Launched a project to improve the financial literacy of consumers of financial services

Today Baku is hosting a one-day seminar on the launch of the World Bank component of the "Protection of human and financial literacy of consumers" of the project "Modernization of the financial sector of Azerbaijan."

The project is funded by the Swiss State Secretariat for Economic Affairs (SECO). The total cost of the project with the capacity building of state LLC AzerPocht is $ 3.1 million.

WB manager on Azerbaijan Larisa Leshchenko and the regional representative of SECO Mathias Feldman praised the government's attention to Azerbaijan issue consumer protection of financial services. According to them, the project will strengthen the confidence of consumers of financial services, to inspire confidence in the financial sector. SECO representative stressed that the project for its successful implementation must be supported not only by state agencies (the Central Bank, the Agency for Insurance Supervision under the Ministry of Taxes), but also the private sector, as a result of financial literacy of consumers of financial services will grow and bank and insurance sectors.

During the workshop, representatives of the CBA, the Agency for Insurance Supervision told of acts and regulations to protect the rights of consumers of financial services (credit, voluntary and compulsory insurance). The seminar also heard reports on the foreign experience protecting the rights of consumers of financial services.

We note that the project does not include measures to protect the rights of consumers in the capital market, although this segment of the financial market is most vulnerable in Azerbaijan. - 08C-