With digital technology becoming more and more ingrained in the lives of Filipinos, it’s surprising to note that 77% of the population remains unbanked and underserved. Financial literacy is still something that has to gain traction and fintech platform Cashalo aims to change that through its new program Cash Academy.
Cash Academy is a nationwide financial literacy program targeted at every Juan, with the aim to develop a generation that is more financially knowledgeable, responsible, and empowered. This is in line with the company’s mission to provide every Filipino with the skills and services needed to be independent and more capable to improve their financial health and unlock economic potential.
The program is composed of eight free learning modules and training resources aimed at delivering a holistic and practical overview of sound financial management. It also offers training on the responsible and efficient use of financing for microentrepreneurs to start and grow a small business. This aims to help Filipinos become financially aware and responsible, a.k.a. “Pera Experts.”
In partnership with ASSIST Asia, Google, the Department of Trade and Industry (DTI), and Go Negosyo, Cashalo has already delivered online and offline financial literacy and business skills training through the beta phase of the Cash Academy initiative to over 10,000 Filipinos to date.
Cash Academy forms a critical aspect of Cashalo’s mission to accelerate financial inclusion and supports the Bangko Sentral ng Pilipinas’ efforts to improve financial literacy in the Philippines.
“Millions of hard-working and underserved Filipinos are held back from building a better life because of poor financial literacy and access. By equipping every Juan with basic foundational knowledge through our Cash Academy financial literacy program, we strive to empower them with the skills, confidence, and opportunity to take control of their financial future. Our programs are designed to be easily delivered where people are, scalable nationwide, and help drive socio-economic contribution through financial autonomy,” says Hamilton Angluben, general manager of Cashalo.
The Cash Academy program’s eight learning modules cover basic financial concepts like budgeting, money management, and credit. A dedicated microsite www.CashAcademy.ph hosts these learning modules in the form of short videos, which can also be accessed via YouTube. After watching these, visitors will be invited to take a localized version of the World Bank 7-point financial literacy quiz that gauges their basic financial understanding and know-how. Those who pass the quiz will be given a digital certificate to signify their financial literacy level.
With the launch of Cash Academy, Cashalo intends to scale the program nationwide through strategic partnerships with public and private sector organizations in order to help raise the level of financial literacy in the country. Over the last year, Cashalo has formed alliances with various enablers such as the DTI’s SME Roving Academy (SMERA) a learning program promoting the competitiveness of micro, small and medium enterprises (MSMEs). Since last year, Cashalo has participated in multiple SMERA events, conducting face to face workshops that harp on making sound financial decisions and entrepreneurship to DTI-registered businesses. Cashalo also supports Google’s digital literacy training for women, Digiskarteng Pinay; and ASSIST’s digital empowerment movement, DigiBayanihan.
Cashalo leverages collective action and collaboration to fulfill its mission of unlocking financial freedom and opportunity for Filipinos. “Partnerships with government and organizations such as ASSIST, Google and Go Negosyo are vital to achieving our goal, as we work as a collective force to drive inclusive, sustainable growth and strengthen communities across the Philippines,” added Angluben.
The late BSP Governor Nestor A. Espenilla, Jr. noted, “Financial education is a powerful tool that supports individual well-being as well as economic growth. Filipinos with the ability to understand, select and use financial services suitable for their needs can better take advantage of economic opportunities, and gain maximum benefit from participating in the formal financial system.”
“At Cashalo, we agree and are excited to continue to play a leading role in realizing a more financially inclusive future for all Filipinos,” Angluben concluded.
