Project - Financial literacy improvement: new possibilities for digital banking

Company

Paysera Bulgaria Ltd

Category

Investor in Education

Project description

Project Aim

The latest OECD report shows that the level of basic financial knowledge of Bulgarians is low and less than half of the people (47%) cover the essential minimum of correct answers (5 of 7 questions). The digitalization of financial products and services, together with the pandemic negative effects, determines the necessity of financial literacy improvement and the presentation of the new opportunities that can optimize their money management. The project provides free training webinar series and offline events that introduce the audience to new fintech products and services, in support of both personal and business accounts. The aim is to present not only the advantages but also the risks associated with the new digital services.

Project Target Group

The first target audience is small and medium-sized enterprises. In Bulgaria, they contribute to 75,7% of total employment and 65,3% of added value in the economy in 2018. They are of great importance for the growth and competitiveness of the local economy. The second group is the working-age population with an interest in investments, digital payment solutions, and fintech innovations. The third group is online merchants.

Project Duration

The project is part of Paysera.bg's strategy to raise awareness in the field of digital solutions by presenting fintech innovations and sector development. It started shortly after the pandemic started and was provoked by the need for companies to optimize their costs. The online format was the most appropriate solution for remote meetings with target groups in a pandemic.

Project Activities

The first stage includes good practice studies, a project management plan, negotiations with partners, content and training materials development. The issues addressed during the events follow some of the priorities set in the National Strategy for Financial Literacy of the Republic of Bulgaria and the National Strategy for SMEs - business support for the transition to sustainable development and digitalization and promotion of responsible financial behavior. This will support the management of personal finances both in the conditions of economic recovery and in the event of crisis situations. The second part is the event promotion. Along with our partners, we used different channels to reach the widest possible range of people together - posts and ads on social networks, email campaigns, direct calls, etc. An online event is created for each webinar in the Paysera Tickets system - this allows us to show another Paysera functionality in the communication process. The third stage is the analysis of the results and the feedback from the participants, as well as the subsequent communication.

Project Results

Building a good financial culture is a long process. A step in this direction is creating a free online series. It emphasizes the changes due to the acceleration of digitization of processes and the serious growth of online commerce. The initiative was well received by both partners and participants. Since its launch, more than 25 webinars have been organized, the total number of all participants exceeds 1000, and the videos have reached approximately 23 000 people. The Paysera Bulgaria team receives positive feedback after each event and continues to communicate with citizens and business owners who want to learn more about the new digital solutions on the market. The company reports an increase in the visibility of both the brand and fintech solutions in general.