Mjojo Finance Play: Helping you Solve the Riddle of Financial Literacy
20 November 2024 | By Monde Nyovane- Head of Media
Are you tired of living paycheck to paycheck or struggling with your student budget? Do you dream of financial freedom but don’t know where to start? Ofentse Montshiwe, founder of Mjojo Finance Play- introduced us to a creative financial literacy program aimed at young students and adults from disadvantaged communities, designed to empower them with the knowledge and tools they need to take control of their finances.
“My background has given me a deep understanding of the importance of education and empowerment, which I strive to bring into my work every day”.
A native of Soweto and growing up in the peak of South Africa’s turbulent political history, Ofentse Montshiwe faced economic hardship from an early age. Her determination to create a better future, led to her graduating from the University of Cape Town and now pursuing a master’s degree in Cultural Policy and Management at Wits.
As a strong believer in the transformative power of education, she founded Mjojo Finance Play to empower young people with essential life skills. Ofentse hopes to bridge the gap in financial education for youth in historically marginalized communities and to give them a chance at being financially independent. “I saw how many young people like me lacked the basic skills needed for financial independence. My own journey taught me the importance of understanding money and opportunity.”
Ofentse offers a simplified definition of the nuanced concept of Financial Literacy as “the understanding and ability to manage money effectively and includes basic skills like budgeting, saving, and making informed financial decisions. Financial literacy empowers individuals to achieve financial stability, make future plans, and improve their quality of life, which is particularly vital in communities facing economic hardship.”
Started as a creative response to the lack of financial literacy among South African youth, especially those from disadvantaged backgrounds, the program combines interactive theatre with essential financial lessons. The edu-tainment style shows are targeted at children from Grade R to 12, and engage with “relatable stories and characters, covering topics like budgeting, saving, and making smart spending decisions and entrepreneurship”, she adds.
As an alternative, she also hosts workshops for 16-25 year olds where financial topics like saving, budgeting, investing, goal-setting, credit and debt management, entrepreneurship, job readiness, etc are introduced and discussed. “By the end, students have practical knowledge that they can use in their own lives, all while enjoying a fun, memorable experience,” she laments enthusiastically.
Reflecting on the current obstacles limiting the growth of the Mjojo program, Ofentse had the following to share. “ Some of our main obstacles include funding and resources to expand our reach beyond the Soweto area. While we’ve had success locally, we want to reach youth in more rural and under-served communities across the country. Additionally, as a theatre-based program, logistical challenges like securing venues and organizing transportation for students are ongoing hurdles.”
Despite the hurdles, the program has positively uplifted many students.
“Students have shared that the lessons are not only memorable but have also changed their views on money, and teachers have reported improvements in students’ understanding of money management. For many, it’s the first time they’re learning these concepts in a way that feels personal and relevant”.
Driving her goals for 2025 and beyond, Ofentse seeks to take Mjojo Finance Play nationwide. The vision “includes developing a digital platform with financial resources, reaching rural schools, creating materials for children with special needs, and forming more partnerships to secure sustainable funding. We envision Mjojo Finance Play as a household name in youth financial education across South Africa” she affirms.
Speaking on the biggest financial challenge facing black students and young professionals, she shared the following. “Many young people in South Africa are unaware of the importance of budgeting, saving, and investing, and face additional obstacles like student debt, high unemployment, and a lack of support systems. This often leads to financial insecurity and makes it difficult for them to break free from poverty cycles and self-limiting beliefs such as scarcity mindsets.”
As a passionate advocate for youth empowerment, she has the following advice for aspiring entrepreneurs and unemployed youth.
“Never underestimate the power of education and self-belief. Every skill you acquire is a tool toward creating your own opportunities. Even if resources are limited, start small, learn as much as you can, and be resilient. Look for ways to add value in your community, as this can often open doors to new opportunities”.
“Education is empowerment” is Ofentse’s personal mantra and she believes that learning is the most powerful tool we have to change our lives and communities. “To be a life-long learner keeps me grounded in my mission to make financial literacy accessible to all young people, giving them the confidence to navigate their financial futures… It’s all about unlocking financial wisdom, to enable the youth to change how they see money and to ultimately move from generational poverty to generational wealth.”
For more infomation contact: mjojofinancplay@gmail.com or Whatsapp: 073 439 8382
