Development of National Strategy Financial Literacy 2016-2020
In November 2014, the BCTL commenced engagement with key stakeholders on a National Strategic Plan (NSP) for Financial Literacy.The objective of having a National Strategic Plan (NSP) on Financial Literacy is to raise the level of awareness of financial literacy issues at a national level, achieve collaboration amongst various stakeholders, identify the best modalities for co-ordination, and ensure relevance at the national level.
It will also be instrumental in identifying a leading authority for the NSP and establishing adequate co-ordination mechanisms in readiness for implementation.
Such co-ordination will encompass the setting of responsibilities and roles consistent with the main stakeholders’ expertise, strengths, interests and resources.
It will be sufficiently flexible to adapt to changing circumstances and permit renegotiations amongst stakeholders whenever necessary in order to achieve better co-ordination and avoid unnecessary duplication.
This National Strategic Plan for Financial Literacy provides a roadmap to improve the level of financial literacy in the population and to improve people’s ability to manage their personal financial affairs.
This National Strategic Plan for the years 2016 to 2020 has been developed through consultation meetings and discussions with various key stakeholders. There was a wide support for a national strategy.
In particular, the commercial banking sector has expressed a keen interest in supporting as well as participating in discussions as the national strategy develops.
There are four focus areas in this National Strategic Plan: providing leadership, reaching the target audience, maintaining quality and sharing what works.
This strategy will support greater financial literacy in the Timor-Leste community.
Development of National Strategy Financial Literacy 2022-2027
In 2021, the Central Bank was focused on digitalizing the payment system to add efficiency and safety to the financial sector operations. The modernization of the payment system facilitated the expansion of the services available, including promoting digital channels to reach unbanked people and increase access to financial services. The Central Bank implemented financial literacy initiatives for children, adults, and entrepreneurs while promoting campaigns and events targeting the whole population.
This second National Strategy for Financial Literacy aims to bring the various stakeholders together to work more efficiently, expand the target groups, align program content, and achieve higher impact. It highlights the importance of digital literacy as part of financial literacy, as many services are offered through digital channels. The effect of the COVID-19 pandemic emphasized the importance of promoting financial literacy and digital alternatives to access financial services more efficiently and automatically.
The strategy will expand Central Bank’s programs for children and entrepreneurs while defining specific programs for youth, adults, and elderly populations. A comprehensive monitoring and evaluation framework will be designed and implemented to ensure the programs achieve the expected results.
To find out the national strategy for financial literacy 2022-2027, please access the document attached below.
