TAMFI, under support of CITI Foundation earlier this year on March, conducted a training in financial education for Microfinance Institutions. Financial institutions being intermediaries in financial services are stakeholders in promoting Financial Education to staff and customers during provision of their services.
It is evident that financial education helps enhancement in money management skills, assist knowledge of managing debts more effectively, thus with this knowledge staff will become part of an important institutional drive to develop customer skills, knowledge and behavior in relation to money which is the core business of financial institutions.
The aim of this training was to equip Financial institutions with
adequate concepts of money and ways to manage it well. It was a great
opportunity to participants where they learnt skills related to earning,
spending, budgeting, saving, borrowing, insurance and ways to make the
most of one’s resources. Additionally, the training also provided remedies on low levels of education that leads to higher risks of indebtedness and
help them reduce vulnerability and build assets.
Participants,after this training, are expected to pass knowledge and skills gained to targeted clients/customers in making informed financial decisions.
Furthermore they will also strengthen behavior of targeted borrowers
to encourage better budget planning, increase savings, promote prudent
spending, and foster wise borrowing.
The training was specially designed and was conducted using a participatory
approach through techniques such as role plays, case studies,
brainstorming, and small groups discussions.