CABEI and BANRURAL promote digital financial education for the benefit of 1.9 million Guatemalan individuals and MSMEs
The program, which was designed with resources from CABEI's DINAMICA Initiative, will be implemented throughout the country and will strengthen financial skills and competencies for informed decision making.
Guatemala City, September 21st, 2021.- In order to improve the wellbeing of family and business finances and encourage a change in financial decision-making behavior, Banco de Desarrollo Rural S.A. (BANRURAL), through a US$30,000 technical cooperation grant from the Central American Bank for Economic Integration (CABEI) and the European Union, designed and implemented the pilot phase of the Financial Education Program for clients and employees.
In the first phase of the program, BANRURAL will train 60% of its clients, which total more than 1.9 million beneficiaries, and will also train its more than 10,000 collaborators. The program implements a dynamic methodology of adult education and has different training modules, which are expected to be translated into Mayan languages to cover the population located in the country's rural areas.
"We are pleased to know that our strategic allies are making headway in the development of these types of programs that promote financial education and inclusion in the region, providing digital tools and knowledge to their clients so that they can adequately use the financial products available in the market, something that has a direct impact on their economic and personal progress," said CABEI Executive President, Dr. Dante Mossi.
Edgar Guzmán, BANRURAL's general manager, commented: "We are aware of our role in supporting financial inclusion and the sustained economic development of Guatemalans. This program will provide knowledge and skills to our more than 3 million clients so they can make better decisions for the benefit of their family life or business. We are confident that it is an important contribution, not only to their personal growth, but also to the local and national economy".
The execution of funds from the Business Ideas & Acceleration Development Initiative for Central American MSMEs (DINAMICA), made it possible to conduct a nationwide diagnostic study and identify training needs, which led to the development of a complete interactive e-learning training program that includes topics such as budgeting and smart consumption, savings and goals, business and investment, credit management and indebtedness, as well as informed acquisition of financial services.