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World Bank’s Country Director Visits Financial Literacy Centre

The World Bank’s Country Director and Resident Representative for the Russian Federation, Andras Horvai, learnt about Center-invest Bank’s experience of setting up Financial Literacy Centres in partnership with leading universities in southern Russia.

Representatives of the World Bank visited the Financial Literacy Centre in Krasnodar on 18 February. They were very interested in this socio-educational project, which provides schoolchildren, young people, employees, small businesses, and pensioners with access to free training and advice on financial issues. This helps the population to avoid mistakes when borrowing money and carrying out other financial transactions.

The World Bank representatives noted how important it is to improve the financial literacy of the middle-aged working population, which is the most economically active section of the population. These are people who already have established financial habits, but who also have little spare time for studying. Various aspects of work to improve financial literacy among all age groups were discussed, as well as methods of evaluating its effectiveness.

During his visit to the Financial Literacy Centre, Mr Horvai said, "I believe that the level of financial literacy in Russia is fairly good. Centres such as this have made a huge contribution, with their serious approach to working with the general public and also with small businesses. This experience should be replicated."

There are now four Financial Literacy Centres: in Rostov-on-Don, Krasnodar, Volgodonsk and Taganrog. To date, 100,000 people have received free advice and training on financial issues.

The World Bank representatives were impressed by the results delivered by Center-invest Bank’s Start-Up Accelerator. The Accelerator helps businesses at all stages of their development, and provides access to training in marketing and SMM, finance and human resources management, and sales. Over 2000 start-ups, social business projects and female entrepreneurs have already graduated from the Accelerator and are now growing their businesses thanks to loans from Center-invest Bank.