Introduction

Project Introduction Financial Literacy Training was of 1000 women from various parts of Karachi and Thatta have been identified and select them as beneficiary of the financial literacy training program. Financial Literacy Training is valuable both for young and senior women beneficiaries that will enabled in digital accounts, digital banking, and mobile accounts as well as start new businesses or sustain existing businesses. Training aims to help the beneficiaries understand the importance of budgeting, bank accounts, investments, savings, financial planning for their businesses and their households/families and insurance. Women beneficiaries also educated about the financial products available in the market and which organizations, banks, and institution offered the small loans and interest free loans.

IET provided support to improve management practices by presenting types of investments, methodologies and guidance on how to set up a good investment management at a small enterprise level. The participants have expressed interest to set up their own businesses so that they can have a better quality of life.

This training aims to equip them with financial concepts essential to start-up and run a successful risk-free enterprise, including entrepreneurial skills, functionality of financial assets such as savings and investments, operation and maintenance of their finance, payment methods, analyzing financial situations and financial assessment. All the training material that beneficiaries receive have been designed in Urdu to ensure maximum comprehension of the content. The agenda and complete content have also been developed in Urdu and shared with the beneficiaries. This training has a total of 1000 women beneficiaries to learn financial skills to better their employment opportunities and to equip them with tools to setup their own enterprise.

The selected beneficiaries are talented individuals from the age of 17 to 68. Various methods of teaching have been employed like lectures, presentations, video clips, group activities, demonstration of concepts, role playing, participant presentation all of which finally culminates into a practical simulation of an enterprise.

The financial literacy training program is very important for women because it equips them with the knowledge and skills that they need to manage money effectively. Training initiative will be taken in order to equip these women with the idea how to prepare and manage Domestic Budgeting, Principles of Budget Preparation, Introduction to Savings, Options for Savings, Introduction of investment, Types of investments, Introduction to Financial Services, Micro Credit / Loans, Importance of Bank Account, Introduction of Insurance, Types of Insurance Policies.

Objectives

• Develop the basic Financial Skills of women for Banking and PLS Accounts.
• Developing skills and attitudes towards budgeting, savings, and investments.
• Create awareness about the National Financial products and Services.

Project Aim

Project aims to improve the financial literacy of Thatta and Karachi based women, especially focusing on beneficiaries of the Ehsas and BISP programs and young girls. The provision of financial literacy training will contribute to beneficiaries’ increased ability to improve their financial stability and can be able to operate their ASAN mobile account and can develop their small enterprise at the local level. This training was also supportive to women beneficiaries can avail the financial products; such as microcredit from private banks, financial institutions, and NGOs.

Project Team Orientation

The Indus Earth Trust will organize an orientation workshop at the beginning of the program whose major goal will be to inform the beneficiaries about the project philosophy, objectives, implementation strategy, work plan, project outcomes, project monitoring, and sustainability. Furthermore, master trainer have been oriented by the Bank Al-Falah team about the digital financial literacy and its digital banking, mobile accounts for women. Following different bank account options for women have been presented;

• Agent Creation Account
• Falah Asaan Women Digital Savings Account
• Al-Falah Islamic Bank Account
• Alfa Wallet Account

Meetings with Women Folk

IET project team to sensitize local women in the meetings on the following points It prepares them for emergencies. Women can help deal with rising costs of living and inflation if they are financially literate. Children tend to be more influenced by their mothers than their fathers. Being financially literate sets a good example for your children as well. In most households, women are responsible for the day-to-day expenses. Thus, it is helpful for them to know how best to use the money. Women tend to live longer than men, and thus they should have the knowledge to carry on their day-to-day affairs and manage finances. Women who are financially literate gain more confidence in their own decision-making.