Abstract
The main objective of this research was to explore current borrowers’ financial education in microfinance and determine the possibilities of adopting massive open online courses (MOOCs) for such individuals. We adopted a semi-structured interview research strategy. A total of 25 employees and borrowers in BRAC’s (Bangladesh Rehabilitation Assistance Committee and then Bangladesh Rural Advancement Committee, currently, BRAC does not represent an acronym) microfinance program were interviewed and the data were analyzed qualitatively. The results show that BRAC’s microfinance program provides borrowers’ financial education in terms of a pre-disbursement orientation and four-day training through the creation of a new role of customer service assistant. The results also reveal that edu-entertainment, easy understanding, and more borrower participation are the main possible opportunities for adopting MOOCs for borrowers’ financial education. We identified infrastructure, Internet connection, and funding as possible hindrances to adopting MOOCs for financial education. Finally, we propose a framework for adopting MOOCs for borrowers’ financial education in microfinance.
Highlights
Dr Youji Kohda received a Bachelor of Science, a Master of Engineering and a Doctor of Engineering from The University of Tokyo in 1981, 1983, and 1986
We attempt to explore the current financial education provided by BRAC, Bangladesh; second, we identify the possible opportunities and drawbacks to adopting massive open online courses (MOOCs) for the poor; and we propose a framework on how MOOCs can be adopted to offer financial literacy to the poor
One senior manager (SM) stated that “we are trying to make our borrowers aware of their rights and responsibilities, safe and unsafe institutions, importance of savings, risk of multiple borrowing, taking loans beyond the borrower’s capacity, importance of record keepings in terms financial transactions, and BRACs grievance redress mechanism” (P2). They appointed customer service assistants (CSAs) who are responsible for providing customized information and support to all clients who come for services
Summary
Dr Youji Kohda received a Bachelor of Science, a Master of Engineering and a Doctor of Engineering from The University of Tokyo in 1981, 1983, and 1986. Monirul Hoque received Bachelor of Education, Master of Education from University of Dhaka in 2011 and 2012 He started his career with the giant telecom company named Grameenphone (209-2013) as a Customer Service Manager. BRAC (Bangladesh Rehabilitation Assistance Committee and Bangladesh Rural Advancement Committee, currently, BRAC does not represent an acronym), Bangladesh introduced “borrowers’ financial education” in terms of a predisbursement orientation and four-day training for borrowers (Siddike et al, 2016) This will help to foster financial literacy of borrowers in terms of creating awareness of financial dealings, risk of taking multiple loans, and other aspects of their life. They are online courses aimed at unlimited participation and offer open access via the web They provide interactive user forums that help build community (Pappano, 2012; Lewin, 2013). We attempt to explore the current financial education provided by BRAC, Bangladesh; second, we identify the possible opportunities and drawbacks to adopting MOOCs for the poor; and we propose a framework on how MOOCs can be adopted to offer financial literacy to the poor
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