The Success of a Financial Education Program

The Microfinance Centre for Central and Eastern Europe and the New Independent States, is a regional network of 110 local microfinance institutions. It has developed a Financial Education Program aimed to improve the financial abilities of the population. The levels of financial literacy in the region were alarmingly low, provoked by the government policies in communist times, when people didn’t really managed their monetary resources. After the fall of communism many of them practiced self-exclusion because they were not confident in the changes and proposals of the capitalist model. The Microfinance Centre (MFC) decided to teach them the systematic planning for the use of resources, regular saving and smart borrowing. Since 2004 it has prepared one thousand local trainers in sixteen countries. To-date it has reached more than 100,000 low income households. Nevertheless there is a lot to do: in the regions served by the MFC live approximately 250 million poor individuals.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Related News

MFI’s Regulation: Who is in Charge?
READ MORE

Ramesh S. Arunachalam, microfinance specialist and columnist in Personal Finance Magazine Moneylife, asked ...

Bank of Bogotá: One of the Best in the World
READ MORE

Banco de Bogotá, one of the outstanding Colombian financial institutions, has recently received two international ...

Free Market is Noxious for Small Borrowers
READ MORE

The Wall Street Journal and livemint.com have published an interview with K. C. Chakrabarty, deputy governor of the ...