FINO facilitates largest financial literacy project in Bihar to train ASHA workers

Friday, 25 March 2016

ASHAs to provide financial awareness to poor rural women beneficiaries of various health related schemes


March 25, 2016, Mumbai: FINO Fintech Foundation Ltd, a subsidiary company of payments bank licensee FINO PayTech, is currently executing one of the largest financial literacy programs in the state of Bihar. In association with the state health society, FINO is conducting financial literacy sessions for the primary benefit of ASHA (Accredited Social Health Activists) workers and women beneficiaries of various health schemes across the state.


Affiliated to the National Rural Health Mission (NHRM), ASHAs are paid performance-based incentives for promoting universal immunization, referral and escort services for reproductive and child health and other healthcare programmes. Coming from low income households, it is important they manage their hard earned money properly.


Similar is the case with women beneficiaries. For instance, for women receiving Rs 1400 under Janani Yevam Bal Suraksha Yojana in rural areas, a bank account will help them receive the amount in full. To take further finance decisions, it is important they are financially literate.


Financial literacy is the key for financial independence for everyone, especially women,” says Shailesh Pandey, Head-Strategy, FINO PayTech. “The program will benefit ASHA workers, who would further train the women folk in the villages to take informed savings and investment decisions. We are pleased that our efforts will financially empower all the ASHA workers and poor women beneficiaries in rural areas across the state of Bihar.”


The 6-month financial literacy project FINO will train ASHA workers across all the 33 districts and 480 block primary health centres in Bihar. Trained by experienced FINO staff, ASHAs will first help women beneficiaries open bank accounts to receive their payments. Over a period of time they are expected to empower an estimated 25 lakh women availing benefits of various health schemes across the state.


The financial literacy program aims to achieve the following objectives:


  • Impart basic financial education/ financial literacy concepts and G2P payments through the launch of PFMS (Public Financial Management System) program

  • Introducing the ASHA workers to formal financial system by involving local bankers and business correspondents (BCs) during the training


It may be noted that over the last 8 years FINO executed financial literacy projects on behalf of NABARD, World Bank and many others organizations across Rajasthan, MP, UP, West Bengal, Odisha, Tamilnadu and Karnataka. The sessions empowered more than 3 lakh rural people across these states.