Financial Education: From Rwanda to Russia
by Dasha Kuts
MFTransparency has been instrumental in developing useful tools and processes to improve financial education and consumer protection in the microfinance sector. Recently, I got involved with the Financial Education Program that is being conducted by MFTransparency in Rwanda and Malawi.
This program is focused on developing a set of financial education materials addressing clients’ ability to make decisions about borrowing based on the prices of microloans. Working on this program sparked my interest in the subject of financial education more broadly, as well as led me to think about how similar initiatives can be implemented in Eastern Europe, and the state of financial education in Russia in particular. I came across a very interesting project that is being implemented now by the World Bank along with the Eurasian Development Bank and the Russian Ministry of Finance. This project highlights the need to improve financial education in Russia through increased regional and federal cooperation. I wrote a blog post on the Microlinks website that summarizes this new program as well as discusses some interesting findings provided by the Russian Microfinance Center.
The work I have done to support MFTransparency’s project in Malawi and Rwanda has reinforced a fundamental concept to financial education: while it is extremely important to tailor client education programs to the specific context of the region in which they will be used, it is equally important to stay informed about financial education techniques being tested all around the world. As my work progresses I will continue to draw connections between financial education work in Africa and Eastern Europe. There may be more such programs can learn from each other than we might expect.
World Bank Signed a Loan Agreement for the Financial Education and Financial Literacy Project in Russia