Financial Education: A Win-Win for Clients and MFIs

How to design effective financial education courses?
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This document defines the elements of a financial education curriculum that can bolster client capacity to access financial services and a microfinance institutions ability to retain and attract clients.The document defines and discusses the importance of financial education. It states that poor people who receive financial education benefit from:

  • The knowledge and skills to wisely manage their money;
  • The capacity to more effectively use financial services;
  • Increased self-esteem and confidence as a result of incremental successes in achieving financial goals;
  • Greater ability to demand higher quality products and services from their financial institutions.

It outlines the things to be kept in mind while designing:

  • Market research;
  • Client research;
  • Institutional and human resource assessment;
  • Financial education components.

Finally, the document provides a snapshot of the activities of four partners working with Microfinance Opportunities under the Financial Education for the Poor project. The partners include:

  • Al Amana;
  • Pro Mujer;
  • SEWA Bank;
  • Teba Bank.