Educating clients and promoting financial literacy

Through its Development Facility and in joint cooperation with its partner lending institutions the European Fund for Southeast Europe has organised a variety of client education initiatives to enhance the public’s understanding of how the financial sector functions in general and more specifically regarding credit projects. Projects included the development of educational television spots and booklets.

Client financial education TV spots

With the help from consultants provided by the EFSE Development Facility, the commercial bank Čačanska banka in Serbia finalised the production of 15 short educational television spots. The project aimed at promoting transparency for end-borrowers among the banking sector and financial literacy in Serbia. The spots use easily-understood language to explain basic banking terms and processes to the broader public. In each of them, the viewers accompany tow young students through the “world of banking” as they visit the bank to clarify their questions on a particular topic, such as effective interest rates or how to open a current account. The television spots have been broadcasted on more than 15 local and regional TV stations across Serbia during the first half of 2010.

Client financial education booklets

… In Kosovo

The EFSE Development Facility, in cooperation with the Microfinance Association of Kosovo (AMIK), developed a booklet on the principles of microfinance that was distributed through 3 daily newspapers and the branch networks of AMIK’s members. The booklet aimed at raising awareness and teaching current and potential users of financial services how to responsible use the services offered by banks and microfinance institutions.

… In Bosnia and Herzegovina

ProCredit Bank received financial support from the EFSE Development Facility for the promotion of a booklet teaching people how to calculate and keep track of their household budget. The booklet also included information about the relevance of savings and was distributed as an insert to newspapers on World Savings Day.

… In Serbia

The EFSE Development Facility sponsored the production of a booklet entitled “How to talk to a bank”, developed by ProCredit Bank, Serbia aimed at educating clients. Clients were informed regarding the functioning of the banking sector as well as the characteristics and processes of lending, including potential risks. The booklet has been distributed through an insertion into a highly circulated daily and display in the Bank’s branches across Serbia. The brochure was printed several times – and in three languages. Several hundred thousand copies have been circulated to date.