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News & Events

Banking and Business Bodies Come Together to Promote Better Financial Literacy Across the SME Sector

The leading representative bodies for banks and SMEs have joined forces behind the promotion of a free online learning tool, www.dolearnfinance.com, to help the owners/managers of start-up, micro and small businesses to improve their financial management skills.   

Banking & Payments Federation Ireland (BPFI), Chambers Ireland, Dublin Chamber of Commerce, Irish Small & Medium Sized Enterprises Association (ISME), Microfinance Ireland and the Small Firms Association (SFA) are at one in recognising the importance and value of promoting higher standards of financial literacy across the SME sector.  They share a common position: building and minding the business on a day-to-day basis is crucial and understandably time-consuming for entrepreneurs; but this must also include understanding the overall financial performance of the business and the levers that affect its performance.

Using various resources and practical business examples, the www.dolearnfinance.com tool enables SME owners/managers to gain a greater understanding of the most common financial terms and concepts and simple financial techniques in a user-friendly way, thus helping them to better manage their businesses.

Each of the supporting organisations are committed to promoting awareness and usage of the online tool through their online and offline communications, training and information programmes. 

Launching the joint initiative, the Minister for Enterprise, Business and Innovation, Heather Humphreys TD, stated, “In the coming weeks, I will be launching a new SME and Entrepreneurship strategy for Ireland under Future Jobs Ireland. One of the key focuses of the strategy will be stepping up financial skills and knowledge among SMEs, as well as increasing the take-up of guarantee schemes. I welcome the launch of DoLearnFinance as a step in the right direction and would like to commend the partners involved.

“Our vision is to help create an environment where no small business fails, or fails to reach its potential, because of a gap in financial skills that can be remedied with minimal time and effort” says Jack Foley, Chief Executive of DoLearnFinance.

SMEs are central to the welfare of the national economy and local communities, which is why the bank-SME relationship is so very important. Higher standards of financial literacy will enable SMEs to get the most out of that relationship”, states Brian Hayes, Chief Executive, BPFI.

“Tools such as this are essential in supporting SMEs to improve their financial literacy. Improving the competitiveness and productivity of SMEs is crucial, especially in light of the increasingly difficult trading conditions that Brexit is likely to bring. Better financial literacy will go a long way in achieving this aim,” says Ian Talbot, Chief Executive of Chambers Ireland.

Sven Spollen-Behrens, Director SFA: “With the financial world becoming increasingly complex, there is a compelling need for small business owners to improve their financial knowledge and skills. The SFA and its partners are committed to addressing this issue and will continue to work towards raising financial literacy amongst small businesses.”

Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Jillian Heffernan, Head of Communications, jillian.heffernan@bpfi.ie 087 9016880