Swadhaar Saathi Money Management App

Swadhaar FinAccess

C. K. Pralhad

The problem of poverty must force us to innovate”

Introduction: Swadhaar FinAccess

Not for Profit organization working with low income communities in Urban Semi & Urban areas in Mumbai, Gujarat, Rajasthan and Bihar.

Mission Statement

To assist the urban poor, especially women, to enhance their economic capacity by providing financial education and training, and facilitate access to financial services such as savings, insurance and loans, that will enable them to cross the poverty line and meet aspirations for a better future.

2006 Financial Education for

loan clients

2008 •Financial Education for community

•Modules developed after study

•Methodology: Class room &

travelling teams

2012

• Fixed Financial inclusion and Literacy Centers

• Limitation for scale and need for skilled trainers

2015 •Digital Financial Education

• Financial Health workers

•Client Education for RBL Bank

2016 • Development of

Swadhaar Saathi App

• Swadhaar Dost

Field workers app

11 Years Journey

Meet Seema and Harish • Live in a slum communities

• Work in informal sector - variable income

• Saving in informal sources

• Credit surrogate to saving and insurance

• High faith in informal sources of finance

• Bank accounts opened through Jan Dhan

Yojana but dormant

• Credit from micro finance institutions as well

as informal sources

• Low access to insurance and pension

App is for household but the focus is on

women

Financial Literacy leading to Awareness but did not translate to behavior change

Need regular nudges / reminders and linkage to products

The mobile wallet project showed 60% of the women made repayments via mobile wallet.

Inspiration for the App

Features of Swadhaar Saathi Swadhaar Saathi

Money Management Tool for low income households

manage their finances

plan for their goals

link to financial services

Unique Features

• UI simple and with icons

• Regional language

• Audio support through a MASCOT

• Interactive messaging with financial literacy modules

• Assistance by Financial Health Workers who use field workers application

• Facility of call centre through the app

• Data Analytics

Swadhaar Saathi aims

• Management of Money • Access of information

readily and in small bits

• Build financial capability • Ease of access to service • Optimizing adoption

financial product

Goal To build financial capability of low income segments to use financial products and services and optimize their usage.

5,000 ACTIVE USERS IN MUMBAI, GUJARAT, RAJASTHAN AND BIHAR

30% USE APP ACTIVELY (3 TIMES A WEEK)

IMPACT

(Among 170 Pilot users)

Women started using the app independently within a month (initial support was given by our peer educators They felt more empowered when using the app \ “have more control over money” “ initially I had apprehensions, now I trust the app”

IMPACT

111 Insurance 70 Bank accounts 44 Recurring deposits 3 Fixed deposits 44 Sukanya Samruddhi. The linkages to the products were done with

help of trainers / Financial Health Workers.

(Result with 170 pilot users)

OTHER OUTCOMES

Women started independently using the app within a month (initial support was given by SFA team/family members) .

Women feel empowered when using the app. “We have more control on our money. “

After the initial apprehension, they trust the app

WINNER METLIFE INCLUSION PLUS 2017

Pradhan Mantri Jan

Dhan Yojana

- 256 million

Aadhar card –

90% of the

Indians

900 million

mobile connections (GSMA Mobile Economy Report 2013, India) figure is expected to rise to

1.16 billion

Strong infrastructure of digital financial

services is been created

Build capabilities of low income

segment

Opportunity

FINANCIAL EDUCATION PLATFORM CREATING MARKET PLACE FOR PRODUCTS

NEXT STEPS

PROJECT SUPPORTED BY

THANK YOU Web: www.swadhaar.org Email: info@swadhaar.org