Mobilization of Savings, Financial Literacy and Consumer Protection in Armenia

Project Completed: June 2012 – August 2014
Coordinator: Sparkassenstiftung für Internationale Kooperation (SBFIC), Germany
Partners: Central Bank of Armenia, ICARE Foundation

The overall project goal is to strengthen the mobilization of savings in Armenia by offering a broad range of different savings products, in particular for population segments with small to medium income. On the supply side it is, therefore, necessary to empower more financial institutions to offer adequate products for small-scale savers and collect small amounts of savings in a cost-efficient manner. On the demand side, it is required to enhance the savers’/consumers’ ability to save and acknowledge adequate savings products by offering financial literacy measures and ensuring transparency.
Macro level: Consulting of Central Bank / Supervisory Authority in the following areas:

  • Creation of more transparency on the financial markets (implementation of regulations for consumer protection).
  • Support of Central Bank in developing and implementing a national strategy to raise the level of financial literacy.

Meso level: Capacity building in the following areas:

  • Strengthening of ICARE to support financial institutions in mobilizing savings (especially in rural regions).
  • Consulting and strengthening of ICARE in offering financial literacy measures.

Coordinator: Sparkassenstiftung für internationale Kooperation (SBFIC), Germany
Partners: Central Bank of Armenia, ICARE Foundation

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