History

Community Financial Literacy (CFL) began as an idea in 2007, when members of various refugee and immigrant communities in Portland gathered to participate in the GROW (Generating Real opportunity for wealth and work) program organized by Portland’s Office of Multicultural Affairs.  The program was designed to help various ethnic communities identify their greatest needs and create a plan to meet them. 
Members of the Central African communities (originally from Congo, Burundi, and Rwanda) were grouped together, and Claude Rwaganje led their discussions.  The group mapped a wide range of issues, from transportation and child care to understanding American financial institutions and tax structures.  Ultimately, the Central African group agreed that financial literacy – including banking, tax return preparation, personal budgeting, home ownership, saving for college and retirement – was the highest priority for their members.

Claude conducted a survey in 2007 concerning knowledge of financial planning at a local church where most central African community members meet.  He found out that most surveyed people knew nothing about savings, investment, retirement plans, saving for children's education or buying a house. They also had little access to capital that could help them start a business. Only 2 % out of one hundred surveyed people invested in 401k, 0% had saved for their children college, 0% responded that they didn’t even know about the emergency fund, and few people knew the importance of a credit report and how to read them. The lack of basic understanding of and access to U.S. financial tools interfered with integration and stability of refugees and new immigrants.

These findings are consistent with the fact that refugees and new immigrants have language barriers that limit them from learning the American financial system. I believe that introducing Financial Literacy to them will help them avoid predatory and other high-cost financial services and enable them to save money, access credit and build wealth.

For them a weekly paycheck is a satisfaction and they are thankful for that blessing. This limits them from looking beyond that and seeking other available opportunities like matching funds from their companies in terms of 401k. The idea of receiving a check from their pension 20 or 30 years from today seems like a dream which will never come true.

In 2008, when Mr. Rwaganje left his position as a general accountant trainee with Parker Hannifin Corporation, he began to explore the possibility of starting a nonprofit organization to address the financial literacy needs of a wide range of refugee communities in Portland, Lewiston, and Westbrook, Maine.  Today, Community Financial Literacy has a Board of Directors with nine members, pro bono support from a lawyer who helped file the 501(c)(3) application with the Internal Revenue Service, and other volunteer advisors on matters such as web site development, fundraising, and community outreach.  International Christian Fellowship serves as CFL’s fiscal sponsor until 501(c)(3) status is attained later this year. CFL has been incorporated with the state of Maine