Lama Kabbani, of Visa Middle East, says financial literacy should be a mandatory course in schools. Mike Young / The National
Lama Kabbani, of Visa Middle East, says financial literacy should be a mandatory course in schools. Mike Young / The National

One year to teach 20 million how to manage money



Visa, the global payments technology company, has set itself an admirable goal: to teach 20 million people worldwide about smart money management by next May. Lama Kabbani, the corporate communications manager at Visa Middle East, says the company's inaugural Financial Literacy Barometer, which measures the level of financial literacy in 28 countries, has placed the UAE 15th overall - and first in the Middle East and North Africa (Mena).

Is Visa's campaign working?

I think it is. It shows that the UAE has some kind of awareness right there between all those countries. But it's still an ongoing process. We've just started, to be honest, and people are warming up to the idea. But there's still a lot of work to be done.

What helped the UAE to become the first-ranked country in the Mena region for financial literacy?

One of the big reasons was the financial crisis. A lot of people were in debt and there's become more awareness about people getting into trouble, so the communities, institutions saw there was a problem. From our side, we are creating all these tools, all the websites, our Financial Football game and engaging with people in the different communities, such as schools, parental think tanks, the Marvel comics. So by creating that awareness, I'd like to think that Visa has had some kind of influence with this.

Is it never too late to learn financial literacy?

It's never too late. I can tell you my example. Before I came on board at Visa and started working on the [financial literacy] programme, I had my little gaps. I used my credit card irresponsibly. You can always start working on your finances, but most important is to have a plan, to have a budget sheet. Anybody can start from somewhere. It is easier to start earlier than later because if you start earlier, you can create a habit and you know what a sound decision is. You become a money manager.

Should financial literacy become mandatory in all school curriculums?

Definitely - and this is what we've been pushing for. We did a survey two years ago and 95 per cent of the teachers agreed that it should be mandatory. But the problem is they are swamped by their own curriculums. There's a bit of a dilemma on what to do with this curriculum. Visa has a great [financial literacy] curriculum; it is ready and it's for teenagers and above. I think it is just a matter of convincing the teachers and the head of the curriculum departments where to fit it and how much time they need. It could be a part of social science, it could be part of maths. It's really a decision that the school needs to make.

Why do you think there has been a lack of knowledge about financial literacy in the UAE?

I think it is a combination of culture. I am an Arab and I come from that culture where we don't really talk about money. It's not something that is brought up in the household. I hear there is a difference between Arabs and expats, western Europeans, where it is OK to talk about money; what mummy and daddy make, this is what they spend on. In our culture, it isn't. And it's not in our culture to show that you need money or that you talk about money. The other part of it is that in this part of the world, we are all quite comfortable, quite well off and there's no need really to look at our finances until it comes to a point where you are on your own, you've overspent, you are in debt, you're paying the minimum on your credit card. And then a light bulb goes off in your brain and you say you are in a bit of trouble.

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

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PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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