BRICS countries discuss common areas in financial literacy and financial inclusion promotion
The Bank of Russia held a seminar for the BRICS central banks on financial literacy and financial inclusion as a side event of the third meeting of the BRICS deputy finance ministers and central bank governors that took place in Rio de Janeiro, Brazil.
The regulator suggested strengthening cooperation in these areas, including ensuring overall coordination and methodological support for events and programmes, developing tools for monitoring financial literacy levels, as well as enhancing corporate social responsibility. Preparing a joint consultation paper could become a first step in that direction.
The Bank of Russia presented its analytical paper — BRICS+ Experience in Promoting Financial Literacy — which outlines the most pressing issues as well as mechanisms and key initiatives for promoting financial literacy among various target audiences.
Mikhail Mamuta, Head of the Service for Consumer Protection and Financial Inclusion of the Bank of Russia, spoke about the regulator’s efforts to create a financially inclusive environment and underlined the importance of financial literacy and financial inclusion in the development of the BRICS financial markets. Confidence is the key factor in this development and in increasing people’s welfare.
‘Confidence shall be based on understanding and quality, which is why it is so important to improve financial culture and literacy as well as the quality of financial institutions’ work,’ noted Mikhail Mamuta.
The seminar was attended by representatives of the BRICS central banks and finance ministries, the IMF, the World Bank, and Russian financial market participants.