The objective of financial inclusion – guaranteeing that all individuals have access to financial service of high quality for an amount they can afford to pay – has become another priority and increasingly strategic all around the world. Financial Inclusion benefits above all the most disadvantaged populations with the overwhelming majority not having any access to the financial services provided by banks, insurance firms or by micro-finance institutions.
One of the challenges currently facing the banking sector stems from contributing towards raising the levels of Financial Literacy of Angolan society in order to bring about greater social inclusion. Banco Económico considers that financial institutions have a crucial role to play in promoting Financial Literacy given they serve as a natural point of contact between Angolans and their money and are alongside citizens for many of their major financial decisions. There thus is not only the duty to inform but also the obligation to educate citizens so that they have a better understanding of their personal finances, the products and services provided by banks.
Hence, Banco Económico integrates Financial Literacy into its corporate social responsibility strategy and is developing a broad plan of action that strives to contribute towards training and educating a new generation of Angolans with higher levels of financial knowledge and increasingly better informed and with corresponding greater powers of analysis and decision making within the framework of managing their money.