Challenges

The predominant challenge that the service (encompassing financial products) seeks to address is the widening digital gap for the informal women worker communities in India, depriving them not just of livelihood opportunities but also, access to basic needs and services. It targets women who lack access and capacity to access digital/mobile technologies for financial transactions and need to be financially literate to keep pace with contemporary market requirements, improve their livelihoods, scale up businesses/microenterprises, and increase their incomes.

If bridging the gap was a development priority before, post-COVID it became an indispensable need, with livelihoods dependent on it - given the disproportionate social and economic impact on low-income, marginalised Indian women across geographies. “Time poverty” or the struggle of women employed in the informal sector or those running small business enterprises in balancing both their household responsibilities, and financial independence has been ongoing, that became significantly visible during this period. The mobility constraints, already faced by women because of gender, exacerbated with the lockdown restrictions. Micro-enterprises, that functioned on traditional human interactive and distribution models, struggled to stay afloat, necessitating a digital transition, and reinvention of old models for survival.

Primary target

Which group does your product/service primarily target?

Description of Innovation

The DFI program is designed into interactive educational training modules on digital and financial literacy, that are imparted to the SEWA members by grassroots master trainers. The three levels of intervention include:
o For those who do not have bank accounts: training on opening accounts in their own names along with the know-how of operation,
o For those who have bank accounts but they are dormant due to absence of any transactions/activity: training on activating them, and
o For those who have active bank accounts: trainings on digitisation of day-to-day transactions using available fintech products and services.

Grassroots trainers are identified across states, and provided in-depth trainings on digital devices, that are then taken ahead to the communities. In parallel, partnerships are entered into with telecom, fintech and BPO partners like ROINet, PayTm, Worxpertise and others to help ensure livelihood opportunities for the digitally and financially empowered rural women who take up roles as paid agents and bank correspondents. It is an innovation in financial education service to foster an increased usage of digital financial services by women engaged in informal activities, while empowering financial agencies.

Results

The program has cascading impacts across SDGs though self-reliance of informal women workers and their families, resilient communities and strengthening of the local economy. It has emerged as a strong anchor for SEWA's '100 miles principle' to ensure that the basic primary needs are met locally .

Most women of the target group did not possess mobile devices before the program. Digital trainings during COVID lockdown conditions educated not just the women but also their families in the use of smartphones beyond making calls - from shopping online to holding virtual meetings to address community problems, to bringing banks to their homes or availing urgent medical assistance. Women trained as master trainers, initially sceptical of making digital financial transactions, are now supervising high-volume loan disbursals.

The program has promoted women-led entrepreneurship; upskilling of micro-entrepreneurs with access to free knowledge online (YouTube, Google Meet) has led to increased market offerings, market development, and enhanced livelihoods. Transformation to digitally accessible business models along with adaptation to digital modes of payments, has contributed to the sustainability of microenterprises.

Digital enablement has also facilitated access to government schemes & services (agri, health, poultry, etc.) and resources (particularly during COVID) on a real time basis.