Financial Literacy

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. It is important that the people in the rural areas understand why saving money is important and what they have to know about loans. We also educate them to maintain the personal budget record keeping which they can the track of their income and expenditure.

Basic Financial Literacy Module

RENEW Microfinance 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 clients of RENEW Microfinance, basic financial literacy modules have been developed. The modules encompass topics such as setting of financial goals, saving methods and techniques, expenditure management, borrowing decisions and budgeting. The briefings are conducted during the center meetings. In the following month during the center meetings the clients receive a budgeting book and then the loan officers demonstrate and explain how to use it best. Staff of RENEW MFI trains people how to maintain the personal budget record keeping tracking income and expenditures.

It is important that the people in the rural areas understand why saving money is important and what they must know about loans. There are specific events for financial literacy – we celebrate the Global Money Week and Entrepreneurship Day showing people the value of good planning.

 

The module includes:

  • Introduction to Financial Literacy Program
  • Setting Financial Goals
  • Savings Methodology and Techniques
  • Expenditure Management
  • Borrowing Decisions
  • Budgeting