Financial Literacy Program
As part of its mission, FMFB aims to undertake responsible financing by building sound practices that protect its clients and reduce financial risks. Limited knowledge of basic financial concepts inhibits the ability of clients to make informed financial decisions. Even clients who have knowledge of basic financial concepts cannot make informed financial decisions unless the financial institutions adopt appropriate disclosure and transparent practices about their product/service offerings.
In lieu of the aim to educate clients and improve disclosures, in December 2014, FMFB developed Financial Literacy Booklets in Urdu language, as a first step towards introducing basic financial concepts to its clients. Building on to this campaign, in 2016, FMFB launched a basic financial literacy program for its loan clients that aimed to propagate rights and obligations of individuals as clients of the bank, as well as educate them about product features and their costs, main terms and conditions of taking a loan along with the mechanism to file complaints. It also encompassed important financial consumer protection messages. In order to cater to the segment of FMFB’s client base which cannot read or write, the financial literacy program has been developed with a view to delivering important information to clients verbally.
In 2017, FMFB developed and launched Financial Literacy infomercials, a first for the Micro Finance Industry in Pakistan. These infomercials aim to explain and convey basic financial literacy information to clients in order to foster financial inclusion. The initial program consists of 5 brief animated videos in Urdu Language.