On May 18, 2023, Finlit Nepal collaborated with Aloi- Pvt Ltd to conduct a financial literacy training program for members of the Sitapaila Multipurpose Cooperatives. Aloi Nepal is a company that empowers green grass-root entrepreneurs through a methodical and secured loan journey process. In this program, there were forty-four women in total some of whom even owned SMEs and some of whom were prospective micro-entrepreneurs. This initiative not only helped transform the financial habits of the participants but also provided them with valuable insights into loan usage, payment, and processes offered by Aloi Nepal. One of the main objectives of the program was to promote agriculture, SMEs as well and the usage of electronic vehicles. This is one of the many initiatives that comply with FinLit Nepal’s mission to promote renewable/sustainable energy and work against climate change.
We carefully designed the content of the workshop based on the participants’ backgrounds to cater to their specific needs. Therefore, we focused on five main thematic areas: personal finance & management, savings, investment, credit scores & loans, and bookkeeping. Before the program, most people did not even have basic knowledge about these topics. In fact, most people did not have access to formal sources of credit or were demotivated by the lack of knowledge on collateral and credit scores. Therefore, in the session, we provided succinct information on Aloi Nepal’s platform which heavily reduces the hassles and long process to the clients for the loan-taking process. Aloi Nepal’s software platform digitally monitors loan expenditures and repayments through verified merchants which makes the process easier.
We made sure the program and the activities in the program were engaging; so that all the participants were actively involved throughout the session. In addition, the concepts taught in the workshop had real-life applications-based activities with it. These activities helped participants implement the concepts taught in the session and apply their knowledge and skills. Overall, all of the participants were curious throughout the session and had a great zeal of energy to learn.
Although the session was three hours long, a range of topics were covered, and conducted several activities. Even after the program ended, the participants were eager to understand more about Aloi’s loan-taking platform and services as well as other financial concepts. The main highlight of the program was that the participants were able to learn various financial concepts and then apply them to their own lives. Through this program, FinLit Nepal showcased the importance of personal finance management as well as the importance of using electronic vehicles. These small steps towards financial inclusivity and environmental sustainability practice will surely transform our participants into rational decision-makers.