Financial Education Under Spotlight

Meeting Photo @ WBOn June 4, 2014, the leading Georgian bank representatives together with the Association of Georgian Banks, Georgian Microfinance Association, Georgian Association of Insurance Companies as well as local and international NGOs, media, World Bank Georgia and Georgian Stock Exchange representatives, under the facilitation of the Crystal Fund, held a meeting on financial inclusion at the World Bank Georgia Tbilisi office. The meeting aimed to foster dialogue, talk about the present obstacles of financial literacy and sharing of good practices by showcasing the diversity of reforms, approaches and experiences that are being implemented in the field of financial education in the region and around the world.

Participants welcomed the initiative, since as they stated it is impossible to succeed without basic financial knowledge in our rapidly changing, market economy era. They also discussed the recent situation in Georgia – according to the World Bank, Georgia is falling behind Azerbaijan and Armenia in the South Caucasus region and is far behind in former FSU in terms of Financial Literacy and implemented programmes. Therefore, different responsible and interested stake-holders need to unite their forces in order to make steps forward in this regard. Parties agreed that the process is complex and very difficult and requires a lot of effort and right approach.

Angela Prigozhina, World Bank Country Sector Coordinator (Armenia, Georgia and Azerbaijan)- Private and Financial Sector Development, emphasized the importance of financial education in school curriculum and the role of the basic financial education in the Universities – even for non-financial faculties; significance of synergy of associations and different sectors, effective use of resources, investing in financial education and practical use of knowledge, as well as responsible financing and raising culture of customers.

Participants agreed to develop respective concept for the joint action in the near future, to make concrete proposals to foster financial education initiative, to develop and establish necessary mechanisms for financial literacy in Georgia, and to find the best ways to mobilise the required financing. Parties also voiced their support for a more encompassing agenda for financial capability for all which takes into account the social, environmental, and economic aspects and needs of Georgian people.

Crystal Fund expressed willingness to further plan and mediate financial initiative joint meetings.

Address

5 Marjanishvili Street, Tbilisi 0102, Georgia
Phone: +995 322 970 128
Fax: +995 322 970 129
Web: www.crystalfund.ge
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Mission statement

Crystal Fund mission is to increase the financial literacy in Georgia, bolster standards in the provision of financial services, develop new technologies to enhance access to financial services and to implement social and community investment projects. Crystal Fund is actively promoting the rule of law, protection of property rights and advocates for the enabling business environment in Georgia. Crystal Fund has solid grant and project management experience combined with high standards in governance, rigorous organisational systems and procedures.