In a press release issued today, Spitamen Bank notes that “if you decided to start cooperation with the financial institutions (FI), first of all it is necessary to determine the list of essential services. This will determine the type suitable for you FI.”

“For example:

“You want to open a deposit account and put on it 10,000 somoni.  In this case, you will approach two types of financial institutions - commercial banks and microcredit deposit organizations (MDO).  Other types of financial institutions do not have the right to attract deposits.

“Criteria for selection of the most suitable for you FI may be different, we mention the main ones: presence of FI list of required services; promotional products (services) conditions; speed of service; the available information about FI for customers; easy network of branches and service offices; the convenient location of ATMs and terminals; the stability and financial stability; FI excellent reputation and experience in the financial market; other criteria (depending on the client's wishes).

“In the next article we will continue this theme and tell you what to look for when choosing a FI.”

Materials of the Financial Literacy Section are published in the framework of the cooperation agreement between CJSC Spitamen Bank and Asia-Plus News Agency in the field of raising financial literacy of the population.

Recall that Spitamen Bank joined the financial literacy program in early June this year.

This program is being implemented in the country by the International Finance Corporation (IFC) under support of the Swiss Government (SECO) and in partnership with financial institutions.

The agreement was signed in early June this year.  Under the agreement, Spitamen Bank will conduct various activities aimed at improving the financial literacy of the population.

Research on financial literacy in Tajikistan carried out by IFC, a member of the World Bank Group, reportedly revealed that more than 40 percent of respondents spend all their total income, while only half make regular savings.  In addition, more than 80 percent do not know basic banking terms, about 90 percent had never heard about the credit bureau.

The financial literacy program includes educational materials on household budgets and personal finance management, smart borrowing rules, preventing over-indebtedness, savings strategies, managing remittances, and the benefits of credit information reporting.

The initiative to implement financial literacy program is part of the World Bank Group Finance and Markets Global Practice’s Azerbaijan and Central Asia Financial Markets Infrastructure Project. The project is funded by the Government of Switzerland.