Financial education in microfinance NEGROS WOMEN

Transcript:Financial education in microfinance NEGROS WOMEN:
Financial education in microfinance NEGROS WOMEN FOR TOMORROW FOUNDATION INC Founded on August 9, 1984 Registered with SEC on March 6, 1986 Established Project Dungganon in 1989 Started Project Kasanag in 2000 (Individual Loan window) Opened Dungganon Bank (a Microfinance Thrift Bank) in 2005 Organized DO-IT Foundation in 2011 Has 58 Branches in 14 Provinces in the Visayas & Palawan catering to 131,000 Active Loan Clients 921 total workforce M I L E S T O N E S M I L E S T O N E S Brief Background Why is the provision of Financial Education important? Most of our clients are poor women who are less educated, but have some IGSS or Income Generating Survival Skills that they relied for their survival in their many years of poverty. Financial Education concretizes their crude business knowledge, experience & skills, to make sure that they earn profit from the businesses they presented to NWTF for funding. How did NWTF develop the program? Who were Its partner? The Financial Education of NWTF is customized, a result of a diligent search for a program that could meet clients’ need. We don’t have formal partners, but we acknowledged some Institutions whose manuscripts, publications & training programs were valuable in the development of our own. How does NWTF deliver Financial Education to its clients? Who conducts it? The Client Services Department was established precisely to deliver the Non-Financial Services to the end-clients, that include among others, Financial Education. CSD has qualified trainers to run financial education sessions. What are the challenges encountered by the Organization in the promotion of Financial education? Income lost while attending Financial Education; Appropriate tools to measure social and financial impacts of trainings for the end-clients & cost-benefit to the institution. What are the results you want to see? What are the measures of success in the context of your organization’s promotion of financial education? Results We Want To See: Families are able to identify income sources’ that have potential to bring in more inflows & recognizing some unnecessary family expenditures that should be reduced /or minimized, to bring a surplus for the family; Prepared Family Financial and Family Saving Plans, for a happy future; Prepared Family Cash flow Plan with Savings incorporated in the outflow. Measure of Success: Change in Attitude Income Surplus (in form of savings or money infused to an existing business). My Saving Plan My