Paper

Responsible Finance and Financial Education in Moldova

Analyzing the involvement of stakeholders in the promotion of financial education
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This study analyzes various dimensions of responsible finance in Moldova, and identifies possible links to the low levels of financial literacy within the Moldovan population. The study develops specific action-oriented recommendations for stakeholders to advance responsible finance and financial education. The study looks at the practices of financial sector stakeholders in the areas of product delivery, client relationship management as well as regulation. It concludes that:

  • There is a link between financial sector development, responsible finance and the financial literacy levels in Moldova;
  • Responsible finance and financial education would benefit from coordinated action of all stakeholders.

To strengthen responsible finance practices and promote financial education in the country, the paper recommends:

  • Coordinated stakeholder action to engage all banking sector participants in responsible finance;
  • Introduction of appropriate legislation to ensure responsible finance;
  • Close study of client complaints;
  • Establishment of public policies and procedures for dealing with complaints;
  • Expansion of banking institutional capacity for processing, investigating and alleviating complaints;
  • Development of an independent agent or government body where customers can pursue complaints.

About this Publication

By Microfinance Centre
Published