MFIN launches mobile app to spread financial literacy

MFIN, an association of the microfinance industry in India, today launched a financial literacy mobile app for clients.
The multi lingual financial literacy app will act as a guide and ready reckoner for the clients, said Microfinance Institutions Network (MFIN), which mainly caters to underbanked and unbanked population in the country.
The 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 clients in understanding dynamics involved in microfinance, including credit history, interest rates, repayment cycles and their rights as a borrower, said MFIN CEO Ratna Vishwanathan.

The app has different modules with audio-visual elements for easy understanding and is designed to work in even low connectivity areas.
"We hope that through this app we are able to impart financial literacy to microfinance beneficiaries across regions so that they are well informed while availing micro credit," Vishwanathan said.
MFIN's has 51 NBFCs Microfinance Institutions (MFIs) registered as members/associates in the country.