Financial Education: A Win-Win for Clients and MFIs
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.