MICROCAPITAL BRIEF: Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States' "Financial Education Program" Reaches 100,000 Low-Income Households in Eastern Europe, Central Asia

The Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States, a regional network of 110 microfinance institutions (MFIs), announced its Financial Education Program (FEP) has reached 100,000 low-income households. FEP is focused on “improving the financial capabilities and encouraging proactive financial behaviour of low-income households in Eastern Europe and Central Asia.” Since 2004 it has prepared approximately 1,000 local trainers and counselors in 16 countries for this effort. According to MFC, financial literacy levels of low-income households are low in Eastern Europe and Central Asia – where there are approximately 250 million poor individuals – as a result of lingering influences of communist times “when people were discouraged from managing their finances.” The goal of FEP is to... Continue reading here.