Microfinance Institutions Network (MFIN), a self-regulatory organisation and an industry association of microfinance, has launched a financial literacy mobile app for microfinance clients.
The app was launched in the capital in the presence of Meenakshi Lekhi, Member of Parliament, and Manoj Mittal, Deputy Managing Director, SIDBI.
Speaking at the launch event, Ratna Vishwanathan, CEO, MFIN, said that improving financial literacy in this segment is absolutely necessary to avoid the danger of over indebtedness.
"Keeping this in mind, we are launching a multi-lingual financial literacy app which will act as a guide and ready reckoner for them (microfinance clients)," she added.
The financial literacy app has been released on Android platform and will be available in six languages, including Hindi, Marathi, Telugu, Tamil and English.
It is aimed to help microfinance clients in understanding the dynamics involved in microfinance, including credit history, interest rates, repayment cycles and their rights as a borrower.