Microfinance institutions network launches ‘MFIN Connect’, India’s first financial literacy app

Micro Finance Institutions Network has launched a mobile app that will help microfinance clients in educating them about microfinance.‘MFIN Connect’ is the first financial literacy app in India for microfinance education. MFIN is a self-regulatory organisation and industry association of the microfinance industry.The app launch marked the inauguration of ‘Microfinance in Asia - A Mosaic’, a two-day international conclave focused on microfinance. Ratan Vishwanathan, the CEO of MFIN added, “Microfinance has played an important role in providing access to easy finance to a underbanked and unbanked population from low-income households in the country.”MFIN has launched the app for Android devices on Google Play Store and it will support Hindi, Marathi, Telugu, Tamil and English at launch.Vishwanathan continued, “Improving financial literacy in this segment is absolutely necessary to avoid the danger of over-indebtedness. Keeping this in mind, we are launching a multilingual financial literacy app which will act as a guide and a ready reckoner for them. The app has different literacy modules with audio-visual elements for easy understanding and is designed to work in even low connectivity areas.”A number of representatives from regional development banks, policy makers, researchers, banks, investors, microfinance companies and telecom companies like RBI Deputy Governor, S Vishwanathan, Sriram Kalyanaraman, Managing Director & CEO, National Housing Bank were present at the conference.