CED and German partner agency launch savings game app – Searchlight

0

Posted on

From left to right: Felix Lewis and Uwe Pfeffer

The launch of the Savings Game app here in Saint Vincent and the Grenadines is reported as a tool to foster a culture of savings to boost business development.

CED CEO Felix Lewis highlighted the importance of savings in entrepreneurship when he spoke at the virtual launch of the German savings game app Sparkassenstiftung for International Co-operation ( DSIK) on November 23. According to a statement from the Center for Enterprise Development (CED) Lewis said many people come to the organization with business ideas, but no plans to save or how to access finance to start their business and expect to. be able to immediately transform their ideas into commercial entities.

“The initial stage of business development is where the importance of savings is most important,” Lewis said; “Some ideas might never see the light of day as a business entity without the savings of the respective entrepreneur or the investment of the savings of family and friends. This is called cabin strapping, he added.

“Even as the business grows, commercial loans require equity, and retained earnings can be used to invest in the growth and development of the business.

“Saving is therefore an important discipline to be encouraged in the context of business development. It can be the difference between a dream and a business reality. The discipline of saving however has advantages beyond the entrepreneurial context, it is a life hack that can be applied to normal family life, helping families achieve goals and objectives related to improving the economy. their quality of life.

Lewis said lack of access to finance, especially early in business development, is high on the list of constraints affecting the business sector, and local financial institutions are therefore averse to risk. He added, however, that this is why the savings game is important.

“This savings game app is timely as we are all going through a very difficult time economically, and an important factor in the transition to recovery has to be the savings associated with tighter budgeting. The usefulness of this tool will be beneficial well beyond this difficult time and can open up a revitalized role for savings as an important source of medium and long term investment funds.

The idea for the app is derived from DSIK’s business games that teach financial skills through haptic simulations, true to the motto “Learning by doing”. According to the regional representative of DSIK, Uwe Pfeffer, the game is easily accessible and applies to the proven methods of business games and can be used without prior knowledge.

“Nevertheless, it works perfectly as a complement to CED trainings, so I hope that in a very fun way players from different target groups can develop their financial and savings skills in single player mode,” said Pfeffer.

He did recognize, however, that for some people, saving money is a very difficult thing to do.

“… You have to be focused. During the game the player has to answer several questions such as how to plan their budget in a sustainable way, or how and why to invest, or in what way can the bank help me? As you can see, these are real everyday situations.

DSIK’s MSME consultant Timo Bucher demonstrated the savings game to nearly 40 guests who attended the zoom webinar that marked the app’s launch. The business games and the app are sponsored by the German Federal Ministry for Economic Cooperation and Development (BMZ).

The Savings Game is available for free on the Play Store (Android) and the App Store (IOS). In addition to English and German, other languages ​​will be offered in the future. The application is available on: Official link of the App Store:

(apple) https://apps.apple.com/eg/app/the-savings-game/id1583366017

Official Google Play link: (google) https://play.google.com/store/apps/details?id=de.sparkasse.savingsgame.


Source link

Share.

Comments are closed.