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8/6/2019 P.R.FIN-EDU en
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Almost 1000 trainers and counselors have been trained by MFC!
As a result 100 000 low-income households know how to make better financial
decisions and improve household finances
Since 2004 the Financial Education Program (FEP) has built the capacity of nearly 1000 local trainers and counselors in 16
countries reaching out to over 100 000 low income households. FEP promotes an important aspect of social change
improving the financial capabilities and encouraging proactive financial behavior of low-income households in Eastern Europe
and Central Asia.
Katarzyna Pawlak (MFC Deputy Director, Poland): We observed large scale self-exclusion from the financial system. One of the reason was
the lack of trust in the system in the 90s. That is why we decided that the knowledge and practice related to systematic planning, regular
saving and smart borrowing is a must for increased financial inclusion and reduced risk of client overindebtness.
MFCstarted its financial education program in 2004 with the support
ofMicrofinance Opportunities and Freedomfrom Hungerthat shared
a series of financial education curricula which MFC adapted to thetransitioning context. Examples include the Plan Your Future module
which through a series of interactive exercises and games, including
field visits to local financial institutions, helps low-income families
develop basic financial literacy skills and increase their trust and
understanding of the financial landscape.
Anna Kosido (Rural Development Foundation Financial Education
Coordinator, Poland): Plan Your Future improves financial capability and
behavior of low-income households in the area of debt management and
saving. It helps people to understand the responsibility of borrowing,
overcome indebtedness and learn how to save even if economical situation of
a household is very limited.
Training many Polish NGOs enabled MFCto create a fin-edu platform
in Poland and establish a Polish Partnership for Financial Education.
During the last 7 years the Plan Your Future module has been
translated into 10 languages and adapted to the context of 12
countries.
In Europe and Central Asia MFC has entered into partnerships with
organizations including microfinance associations (AMFOK, NAMOCU,
AMFOT), other NGOs (Habitat International), international donors
(UNDP, EBRD, ICCO, Levis Foundation, CEE Trust, ILO, EU), MFIs and
banks (Polish Rural Foundation, MDF Kamurj, Aregak, Partner,
Prizma, ENDA, banks in Azerbaijan, Georgia and Moldova) to build
the capacity of local institutions. Additionally, new modules weredeveloped to respond to particular needs of low-income households
and microfinance clients for financial education such as Debt
Management, Remittance andRisk Management.
When the financial crisis deeloped and many microfinance clients
were hit by repayment problems, MFC adapted a course on Debt Managementand introducedfinancial counseling toolto
help clients and MFIs prevent and deal with loan repayment issues. Since 2007, around 4000 clients have been trained or
counseled in debt management in countries such as Bosnia and Herzegovina Macedonia and Kyrgyzstan. The recent MFC
project in Uzbekistan resulted in integrating financial education into the Welfare Improvement Strategy 2011-2014.
While MFC is celebrating its success of reaching 100.000 families region-wide and thanks its partners and supporters, it is
exploring new frontiers of innovation. In the autumn of this year, MFC will finalize the first experiment linking financial
education and various motivational systems to save (including postal and sms reminders, matching opportunity and lottery).
If you are interested to learn more, support or become a partner of MFC Financial Education Program, please contact Nina Jozefina Bak,
Communication Coordinator [email protected] Monika Milowska, Financial Education Program Manager at:
[email protected] visit our websitewww.mfc.org.pl/finedu.
Training of Trainers (ToT) on Debt Management, Poland 2010.
Trainers obtain knowledge and develop skills necessary to teach
about understanding the responsibility of borrowing, overcome
indebtedness and prevent overindebtedness.
Training of low-income people, Plan Your Future, Tajikistan 2011.
Participants learn how to plan their savings and be financially
prepared for unexpected expenses.
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