CJSC Bai-Tushum and Partners Microfinance Company introduces consulting on Financial Literacy into the lending process

In an effort to increase financial literacy of country population, Company decided to introduce consulting on financial education of clients directly into the lending process.Thus each client of the Company has an opportunity to improve his knowledge in the field of management of revenues and expenditures, methods and opportunities for savings and reasonable borrowing.

   “Today the introduction of services that provide financial education for people with low income is a very important task for the entire sector. Therefore our Company started to implement these consultations on financial education into its daily activities. It is important for us to have financially literate clients who are able to calculate their potential in obtaining a loan. It is not a secret that informed clients become the best consumers of financial services”- said Gulnara Shamshieva, General Manager of CJSC Bai-Tushum and Partners Microfinance Company.

Today, within the pilot project conducted by the Company from March to May, more than 200 people attended trainings and got an advice. The main purpose of training and consulting was to focus our clients’ attention on reasonable borrowing, personal finance, and effective management of family budget and the importance of financial planning. At practical trainings, those present were able to take first steps towards rational planning of the family budget and the weighed approach to borrowing.

Divazova G, our client, said: “Initially when I was invited to take part in the seminar I didn’t clearly understand, what they can teach me. Then I discovered an interesting thing that each of us can reserve funds. For many years I have been obtaining loans in different organizations; however it is my first experience in Bai-Tushum and Partners Company. Before nobody told me how it is important to approach the loan obtaining wisely and manage the funds. It is immediately obvious that the Company really cares about its clients. When I will get back home, for sure I will tell my children how to plan their future in a right manner”.

Training on Financial Education “Plan Your Future” was developed by the Microfinance Centre in 2004-2005, aimed at satisfying basic needs in the financial education of people with low income. It combines aspects of a reasonable borrowing, an economic education, a development of entrepreneurial skills and culture of savings.