Alternative Financial Education, India
The Alternative Financial Education (AFE) programme was designed by MicroSave, for CASHPOR Micro Credit (CMC) – a leading MFI in north India. Based on product led financial education approach, the programme aimed to enhance knowledge, skills, and attitude of participants on product available to them; and increase objectives of the financial capabilities project were to: the uptake and usage of CMC’s savings and pension products and services.
MicroSave assisted CMC in development of the Alternate Financial Education (AFE) pilot started with a simple goal of enabling CMC clients to choose the right financial products and services appropriate to their needs. This goal helped to direct the main objectives and subsequent development of the AFE approach.
MicroSave trained the CMC staffs towards using the AFE approach and tools to encourage existing CMC clients to learn about new products and services in order to feel capable to make financial decisions appropriate to their needs.
MicroSave designed AFE approach consisted of creative and simple tools and methods that both CMC staff and clients could be excited about. The AFE tools and methods were crafted using the SWITCH Behaviour Change Framework. The AFE approach also helped in directing clients’ queries around the products’ utility and process as well as how to access and use them.
The critical benefit derived by CMC through this AFE approach designed by MicroSavewas that it helped to advance the financial capabilities of the rural women that were part of the project. It was also an excellent marketing platform that ultimately helped to increase uptake and usage of both savings and pension products. The AFE approach made it easier for centre managers to discuss key savings and pension products with their clients, and in the end, this led to a direct increase in product uptake and usage. The programme also resulted in increased product uptake and usage of CMC products.
To know more about the project and outcome assessment, please check this link.