CEDAC provides Financial Literacy Training Services under PADEE project
CEDAC associate with FNN has signed a contract with the Royal Government of Cambodia, Ministry of Agriculture, Forestry and Fisheries (MAFF), to carry out Financial Literacy Training Services under Project for Agricultural Development and Economic Empowerment (PADEE). The objectives of the assignment are to conduct a series of training sessions on Financial Literacy to farmer-members of the Improved Group Revolving Fund (IGRFs) as well as the group committee members to enable them to better manage their own budget and the group fund (conditional capital grants) for investing in agriculture and other income generation activities. The main objectives of financial literacy training are:
- Project beneficiaries are able to make better financial decisions both in the household as well as for their financial investments in agriculture or other income generating activities.
- Groups of project beneficiaries will be better able to optimize the use of the conditional capital grants that they will receive under the PADEE project though loans.
- Members of the IGRF will understand that by the end of the project their group is expected to be promoted to financial cooperative/credit union.
- Project beneficiaries will have opened, and learned to operate, a savings account in an MFI.
By 28 February 2014, a total of 3,414 sessions of basic financial literacy course were trained to 700 classes across 350 villages with 59,152 participants including 37,893 women are invited to attend the training. Through attending the training, the trainees have a good understanding of the basic financial literacy with the specific points including cash flow tree, monthly and annual cash flow patterns, saving, method of saving, important of saving, borrowing, positive and negative balances, working out monthly income and expense, household cash flow plan, the role of financial service providers, managing the saving account, and loan term and conditions so on. Training is helpful for the members of IGRF to enhance their capacity and knowledge in managing finance for their own family and group.