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.