ILO trains trainers on financial education in Iraq

The training equips future trainers with knowledge in financial management topics so they can enhance the financial skills of young people and entrepreneurs, under an ILO initiative to improve livelihoods and self-employment of host communities and refugees in Iraq.

The ILO in Iraq held a Training of Trainers (TOT) for a range of financial institutions and NGOs, introducing them to its Global Programme on Financial Education, which aims to build their capacities to enhance the financial knowledge and skills of young people and entrepreneurs to better manage their finances and prepare them to prudently access financial services.

In collaboration with the ILO’s Social Finance Programme (SFP), a financial education training curriculum for refugees, IDPs and host communities has been developed and adapted to the Iraqi context, with the aim to extend financial education to host community members, displaced and refugee communities in Iraq, being supported by the ILO under its PROSPECTS partnership, which is spearheaded by the Government of the Netherlands.

Twenty trainers from the banking sector, namely ILO’s partners, microfinance institutions, NGOs, university professors and private business service providers attended the training that took place over a period of five days in Erbil.

During the training, participants were introduced to various concepts aimed at enhancing knowledge and skills in financial management, including setting smart financial goals, managing money wisely, creating a budget to ensure prudent debt management, choosing saving products, establishing good relationships with financial institutions and on the use of insurance products.

The participants will have the possibility to become certified ILO trainers through the fulfilment of a series of criteria, including the roll out of the trainings with target beneficiaries in the Governorates of Dohuk and Ninewa.

The training will be followed by a Trainings of Beneficiaries (ToBs), which will focus on targeting 650 youth and entrepreneurs, referred through the ILO’s Start and Improve Your Business (SIYB) training and those who wish to eventually access financial services through partner financial institutions.

Under the PROSPECTS programme in Iraq, the ILO is providing young women and men and small businesses with access to financial services that will help them start and develop their own businesses, while improving private sector capacity to address the needs of youth and MSMEs.