Implications of financial literacy in developing countries

This paper is an effort to establish the financial sector in the developing countries to promote financial literacy of customers and make them have access to finance and savings, which in turn support livelihoods, economic growth, sound financial systems, and participate in the economy. The main objectives of this paper is to enhances bank's visibility in the communities it serves, contributes to a larger customer base, increases access to depository institutions by educating consumers about available products and services, and enables consumers to make better-informed choices in the financial market. The final result is not to create financial experts; it is more important to equip individuals with sufficient knowledge to make sense of financial activities, seek out appropriate information, feel able to ask relevant questions, and be able to understand and interpret the information that they subsequently acquire. The primary goal of this paper is to create a consumer groups, community-based organizations, schools, colleges/universities, financial institutions, other interested organizations and individuals to expand the process and enhance the level of financial literacy of the public at all levels of the society.