Financial Literacy: Building the Foundations of a Stronger Tunisian Capital Market

A stock exchange cannot fulfil its role in financing the economy unless people understand how to use it. Companies need to see the capital market as a credible source of funding. Savers need the knowledge to assess opportunities and risks before investing. Financial literacy connects these two sides of the market. It helps turn access into informed participation, and participation into lasting confidence.

For individuals, that begins with practical questions: What does it mean to own a share? How does a bond work? Why do prices change? What rights does an investor have, and what risks should they be prepared to bear? The answers matter beyond a first investment. They help people distinguish reliable information from speculation, diversify their savings and make decisions that reflect their own circumstances and time horizons.

Education matters just as much for businesses. An entrepreneur who understands the capital market can make a more informed choice about financing growth through an equity or bond issue. A company considering a listing can better appreciate both the opportunities it offers and the responsibilities it brings, particularly in governance, disclosure and communication with investors. When more companies and savers can engage with the market on that basis, the market has greater scope to support investment and economic development.

At the Tunis Stock Exchange, we have made financial education a continuing part of our work. Our programmes reach different audiences because their questions differ. A young person discovering the stock market, a journalist explaining a trading session and a business leader considering market financing each need clear information suited to their purpose. Through educational materials, seminars and partnerships with academic institutions and associations, we seek to make the market more understandable and more accessible.

Tunis Bourse Academy is central to that effort. The online portal introduces learners to the stock market, its participants and its mechanisms. It offers a way to explore these subjects at their own pace, while our investor guides and educational videos address practical aspects of investing and raising capital. Digital access allows us to extend this learning well beyond a single event or classroom.

We are now enriching the Academy’s educational resources with a corporate social responsibility (CSR) learning pathway. This development reflects a change in what market participants need to understand. Financial knowledge remains essential, but companies and investors are also asking how environmental, social and governance considerations affect strategy, disclosure and long-term value. A structured CSR pathway can help learners move from general awareness to a clearer grasp of these issues and their relevance to the capital market.

Learning by doing is another part of our approach. Our free online stock market simulation has allowed participants to build and follow a virtual portfolio without putting their savings at risk. After thirteen editions as myinvestia, the initiative is entering its fourteenth edition under a new name, Tunis Bourse Challenge, with a launch scheduled for 1 October 2026. Its educational purpose remains unchanged: to give participants direct experience of market rules, portfolio choices and the importance of following the companies in which they invest.

We also value opportunities to meet learners face to face. Our work with universities and students, alongside awareness activities for businesses and the wider public, creates space for questions that a guide alone may not answer. These exchanges help us understand where knowledge gaps remain and how our resources can respond.

In 2025, the Tunis Stock Exchange received Euromoney’s Africa’s Best Exchange for Financial Literacy award. We regard that recognition as encouragement to keep improving the reach and usefulness of our initiatives. The measure of success is whether more people feel equipped to ask the right questions, understand the answers and make considered decisions.

Financial literacy is therefore an investment in the market itself. By helping savers participate responsibly, businesses understand their financing options and future professionals develop relevant skills, we strengthen the foundations on which a more inclusive and resilient Tunisian capital market can grow.