The project objective is to promote “Responsible Finance” by strengthening three components – financial education, consumer protection and the responsible offer of financial services. It lays the foundation for responsibly supplying and using financial services. The image below visualizes the interplay of these three components:
Economic and financial education
Together with local partners, potential users of financial services are taught the knowledge and skills they need to use different financial services efficiently. Measures to improve financial education and create transparency serve this purpose. In particular, consumers should also be made aware of the dangers of imprudent borrowing.
Responsible supply of financial services
At the same time, the necessary capacities are created at the financial institutions to provide specific savings products. Banks will be able to offer adequate products for savers with low or medium incomes. They also learn how to accept smaller deposits in a cost-efficient manner.
Meanwhile, we are working on increasing the sensitivity to consumer protection issues. This also includes developing the application of consumer protection regulations in the banks. These measures will strengthen the population’s trust in the financial sector in Uzbekistan. In this context, the aspect of preventing possible over-indebtedness among the population is also important. The population’s growing trust in the banking system is essential for the economic and social development of every country.