Microfinance and the “Next Generation” The FINCA Aflatoun Curriculum Implemented in an MFI Setting
Aflatoun is an organization committed to social development and financial literacy for children between the ages of 6-14. By partnering with select microfinance institutions (MFIs) to offer its curricula to clients’ children, Aflatoun intends to expand its financial education and social development curricula to children in conjunction with access to financial services. Aflatoun undertook this case study for two primary reasons: 1) to examine the implications of implementing the Aflatoun program, typically used in classrooms, in a non-formal setting, and 2) to stress any correlations between the Aflatoun curriculum’s success and its setting in an MFI. Findings indicate that the average total of savings per child after 6-8 weeks of savings is S/. 5.14 (approximately $1.80). Other observations include the unpredictability of the children’s attendance which presented a challenge for instructors wishing to prepare for the lesson both with regard to sequential content as well as increasing program costs. Utilizing qualitative data, quantitative data, pre-existing quantitative data, and field visits, Aflatoun attempts to gain a greater understanding of attendance, savings habits, and outcomes. One key conclusion is that the program provides an avenue for children to save, where before there was none.