“Financial education is a tool in the process of coming out of poverty.”
Poor people in developing countries share the same goals as all people – economic security for themselves, their families, and future generations. The main difference is that they have fewer resources and opportunities. For poor people, good
Money management is a daily challenge. Pressures on their cash flow are persistent and often urgent. Future planning becomes difficult when people are struggling to make ends meet on a day-to-day basis. While the poor in developing countries use many creative and sometimes complex strategies to manage their money, these often develop through trial and error rather than by design. They often tend to be more reactive than proactive. Unfortunately, “reactive” money management strategies can have severe repercussions when they deplete assets and place a claim on future income.
Financial education has a role in building the capacity of the poor to gain control, become proactive, use information and resources to enhance their economic security, and more effectively use financial services. When better-informed Mwananchi credit clients become better consumers of financial services, Mwananchi Credit benefits, and products like Logbook loans in Kenya go a long way in assisting in sorting short-term and medium-term financial needs
People who receive Mwananchi Credit financial education benefit from the following:
• The knowledge and skills to wisely manage their money
• The capacity to use financial services
• Increased self-esteem and confidence as a result of incremental successes in achieving financial goals and,
• Greater ability to demand higher quality products and services from Mwananchi Credit, including Title deed loans, Cheque discounting, trade finance, and check-off loans to Kenya Government employees
Institutions providing financial education like Mwananchi Credit will benefit from the following;
• Attract more clients — when consumers fully understand financial services and products, they are more willing to use them;
• Better retain existing clients – Mwananchi demonstrates concern for its customers by offering financial education is more likely to engender greater client loyalty
• Gain better market information for use in improving products and services — feedback from both learner-centred education and informed customers provides input on client preferences, and have a competitive edge
Welcome to Mwananchi Credit and enjoy financial education as you enjoy excellent products including Logbook loans, Check-off Loans, and Title deed loans among other exciting need-based loan facilities
