The Central Bank of The Bahamas (CBOB) announced yesterday its plan to execute a program on financial literacy in The Bahamas.
The regulator put out a request for proposals to qualified firms to participate in designing the program. The deadline for submission of proposals is August 15.
"To be considered, firms must demonstrate a clear understanding of The Bahamas' domestic policy circumstances," the regulator stated.
"They must also have an established track record in developing communications on complex subject matter in ways that are clear, accessible and actionable for lay audiences."
CBOB said the targeted outcomes of the project are to make financial services more accessible though "safe, cost effective channels", ensure consumers are better able to conduct affairs in a prudent fashion, and ensure consumers are equipped to act in their best financial interest.
"According to the Organization for Economic Co-operation and Development (OECD), though more individuals worldwide have access to basic financial products, consumers have shown limited understanding of such products and concepts," the regulator cited.
"They are also challenged when making informed, long-term financial decisions and choosing products that match their needs.
"This undermines financial well-being and inhibits the responsible behavior that supports the longer-term stability of financial systems and economies.
"In addition, ill-informed households make less sound decisions on savings and borrowing, and are less equipped to protect themselves against fraud and financial abuse.
"Policymakers have therefore shifted their focus to financial education programs that improve financial literacy."
The regulator noted that the literacy campaign's audience is intended to be school-aged children, young adults, prospective home buyers, homeowners, pre-retirees and retirees.

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