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Tajikistan|business|August 5, 2015 / 09:14 AM
World Bank, Tajik financial institutions expand collaboration on financial literacy program implementation

AKIPRESS.COM - world-bank1The World Bank Group expands a comprehensive national financial education program in Tajikistan to increase financial literacy level by involvement of new financial organizations-partners – Bank Eskhata, MDO Arvand, and MDO Humo.

The initiative, which is being delivered across a variety of channels including trainings for adult population, in-depth consultations for borrowers, as well as broadcasting of educational video clips and radio program. This box of educational tools will help Tajik individuals and households learn how to better manage their money, develop sound financial skills, and foster stronger banking relationships.

Recent research on financial literacy in Tajikistan carried out by IFC revealed that more than 40 percent of respondents spend all their total income, while only half make regular savings. In addition, more than 80 percent do not know basic banking terms, about 90 percent had never heard about the credit bureau.

"We are very pleased by the fact that the initiative on financial literacy and principles of consumer protection and financial services, has proven to be timely and necessary, and supported by the government, commercial banks, and especially the microfinance sector, which works with the most vulnerable sections of the population," said Malika Ibragimova, National Program
Officer for Economic Affairs, the Swiss office in Tajikistan.

The program includes educational materials on household budgets and personal finance management, smart borrowing rules, preventing over-indebtedness, savings strategies, managing remittances, and the benefits of credit information reporting.

Initially, financial literacy program was launched this February, which included the following financial organizations-partners – Acessbank Tajikistan, First Microfinance Bank, Imon International and MDO FINCA.

The initiative to implement financial literacy program is part of the World Bank Group Finance and Markets Global Practice’s Azerbaijan and Central Asia Financial Markets Infrastructure Project. The project is funded by the Government of Switzerland.

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