Fintech firm Cashalo has launched Cash Academy — a nationwide financial literacy program for Filipinos who want to improve their financial health and micro-entrepreneurs looking to grow their own businesses — earlier this month.
The program is backed by the Asia Society for Social Improvement and Sustainable Transformation (ASSIST) Asia, Google, Go Negosyo, and the Department of Trade and Industry (DTI).
Cash Academy aims to deliver comprehensive insights on sound financial management through eight free learning modules and training resources. Cash Academy’s beta phase has already reached 10,000 Filipinos already.
Cashalo general manager Hamilton Angluben explained that through Cash Academy, Cashalo will be able to intensify its efforts to empower the everyday Filipino with the skills, confidence, and opportunity to steer their financial future towards wherever they need it to be. The program, he added, can be delivered easily on top of being scalable nationwide and can help improve the socio-economic industry through financial autonomy.
“The official target (of the program) would have to be those who are Internet-savvy and those who have smartphones. That’s why we’re supplementing it with an offline program just to ensure that not only those who are internet savvy are reached, but as well as those who are still operating more on an offline environment,” Angluben disclosed in an exclusive interview with Newsbytes.PH.
Angluben likewise mentioned that Cashalo is utilizing a two-pronged strategy. It’s keeping in touch with both the online and offline aspects. This way, no sector is excluded. In line with this, Cashalo is seeking more collaborations with brands and government.
Based on Bangko Sentral ng Pilipinas’ (BSP) latest Financial Inclusion Survey, almost a third of the adult population in the country remains unbanked and a Standard and Poors (S&P) report revealed that only a fourth of Filipinos are financial literate.
The short video learning modules are hosted at www.CashAcademy.ph, a dedicated microsite that also invites visitors to take a localized version of the World Bank 7-point financial literacy quiz to gauge their basic financial understanding and knowledge.
“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,” said Angluben. “At Cashalo, we agree and are excited to continue to play a leading role in realizing a more financially inclusive future for all Filipinos.”