Over the past five years, Thai Credit Retail Bank (TCRB) educated more than 65,000 micro business owners especially "mum and pop" wet market vendors in financial literacy. This year alone the bank has 25 thousand participants through its Live Online sessions.
TCRB is confident that financial literacy helps micro business owners to become more empowered in navigating their daily finances, teaches about financial planning and offers immunity in fighting against economic crises including the impacts of the ongoing Covid-19 pandemic. Following on from the launch of its "Smart micro customers: hardworking, saving with discipline" financial program in 2017, the bank developed a new program, "Tang To Know-how" which translates to "Make Money, Save Money, Increase Money" and seeing the number of participants trained increase rapidly every year: from hundreds in the first year to tens of thousands at present.
TCRB's managing director Roy Agustinus Gunara said that vendors, are a fundamental part of Thailand's economy. Through Tang-To Know-How, Thai Credit is determined to enable micro business owners enjoy a better quality of life and sustainable business growth in line with the bank's philosophy of "Everyone Matters". The course is in compliance with the academic financial literary and is certified by the School of Accountancy, the University of the Thai Chamber of Commerce (UTCC). Our financial literacy program helps vendors optimize and maximize their money: enhancing opportunities to generate more income. It is thus key to enabling micro business owners to apply the knowledge to survive in life as well as during inevitable economic crises that could arise.
Due to the Covid-19 pandemic, TCRB adjusted its strategic plan from on-the-ground learning to a full online training program using various forms of communication including animated video clips that can easily be found on YouTube and Facebook Live. The participants include both the bank's micro business customers as well as the general public from various professions, with Facebook Live being the most attractive mode of learning. This year, the number of participants surged by 37% over the previous 12 months.
In addition to better financial behavior and discipline, the rise in the number of participants every year reflects the success of the project. Results show that 84% of the participants felt they became more financially disciplined and had an improved debt management plan while 11% felt more confident in growing their businesses. Furthermore, Thai Credit has been recognized and applauded by the Thai government for being a financial institution that transfers financial literacy to the people constructively and continuously.
Tuanjai Unjan, Director of Community Capital Promotion and Development Unit, the Development of Community Capital and Microfinance Bureau under the Community Development Department, the Ministry of Interior, said that the unit has benefited from great support in financial literary including savings management and household debt management from the TCRB's speakers, who demonstrate great professionalism and capability, and have a high level of financial management knowledge. In addition, they have trained technical officers at the Development of Community Capital and Microfinance Bureau to be professional speakers, who will transfer knowledge to the communities.
"We agree that financial management is critical to building security and improving quality of family life. Next year, the department plans to expand the financial training throughout the country by pioneering the training for 14 directors and members of savings group for production schools in 13 provinces.
"Next year, Thai Credit will further develop the Tang To Know-how program and make it more intensive through an insightful Business and Financial content that will allow participants to learn both theory and real practice. Participants will have a chance to share real best practices of successful micro business owners. The program aims to enhance knowledge and enable the participants to apply it to their business," Gunara said.
One of the participants, Chantana Jongsamran, a small drinking water producer in Kalasin province, said that recording her income and expense has helped her to prepare a better financial plan. As a result, she could save more of the money she earns from doing business.
Anchalee Winyoo, a grocery shop owner in Ang Thong province, said that the learning she acquired from the program was very useful to her financial management. She could pay off informal loans and improve her credit by repaying her debt to the bank on time.
Pornnapa Teja, the owner of Pla Phao (grilled fish) restaurant in Chiang Mai province, acknowledged that financial literacy was crucial especially during the Covid-19 pandemic when she was forced to adjust her way of life. She needed to learn how to a prepare cautious financial plan in order to avoid the impacts on her business and personal savings because she did not know when Covid-19 would end. Previously, she put her profits into a savings account with the bank to serve as her emergency reserve, but after taking the course, she studied various types of savings options.
Roonglawan Sakulmalaithong, a lecturer at a university in Bangkok, said that the training not only added useful knowledge for her teaching, but she also applied it to her own financial management. She also appreciated the way the trainer made marketing jargon easy to understand, thus enabling participants to see the business growth roadmap more clearly. In addition, the speaker placed importance on emergency savings of various groups and business models during the Covid-19 situation. She agreed that the vendors have to change from traditional way to sell products and services online.
Another participant Endoo Pansuwan, who is a representative of the Community Development Department and a director of Savings Group School for Production, Ban Nong Phak Nak, Suphan Buri province, said that the training program helped her and others to find part-time jobs. This was a good idea as income earned from the main occupation could be used to cover daily expenses while that generated from part-time work could be set aside as savings. "For the financial management, the speaker suggested that we cut gambling expenses in half and turn the remainder into savings."
For more about the Tang To Know-how program, visit Facebook: ตังค์โต Know-how by Thai Credit, www.tcrbank.com or call 02-697 5454.