Harlem-based Carver Bank, the largest African- and Caribbean-American managed bank in the United States, has announced that it’s partnering with the Society for Financial Education and Professional Development (SFE&PD) to bridge the HBCU financial literacy gap.
In a press release, the two organizations said that Medgar Evers College, Howard University, and the University of the District of Columbia are the HBCUs participating in the partnership, for their pilot program. The pilot program will consist of what they’re calling “student ambassadors” to be dispatched to the universities to teach the students about making smarter personal finance decisions. Additional participating HBCUs will be announced in the coming months.
“Carver is proud to work with SFE&PD in a groundbreaking partnership with three HBCUs to advance financial skill-building and economic empowerment for the next generation of leaders,” said Michael T. Pugh, President and CEO of Carver Bank, in the press release statement. “Investing in the Student Ambassador Program gives HBCU students a solid foundation for developing their financial health and the opportunity to become champions of financial education in their local communities.”
Carver Bank will also provide the student ambassadors with things like iPad teaching tablets and access to Carver’s leaders to increase the economic engagement of HBCU students. With guidance from SFE&PD financial educators and business school professors at the three HBCUs, the Student Ambassadors will be trained to teach personal finance classes to their peers and run events for students and local community members.