28/09/2024
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28/09/2024
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KUWAIT CITY, Sept 28: NBK participated in a seminar titled "Transformative Education Initiatives: Insights from the UK and Kuwait" held in London. The event, organized by NatCen Social Research, focused on evaluating Kuwait's financial literacy experience following the launch of the Bankee program two years ago.
The seminar brought together educators, policymakers, and researchers from Kuwait and the UK to explore educational innovation and the role of public-private partnerships in driving transformative educational interventions. Discussions centered on the evaluation of Bankee, a key social initiative by NBK in partnership with the Ministry of Education, Kuwait's Anti-Corruption Authority (Nazaha) and Creative Confidence. Since 2022, the program has been implemented in primary schools across Kuwait, and NBK was recently awarded the Bronze Award for Bankee in the ESG category at the Qorus Banking Innovation Awards.
In her keynote address, Manal Al Mattar, Assistant General Manager and Head of Corporate Communications at NBK, offered insights into the bank’s strategic investments in corporate social responsibility (CSR) projects, particularly in education, youth development and financial literacy. Al Mattar emphasized the importance of financial literacy as a cornerstone of Kuwait’s economic development strategy and highlighted Bankee's success as a model for the future.
Al Mattar added: " This initiative aligns with Kuwait's Vision 2035 and the UN's SDGs through strategic partnerships with the Ministry of Education, Nazaha, and our strategic partner Creative Confidence. NBK has successfully reached more than 15,000 students and 3,000 teachers, equipping the next generation with essential financial skills."
Al Mattar further noted, "Our goal is to build a financially aware society capable of supporting sustainable economic growth in Kuwait by adapting financial literacy into curricula and fostering public-private partnerships."
She expressed her pride in the positive impact Bankee has had on the young Kuwaitis. “By providing students with essential financial skills, we are laying the foundation for a more inclusive and sustainable financial future."
Al Mattar also reaffirmed NBK’s CSR strategy, particularly in financial education. “At NBK, we place education and financial literacy as key pillars of our social responsibility efforts. Our objective is to ensure that every young person in Kuwait is equipped with the tools needed to make informed financial decisions, contributing to the creation of a stronger society.”
She highlighted that NBK’s social responsibility initiatives are based on six pillars: youth and education, women empowerment, healthcare, employee well-being, community outreach, and environmental sustainability. Bankee stands as a prime example of how public-private partnerships (PPPs) can raise financial awareness and create long-lasting positive impacts on future generations.
Evaluation of the Bankee Program
Representatives from NatCen and Creative Confidence presented evaluation findings on the development, implementation, and outcomes of the Bankee program. The results showed a 10% improvement in students' behavior, enhanced decision-making in financial matters, improved spending patterns, and increased charitable actions, demonstrating the program’s significant impact on the educational landscape.
Sumaya Al Jasem, founder of Creative Confidence- NBK’s partner in the Bankee program-, expressed her satisfaction with NatCen's invitation to showcase Bankee to researchers and academics in the UK.
She proudly shared how the program has evolved into Kuwait's first comprehensive financial education experience for students starting at the age of six. "By empowering students to make their own financial decisions, we are helping them build financial skills in a safe and supportive environment."
Al Jasem emphasized the importance of showcasing Bankee as a successful model of public-private collaboration in education, designed to enhance financial literacy. She noted that the program’s success demonstrates the potential for strong public-private partnerships to deliver impactful and sustainable results.
Reviewing the program’s two-year journey, Al Jasem outlined how the pilot year (2022-2023) involved 11 schools, 900 teachers, and 4,000 students. In the first full year (2023-2024), the program expanded to 30 schools, 3,400 teachers, and nearly 16,000 students. Looking ahead to the second year (2024-2025), the program aims to reach 60 schools, 6,000 teachers, and 30,000 students.
Regarding the program’s expansion strategy, Al Jasem said: "To scale Bankee and ensure its sustainability, we focused on building capacity within participating schools through train-the-trainer workshops, providing tools and resources, and reducing teachers’ reliance on external support by offering user-friendly data dashboards. We also created a self-sustaining system within the Ministry of Education, enabling capable teachers to join the 'Bankee Certified Trainers' network and extend vital support beyond their schools."
The NatCen study’s initial findings revealed a significant increase in students' financial literacy levels, including a better understanding of key financial terms and concepts such as quality versus quantity. Furthermore, behavioral changes were observed, with students showing greater independence in managing their finance, becoming more selective in their purchases, prioritizing long-term savings, and exhibiting charitable behavior.
During the event, the development of Bankee was reviewed, from its inception to its national rollout. NBK proudly shared how the program empowers students to make financial decisions in a safe educational environment, starting as early as 6 years old.
“Stories of how schools have adapted Bankee as an effective classroom management tool, making education more engaging, were also highlighted. The continuous support from NBK’s executive management has been crucial to the program’s success,” said Al Jassem.
The seminar provided an opportunity to compare educational interventions in Kuwait, the Gulf region, and the UK, with NatCen offering a platform for sharing best practices and fostering innovation in education. The event facilitated fruitful dialogue and collaboration between education specialists from Kuwait and the UK, with a focus on the opportunities and challenges posed by innovative educational interventions, especially those driven by public-private partnerships.
Through initiatives like these, NBK reaffirms its leadership in corporate social responsibility and sustainable banking, aligned with Kuwait’s Vision 2035 and global standards of excellence in social responsibility. NBK remains committed to expanding the Bankee program, with plans to reach more schools and students across Kuwait, ensuring the program’s continued relevance and impact through ongoing evaluation and development.
