Hanoi (VNA) - Financial education has helped poor households and policybeneficiaries access and use financial products and services, thuspromoting comprehensive finance, attendees heard at a conference held in Hanoion September 29.

Inearly 2019, the Vietnam Bank for Social Policies (VBSP) and Oxfam signed a cooperationagreement to study access to financial education of the poor and disadvantagedvia mobile phones. The financial education for poor households anddisadvantaged groups via mobile phones is a solution to inform customers aboutcredit programmes, loan procedures and detailed products at banks, as wellas basic knowledge on family financial management.

Thisstudy aimed to help customers improve financial understanding, capitalefficiency, increase savings and manage familyspending, becoming familiar with digital technology, especiallycustomers in rural and remote areas. It also helps create equality and narrowthe gap between urban and rural areas, between the poor and disadvantagedgroups in society.

Financialeducation has indirectly supported the implementation of national targetprogrammes on new rural construction, social security and sustainable povertyreduction.

VBSPcooperated with Oxfam to conduct a survey on the financial education needs ofclients in three provinces of Hai Duong, Thanh Hoa and Quang Ngai. Surveyresults showed that over 80 percent of interviewed customers were aware offinancial education’s benefits for their families.

Basedon survey results, the bank designed and tested financial educationapplications on mobile phones. The app is available on the iOS andCHPlay stores with a simple, easy to understand and easy to use interface,suitable for poor households and policy beneficiaries.

Accordingto Nguyen Thanh Phuong Chi, Deputy Director of the VBSP’s International Cooperationand Communication Department, this application helps customers keep up with theimplementation of e-Government and national public services. In addition, it isone of the transparent tools and solutions to protect customers’ interests.

NguyenThi Kieu Chinh, Vice Chairman of the Women's Union of Thuong Tin istrict of Hanoi,said this application is easy to install with useful content. The app providescustomers with knowledge of personal and household financial management,support business and production, helping women know how to calculate loans andbank savings.

NguyenThi Thu, a leader of the savings group in Duyen Thai commune, Thuong Tin district,said: “The application has helped me and many other village members understandhow to calculate interest rates, repayment schedules, savings deposits, therebycreating conditions for us to create own capital to get rich.”

PhanCu Nhan, Director of the VBSP’s International Cooperation and CommunicationDepartment, said through more than 20 policy credit programmes, over 38 millionpoor households and policy beneficiaries have access to capital for economicdevelopment.

Policycredit capital has been invested in all communes, wards and towns nationwide;in which, priority is given to lending to ethnic minority groups or thosein extremely difficult, remote and border areas. As of August 31, thetotal outstanding loans for social policy credit programmes reached 221.5trillion VND (9.56 billion USD), with over 6.5 million customers.

Nhanadded one of the bank’s development goals is to diversify products andservices, promote the application of modern technology in professionaloperations to promote a comprehensive financial strategy in Vietnam.

Overthe years, VBSP has taken necessary steps to enhance comprehensive financialdevelopment in the bank's customer community in particular and in Vietnam ingeneral, such as strengthen financial education for partners and customers. Thebank’s products are always oriented towards customers’ convenience, enhancingcustomer rights assurance and applying digital finance in operations./.