Banco de Portugal and the Ministry of Labour, Solidarity and Social Security will work together to promote the use of basic bank accounts. The cooperation protocol between the two entities was signed this afternoon by the Minister for Labour, Solidarity and Social Security and the Governor of Banco de Portugal.

Both the Government and Banco de Portugal recognise how important it is to raise awareness of basic bank accounts and to increase financial literacy and, as such, have co-organised several initiatives in this field. For instance, under the National Plan for Financial Education, they signed an agreement to include financial literacy in the vocational training provided by the Portuguese Institute for Employment and Vocational Training (IEFP) to young people and adults.

The protocol signed today provides for joint initiatives to promote and publicise basic bank accounts, including at Social Security and IEFP’s offices and agencies, as their staff contacts directly with the basic bank accounts’ target population. All materials will be available in Portuguese sign language and in Braille, meeting accessibility standards.

The cooperation protocol also establishes that Banco de Portugal will provide training for employees of the Social Security Financial Management Institute, the Social Security Institute, the IEFP and the National Institute for Rehabilitation, especially employees working in direct contact with the public.