkedin.com/in/mrasarenyarko
