DILI, 29 november 2021 (TATOLI) – Central Bank of Timor-Leste (CBTL) will facilitate the Secretary of State for Cooperatives (SoSC) in the area of financial literacy to equip the members of the Timor-Leste’s cooperatives with the knowledge and skill to manage their money effectively.
“Today, CBTL signed a cooperation agreement with SoSC. Through this agreement, a team from CBTL will facilitate the members of cooperatives with the training on financial literacy. The team will teach them on financial management and planning.” Central Bank Deputy Governor, Nur Aini Alkatiri made the comments after signing the agreement at the hall of Maubise Parish, in Ainaro municipality, on monday.
Alkatiri said that BCTL is currently ready and will discuss with SEKOOP regarding the fixed date for the realization of the training program.
At the same place, Secretary of State for Cooperatives, Elizário Ferreira said that the cooperation was considered as a task for BCTL to conduct monitoring of the established digital financial services between cooperatives and Telemor Fintec, as well as organize training for the members of the cooperatives and micro and small enterprises.
“Around 56 cooperatives will participate in the financial digitalization training,” Ferreira said
According to SECOP’s official data, as of 30 september 2021, more than 75.000 cooperatives had been registered across the country, including 56 Credit Union, which generated more than US$ 23 million.
“Many cooperatives are experiencing difficulties with their financial management, as they tended to make more money through their cooperatives. Therefore, digitalization in finance is needed to facilitate the financial services of these cooperatives,” he said.
According to Ferreira, cooperatives in Timor-Leste must adapt to the new technology to better their financial services, financial management, and financial planning.
Journalsit: Filomeno Martins
Editor: Nelia Borges Rosario
