Financial Education: the BCRA and the Province of Formosa Reached an Agreement

Miguel Pesce, President of the BCRA, and Gildo Insfrán, Governor of the province of Formosa, have signed today an agreement for cooperation in financial education. It seeks to strengthen users’ knowledge and skills, and to boost the financial inclusion of the most vulnerable sectors.

Other provinces that have signed an agreement with the BCRA in 2021 include Santa Fe, San Juan, Neuquén, and Chaco. Financial education programs, developed from a federal perspective, have proved to be successful in those provinces, with a record number of participants (both teachers and students). More than 1,450 teachers—who give lessons to more than 115,000 students—have already registered, tripling the enrolment rate of 2020.

“These agreements are of utmost importance because they reach every corner of our country and have a dual function: teaching and promoting financial inclusion,” asserted Pesce.

The BCRA’s President highlighted the importance of financial education to face the challenges posed by digital systems and concluded: “Users must be trained in the use of these new mechanisms in order to prevent fraud and seize the benefits of technology.”

In turn, Insfrán thanked the BCRA for having invited the province of Formosa to take part in the financial education program, and underlined the importance of dealing with this topic. He added: “Financial education tools are vital for people to adapt to and be better prepared for these new scenarios, and to know how to use means of payment.”

Gastón Repetto, Financial Inclusion Senior Manager, and Mariano Iglesias, Financial Education Manager, attended the meeting on a remote basis. Jorge Oscar Ibañez, Minister of Economy and Finance of the Province of Formosa, was also present.

Agreement with Formosa

This agreement with the province of Formosa will be effective for three years, and provides for joint courses of action, such as:

- Designing, fostering, and assessing actions addressed to students of different educational levels.

- Promoting training programs for teachers, both online and face-to-face.

- Executing educational actions aimed at people from vulnerable groups in society, such as the retired and pensioners, social security beneficiaries, and informal workers.

In addition, the agreement provides for the signing of complementary arrangements for Banco de Formosa to work with the BCRA and the Government of the province of Formosa on the implementation of financial education measures.

August 24, 2021..