Financiers are planning to educate the masses.

The Citigroup Foundation and the National Community Capital Association (NCCA) announced a new three-year, $375,000 initiative to promote financial innovation and education that increases economic opportunities in emerging domestic markets in all 50 states.

The new partnership will provide for research and development of innovative financial products and services, as well as financial education assistance to strengthen and expand the community development financial institution (CDFI) industry that serves low-income and other distressed communities across the US.

Along with Citibank Community Development, NCCA and Citigroup Foundation also announced that the groups would be the lead sponsors of The National Community Capital Association 2005 Conference scheduled for October 19-22, 2005 in Los Angeles. The new Citigroup Foundation/ NCAA partnership, entitled "The Financial Education and Innovation Partnership," should help transform the CDFI industry by increasing the flow of private capital into low-income communities and providing a financial education system for community development finance.

Mark Pinsky, president of the National Community Capital Association, said: "This financial education and innovation push will allow us to leap, rather than crawl, forward."

Commenting on Citibank's involvement, Andy Ditton, national director of Citibank Community Development Real Estate Group, said: "This partnership allows us to work with both local and national organizations to strengthen communities across the U.S."