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COOP Ukraine stores together with the NBU are hosting the educational campaign “Know your rights”

“Know your rights” – a campaign to increase financial literacy is taking course in the stores of the consumer cooperatives COOP Ukraine. This event was jointly arranged and conducted in spring of 2021 throughout the country by the National Bank of Ukraine, the office of the Verkhovna Rada Commissioner for Human Rights and COOP Ukraine.

COOP Ukraine appeared as the general partner of the project. During the information campaign, posters with key rules of financial conduct, as well as contacts for obtaining information on consumer financial rights and opportunities to protect against fraud were posted in COOP Ukraine consumer cooperative stores in Volyn, Rivne, Chernivtsi and Kirovohrad regions.

As part of the information campaign, consumers are reminded of the importance of fulfilling their financial obligations, in particular loan obligations, as well as of the need to know their rights and require obtaining all information about the future agreement at the financial institution. How to prevent the violation of your financial rights, how to protect your personal data and how to deal with annoying calls and messages from collectors if the consumer did not actually take any loan or did not enter into any other financial agreement –these and other important issues can be inquired from experts, whose contacts were specified in the information materials.

“We supported the National Bank’ initiative, as we hope that Ukrainians would be able to safely use a variety of financial instruments, having knowledge required therefor. Over the last year, it has become possible to get many financial services online, however, Ukrainians do not always know how important it is to study all the conditions and where ask additional questions, so I hope that the educational campaign would improve the situation”, – Illia Gorokhovskyi said, the Chairman of the Board of Ukrkoopspilka (COOP Ukraine).

“There are many reasons why Ukrainians warily use financial services or do not use them at all. This includes crises they survived, negative consumer experience, insufficient awareness of the benefits of using financial products. Today, the National Bank has a dual aim. The first is to establish additional requirements for financial institutions ensuring transparency regarding the cost of their services and a good faith behavior towards consumers. The second is to promote better financial awareness of Ukrainians themselves. These are mandatory components to increase the protection of consumers of financial services, as well as to involve more citizens into the financial system and to use the services more actively”, – Oleksii Shaban said, the Deputy Chairman of the National Bank of Ukraine.

According to USAID data, 78% of Ukrainians do not want to apply anywhere should they have problems with financial institutions, and 45% simply do not know what to do. At the same time, a survey of non-bank financial institutions showed that only 38% of Ukrainians would be ready to complain to the police and 9% to the NBU if they have problems with insurance companies or other non-bank financial institutions.

The campaign is supported by international partners – the International Financial Corporation (IFC) in partnership with the Swiss State Secretariat for Economic Affairs (SECO) and the UK Government’s Good Management Fund in Ukraine, as well as the European Union’s Technical Assistance Project on Strengthening the Regulation and Supervision of the Non-bank Financial Market (EU-FINREG).