Financial literacy
Financial literacy is a key element of any healthy microfinance program. Without basic financial literacy, we have seen too many individuals, who are trying to lift themselves out of poverty, struggle with misunderstood leases, or contract clauses, or the stringent payment schedules of lenders.
One size does not fit all, in financial literacy, and a community-based program delivered in a classroom setting, with formal curriculum may work in some neighbourhoods; in others, a more informal, situational training may be required, perhaps with elbow translation and consideration of some specific cultural contexts.
