01 Apr 2014

About Finance: crucial things in plain words

On March 27-28, KMF held seminars for entrepreneurs and farmers in the framework of Project on Financial Literacy Improvement of Population in Kazakhstan.

Today being financially literate is as relevant as ever. Being able to skillfully, and most importantly, to the benefit of oneself, choose one or another financial product, manage one’s money, and draw up financial plans – many people is talking about it, but not everyone knows how to really succeed in this.

- The financial market is developing very fast - says Advisor to the CEO of microcredit organization “KMF” Rauza Ibragimovda. - Often, people cannot keep up this pace; besides, they are also being offered a lot of products so that their diversity is very difficult to understand. We believe that it is the duty of socially responsible financial institution to promote financial literacy of its clients in all possible ways.

Therefore, starting from December 2013 microcredit organization “KMF” arranges and conducts workshops for its clients and for all who wishes to improve their financial literacy. Innovative training program consists of 10 lessons, each of which exposes independent topics for study, such as, family budget and its management, family income and expenses accounting, appropriate calculation of payment capacity, pros and cons of taking loans, and many others.

For four months of the project duration more than 7000 people were trained. Workshops were conducted in late March in Almaty branch of the Company and Shelek village for the customers of organization: representatives of micro and small businesses, as well as farmers have confirmed the relevance of financial education. The oldest of trainees was 78-year-old man, who came to the workshop with his son.

– It’s a pleasure for me to visit your seminars. I think you give very useful information. I have 11 children and 10 grandchildren, at first I will get trained, and then I'll be able to teach my family at home, - says Orazaly Serdaliyev.

- I am an old customer of KMF, I recently applied for a loan to the Company, and I was invited to training on financial literacy. I gladly accepted invitation, - says businesswoman Sevda Aliyeva. - Through these lessons I learned how to draw up family budget, taking into account contingencies that I used to pay no attention at all, besides, stop spending money on unnecessary things. As a result, at the end of the month I still had a certain amount left. I may say that I haven’t had to make savings intentionally; it is just because I became more deliberate in my spending.

In 2014, the Company plans to organize more than 10 000 free workshops in different regions in the framework of the project, and more than 100 meetings with budding entrepreneurs and university students.

In April KMF starts production of short animated films on the project for all 10 lessons of the course. Later cartoons will be posted on the Internet with free access.