Armenia’s financial sector has the potential to play a key role in addressing the issue of food insecurity in the country. As part of this effort, Idram took part in a panel discussion titled “Improving Food Security through Financial Solutions,” organized by the UN World Food Program (WFP).

“Hundreds of thousands of people in Armenia struggle with food insecurity, meaning they either lack the financial means to purchase food or are forced to choose unhealthy options due to financial constraints” the news release reads.

According to Nanna Skau, UN World Food Program (WFP) Representative and Country Director in Armenia, the low level of financial literacy in Armenia further exacerbates food insecurity: “Many families are forced to take unsustainable measures, such as borrowing money or cutting back on healthy food to reduce expenses.”

Grigori Yolyan, Commercial Director of Idram, highlighted that the lack of financial literacy prevents people from effectively planning their expenses, leading to improper management of their income: “Idram can serve as a valuable financial tool to address these challenges by enhancing financial literacy among the public. The most powerful tool today is the Idram app, which allows users to track their income and expenses.”

It is noted that as part of its efforts to foster a more financially literate generation, Idram has developed the “Idram Junior” app. Designed for children aged 8 and older, the app teaches essential financial skills, from making online payments to budgeting and expense planning, all under careful supervision.

Idram is supervised by CBA.