“Responsible Finance” (financial literacy, consumer protection, responsible provision of financial services) in the South Caucasus and Ukraine
Project term: 01.03.2015-28.02.2021
In Armenia, Azerbaijan, Georgia, and the Ukraine, 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 the financial 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.
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
» Central banks of the respective countries » Youth organisations, associations and training centres, selected financial institutions
By working on this project, we are contributing to the fulfillment of these Sustainable Development Goals (SDGs) in accordance with the 2030 Agenda:
The German Sparkassenstiftung for International Cooperation is the development-policy arm of the Sparkassen-Finanzgruppe. Its task is to disseminate the successful Sparkasse idea across borders and around the globe. The German Sparkassenstiftung strengthens financial institutions and promotes financial literacy for all segments of the population. This broadens access to financial services and helps to create jobs and generate income.