Responsible finance – financial education, consumer protection, responsible offer of financial services

In the project countries, which share a Soviet past and the experience that hard-earned savings can be lost through bad investments or the collapse of banks, confidence in financial institution and the sector is very low.

The aim of the project is to promote responsible finance, which is understood to mean a fair balance of interests between a financial institution, its customers and business partners on the one hand and its shareholders and lenders on the other.

Responsible Finance thus describes the successful German Sparkassen model - based on their public law mandate, the Sparkassen in Germany combine economic efficiency with responsibility for society. In detail, Responsible Finance comprises the components of financial education, consumer protection and the creation of a responsible range of financial services.

Project Tasks

• Raising awareness of the aspects of Responsible Finance
• Development and implementation of country- and partner-specific financial education strategies
• Further development of training materials on financial education and implementation of training courses for various target groups
• Expanding the range of financial services, especially in rural areas
• Creation of demand-driven savings and credit offerings (including prevention of over-indebtedness)
• Improving the efficiency of work processes at financial institutions
• Improving the quality of customer advice
• Increasing the population's confidence in the financial system