Money matters: She's helping people in Quebec City's Black community figure out finances

CBC Quebec is highlighting people from the province's Black communities who are giving back, inspiring others and helping to shape our future. These are the 2023 Black Changemakers.

Annick Kwetcheu Gamo was working in wealth management when she realized something.

As a financial planner with an MBA and graduate degrees in management and organizational change, she was well-placed to give advice — but their clients were all people who already had money. Who was helping those who didn't even know where to start?

"There is a huge lack of financial literacy and, sadly enough, [financial institutions] aren't doing anything to help against that, because any incentive they have is for profit," she said.

"Most people who really, really need those financial literacy programs don't have the means to pay, so I said: OK, what can I do?"

The answer: create something new.

It's been four years since Kwetcheu Gamo left the wealth management industry to found Code F, a company whose goal is to help people become more literate about money matters and make financial advice more accessible. Now a non-profit agency, Code F operates out of Quebec City, aiming to reach the people who most need that advice.

"We're talking about women's empowerment. Youth empowerment. Minority empowerment — it all goes through financial power," she said.

"If those people don't know how to manage their money, their personal finance, they won't be involved in the social, economic, political life of our society."

Kwetcheu Gamo said she's seen first-hand how often immigrants arrive and are quickly saddled with debt or are encouraged to get accounts or join programs that actually make their situation worse.

"When we talk about building wealth in the newcomer community, it's very, very hard if they don't know how to use the financial system," she said.

'We're not there to judge'

Many people do not find it easy to open up to a financial coach. Kwetcheu Gamo said some feel angry or ashamed, and many aren't familiar with the concept of coaching.

Kwetcheu Gamo said she has one thing to offer that helps.

"I'm like you," she tells them. "Most of my team, they're young people starting their professional careers; there are women; there are newcomers."

On top of coaching, Kwetcheu Gamo has encouraged people in Quebec City's Black communities to consider starting companies of their own.

"She prioritizes human business," says Camille Esther Garon, who works for Quebec City as a public consultation advisor and is a former client. "She has been a great model for many young Black girls and women to get into business — especially immigrant women who came as international students."

Many of Code F's workshops come with a fee, to pay employees. But the organization also provides free community clinics. Gamo hopes as the organization grows, it will receive enough funding to be able to offer all their services without charging for them. 

She also hopes to launch an app to help people do their own financial planning.

Until then, she said, she hopes those who are struggling financially will find ways to reach out for help.

"We are not there to judge you, so we don't want you to judge yourself," she said. "Don't be ashamed. The past is the past now."

Instead, she asks them, "What can you do to make your life better?"

The Black Changemakers is a special series recognizing individuals who, regardless of background or industry, are driven to create a positive impact in their community. From tackling problems to showing small gestures of kindness on a daily basis, these changemakers are making a difference and inspiring others. Meet all the changemakers here.

For more stories about the experiences of Black Canadians — from anti-Black racism to success stories within the Black community — check out Being Black in Canada, a CBC project Black Canadians can be proud of. You can read more stories here.