Courtesy of News ABS-CBN.com
Ten financial literacy innovations were awarded grants and support by the PhilDev Foundation and Cebuana Lhuillier Foundation, Inc. (CLFI) to boost financial literacy in underserved communities in the Philippines.
Over 50 teams responded to the Financial Literacy Innovation Challenge launched in April 2021. They went on a three-week journey learning from seasoned innovators and entrepreneurs, financial literacy and inclusion experts, and youth advocates to help them develop their solutions.
The teams were also mentored by industry leaders from the combined network of PhilDev and CLFI to further refine their projects before the pitch competition held on May 17, 2021.
Exploring financial literacy innovations
The winning student teams stepped back and focused on the basics of financial literacy when they developed their projects. The winning ideas came from Team Project Southland Ugyon, +Ventures, The Salazars, Centavion, and PitaKabataan.
Nixsun Casuncad from Team Project Southland Ugyon shared how the competition provided them an opportunity to create a solution that complements their college’s livelihood program for the residents of Sitio Bakyas in Kabankalan City, Negros Occidental.
“Our idea came about when we talked to the [Sitio Bakyas’] community leader and found out that they don’t have enough knowledge about running a business nor basic bookkeeping and record keeping. This is why our team focused on financial education and mentorship in our idea,” said Casuncad.
Teaching financial literacy basics to the community is also a key strategy of +Ventures in their fintech startup called Nubank PH. +Ventures’ founder Clarence Janna Nieva said “tackling the basics that are practical yet impactful can provide the communities a solid financial foundation, and from there, they can build more.”
Meanwhile, a team of students from the University of Santo Tomas (UST) called The Salazars pitched a multi-level intervention called FILEx or Financial Inclusivity and Literacy Express to emphasize the importance of sustained engagement with the community.
Read more on ABS-CBN News.