MFIN Launches Financial Literacy App on Microfinance
The App is aimed to help the Microfinance seeker in understanding dynamics involved in microfinance including credit history, interest rates, repayment cycles and their rights as a borrower.
NEW DELHI: Microfinance Institutions Network (MFIN), a self-regulatory organization and industry association of the microfinance industry launched a financial literacy mobile app for its clients.
Speaking at the launch Ratna Vishwanathan, CEO, MFIN said, “Microfinance has played an important role in providing access to easy finance to underbanked and unbanked population from low income households in the country. While micro credit has contributed in improving microfinance beneficiaries’, especially women’s, financial and social status, it is also crucial that they are aware of their rights and importance of practicing responsible borrowing. Improving financial literacy in this segment is absolutely necessary to avoid the danger of over indebtedness. Keeping this in mind, we are launching a multi lingual financial literacy app which will act as a guide and ready reckoner for them.”
The financial literacy app has been released on Android platform and will be available in six languages including Hindi, Marathi, Telugu, Tamil and English.