Cashalo, the leading fintech platform serving millions of unbanked Filipinos and business, Cashalo launches Cash Academy, its 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 Juan with the skills and services needed to be independent and more capable to improve their financial health and unlock economic potential.
The program comprises eight free learning modules and training resources aimed at delivering a holistic and practical overview of sound financial management to help Filipinos become “Pera Experts”- financially aware and responsible. It also offers training on the responsible and efficient use of financing for microentrepreneurs to start and grow their small businesses.
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.
The latest Bangko Sentral ng Pilipinas (BSP) Financial Inclusion Survey indicates that 77% of the country’s adult population remains unbanked. According to a Standard and Poors (S&P) report, only 25% of Filipinos are financially literate. And as of last year, only 12% of Filipino adults borrowed from a formal financial institution. Cash Academy forms a critical aspect of Cashalo’s mission to accelerate financial inclusion and supports the BSP’s efforts to improve financial literacy in the Philippines.
Managing Director Pia Bernadette Roman Tayag of BSP’s Center for Learning and Inclusion Advocacy, said: “CashAcademy demonstrates Cashalo’s commitment to our shared goal of promoting financial literacy. It is heartening to see a financial service provider embracing this goal not simply as corporate social responsibility but as a strategy for sustainability. Market players who take customer centricity and empowerment to heart have much to gain in a market with clients that seek, know and reward good financial service providers. Moreover, financially literate clients can drive the demand for better financial services, and, by the power of their informed choice, can instill greater market discipline, innovation and competition. As such, they become crucial partners of the BSP and other regulators in promoting financial inclusion and stability.”
Hamilton Angluben, General Manager of Cashalo, said, “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.”
The Cash Academy program has been purpose-built for Filipinos to learn and understand basic financial concepts enabling them to make responsible financial choices. Working with world-class learning and development partners, Cashalo has co-developed eight learning modules that 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 they are financially literate.
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.