RENEW MFI actively supports the elevation of financial literacy in rural regions. This enables the rural population to save and to take up loans wisely.
For the members of the Microfinance Project, basic financial literacy module has been developed. The modules includes introduction of financial literacy program, setting of financial goals, savings method and techniques, expenditure management, borrowing decisions and budgeting. The briefing are conducted during the center meeting. In the following month of the center meeting the clients are issued with a budgeting book and then the Fields staff demonstrate and explains how to use it along with its benefits. We educate them to maintain the personal budget record keeping which they can the track of their income and expenditure.
It is important that the people in the rural areas understand why saving money is important and what they have to know about loans.