Earth Today | 200 civil society actors to benefit from financial literacy training

THE CARIBBEAN Development Bank (CDB) is to deliver training in financial literacy to 200 persons from community-based and civil society organisations working in conservation and other sectors.

The training, which is being undertaken in response to research highlighting low levels of financial literacy in Jamaica, is being made through the CDB’s Basic Needs Trust Fund (BNTF), in partnership with the JN Foundation and Canada’s Local Engagement and Action Fund (LEAF).

The training workshops, scheduled for April 25 to May 2, in Kingston, Manchester, St Ann, and St James, will strengthen the capacity of participating groups to establish formal banking relationships, implement sound financial management systems, and meet donor compliance requirements.

This initiative responds to the Bank of Jamaica’s 2022 Financial Literacy Baseline Survey, which revealed that only 33 per cent of Jamaicans possessed knowledge of basic financial concepts.

“Strengthening their capacity through financial resources, technical training, and governance support enhances their ability to drive sustainable development, promote inclusivity, and foster resilience,” said Richardo Aiken, community development specialist at CDB.

“Financial literacy is a fundamental skill that empowers community groups to effectively access, manage, and use grant resources, thereby enhancing the quality of life for local residents,” he added.

A 2024 beneficiary assessment conducted by the CDB BNTF in Guyana, Jamaica, and Saint Lucia further underscored the need for non-profits to prioritise financial management training.

The study found that many organisations struggle to maintain accurate records or meet the compliance standards required by oversight bodies, largely due to limited financial expertise. The BNTF is the CDB’s flagship poverty reduction programme. It incorporates gender and climate change as crosscutting issues.

“Once these groups can sustain themselves in the long term, it bodes well for reducing poverty,” said George Yearwood, BNTF portfolio manager.

“This partnership allows us to leverage additional resources to address poverty while strengthening the operational foundations of these community groups,” he added.

Jamaica is home to more than 14,000 registered non-profits, many of which operate with minimal budgets and financial infrastructure, factors that can undermine their effectiveness and access to funding.

“This lack of financial literacy among non-profits poses significant challenges to their sustainability and impact. When we identified these gaps, it was a strategic decision to collaborate with CDB and the JN Foundation to support these organisations through training,” noted Stephannie Coy, programme manager for the Field Support Services Project – Caribbean, implementers of LEAF.

“These four workshops serve as a pilot. We will use the lessons learned to scale up to another 10 workshops across the island,” added Claudine Allen, general manager of the JN Foundation, noting that her organisation was pleased with the partnership and was already looking at its sustainability.

The training sessions will kick off with a launch in Kingston on April 25 and will be livestreamed for selected target groups.