Financial literacy enhancement contributes to social development

01.10.2014

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Understanding the importance and significance of financial literacy, for more than 5 years Bai-Tushum Bank has been successfully implementing financial literacy program by offering special materials, workshops, held by business consultants, as well as free financial advice and responses to any questions, relating to family finance to Bank’s clients.

Advice, containing the element of financial education, has been introduced directly to lending process and provides good results, as it doesn’t only contain the training on family budget, income and expenses management, but it also provides skills for making informed decisions regarding borrowing and understanding possible consequences of such step for a person and his/her family.

On October 1, 2014 Bai-Tushum Bank together with Microfinance Centre (MFC) and other 11 microfinance institutions have launched an international financial literacy campaign “Wise Borrowing!”, which is going to be implemented in 9 European and Central Asian countries.

Campaign objective: to enhance financial literacy among clients. Everyone who is willing to, can not only obtain free advice on responsible and safe borrowing, but also receive a colorful brochure at any of 65 Bai-Tushum Bank’s offices across Kyrgyzstan. The brochure details on such important issues as: how to calculate monthly savings, how to calculate which loan amount you are able to repay, how to compare the offers of various lending institutions, how to control indebtedness and avoid debt pit.

“In order to bring up a financially literate generation of clients, it is necessary to inculcate the skills of managing family budget and borrowing wisely at all levels of interactions, that is why we are planning to continue and expand financial literacy program by applying the lessons learned of our Bank and the international experience of Microfinance Centre. We are confident that the efforts in this area will promote the higher trust of population in banks, transparency of business and strengthening of long-term relations with clients, – says Gulnara Shamshieva, the General Manager of Bai-Tushum Bank.

For advice and free brochures please contact the nearby office of Bai-Tushum Bank or call: (312) 905 805.

The electronic version of the brochure you can read here

Background information:

Bai-Tushum Bank was created in 2000 by the U.S. International Development Organization ACDI/ VOCA. On November 13, 2012, Bai-Tushum became the first microfinance organization in Central Asia to receive a full banking license from the National Bank of the Kyrgyz Republic. In 13 years the organization has become one of the largest microfinance institutions in the Kyrgyz Republic with the total assets amounting to KGS 7.2 billion. Today, the Bai-Tushum Bank is among the seven largest banks in the Kyrgyz Republic, serving more than 32,000 clients.

Microfinance Centre (MFC), being located in Poland, it has commenced its activities in the end of 1997, and nowadays it unites 105 microfinance institutions from Europe and Central Asia. In its activities it implements various programs aimed at the capacity strengthening of IMC microfinance member institutions. IFC members include banks, non-governmental institutions, social and commercial investors, development agencies and international private voluntary organizations.