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VF AzerCredit Customers at Financial Literacy Training Organized by SBFIC-AMFA

VF AzerCredit Customers at Financial Literacy Training Organized by SBFIC-AMFA

The microfinance sector in Azerbaijan, after long-time rapid growth, has faced various challenges since the year 2015. The doubling over-indebtedness as a result of mounting parallel borrowing and devaluation of the local currency has made credit organizations set for themselves such important goals and targets as the improvement of  financial literacy and education levels of the population in order to establish a healthier and more sustainable microfinance sector. To achieve these goals it is important to enlighten customers on such topics as calculation and planning of income and expenses, proper use of loans, long-term saving and investments opportunities. For this purpose, on 13-16 December 2016 several customers of AzerCredit, who reside in Absheron region, were engaged in the Planning for Your Future Training jointly organized by the Savings Banks Foundation for International Cooperation – SBFIC and Azerbaijan Microfinance Association (AMFA) within the frame of the financial literacy initiatives.

The key objective of the training was to increase financial literacy of the participants and prevent them from over-indebtedness through providing them with thorough information on the essence of credit history, planning of family budget, preparation of financial plans, role of saving in formation of family budget, effects of over-indebtedness on a customer and his/her family, etc. At training VF AzerCredit`s customers were able to acquire useful recommendations from the trainer-experts on the expansion of business and planning of future as well.

"My motto till today was that you don`t need to save in this life, but make efforts to earn a lot. But after this training, I learned that learning how to economize and save money is an important issue. The trainer also noted that while saving money we should save not in only one currency, but in other currencies as well." - says Mehriban Rzayeva, Baku Branch`s customer involved in peddling.

"In general, I leave the training with good impressions, they even gave me a certificate at the end of training. My personal takeaway from the training is that for properly planning and managing family budget it is important to take a loan for right purposes, and use it for the intended purpose, and make repayments in time. In addition, I received lots of valuable recommendations on managing family expenses and wisely saving.” notes Arzuman Safarov, Baku Branch`s customer involved in food trading.

December 2016

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