Over the past five years, Thai Credit Retail Bank (TCRB) has educated over 65,000 micro business owners, especially mom and pop wet market vendors, in financial literacy. This year alone the bank has had 25,000 participants through its Live Online sessions.
TCRB is confident that financial literacy empowers micro business owners in navigating their daily finances by teaching them about financial planning, thereby offering 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 as “Make Money, Save Money, Increase Money” and has seen 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: “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 academic financial literary and is certified by the School of Accountancy, University of the Thai Chamber of Commerce (UTCC). Our financial literacy program helps vendors optimise and maximise their money, enhancing opportunities to generate more income. It is thus key to enabling micro business owners to apply knowledge to survive in life as well as during inevitable economic crises that can 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 and representatives of various professions, with Facebook Live being the most attractive mode of learning. The number of participants has surged by 37% over the previous 12 months.
Besides better financial behaviour and discipline, the rise in the number of participants every year reflects the success of the project. Results show that 84% of the participants feel they became more financially disciplined and improved their debt management plans. Eleven percent felt more confident in growing their businesses. Furthermore, Thai Credit has been recognised 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, Development of Community Capital and Microfinance Bureau under the Community Development Department, Ministry of Interior, said: “The unit has benefited from great support from TCRB speakers in financial literacy, including savings management and household debt management. The speakers demonstrate great professionalism and capability and have a high level of financial management knowledge. Moreover, they have trained technical officers at the Development of Community Capital and Microfinance Bureau to be professional speakers, who 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 training for 14 directors and members of savings groups for production schools in 13 provinces.”
“Thai Credit will also further develop the Tang To Know-how program and make it more intensive with insightful business and financial content that will teach participants both theory and practice. Participants will have a chance to share the actual practices of successful micro business owners. The program aims to enhance knowledge and enable participants to directly apply what they learn 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 prepare better financial plans. As a result, she can save more of the money she earns from her business.
Anchalee Winyoo, a grocery shop owner in Ang Thong province, said that the learning she acquired from the program was very useful for her financial management. She could pay off informal loans and improve her credit by repaying her debt to the bank on time.
Pornnapa Teja, owner of Pla Phao (grilled fish) restaurant in Chiang Mai province, acknowledged that financial literacy is 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 a prudent financial plan in order to avoid 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 was able to exploit various types of savings options.
Roonglawan Sakulmalaithong, a lecturer at a university in Bangkok, said that the training gave her knowledge that was not only useful in her teaching but also applies to her personal financial management. She appreciated the way the trainer made marketing jargon easy to understand, thus enabling her to see the business growth roadmap more clearly. She liked the way the speaker placed importance on emergency savings of various groups and business models during the Covid-19 situation and she agreed that vendors have to change from traditional ways of selling products to utilising online opportunities.
Another participant, Endoo Pansuwan, a representative of the Community Development Department and a director of Savings Group School for Production, Ban Nong Phak Nak, Suphan Buri province, said the training program helped her and others 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,” she noted.
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.
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