ZestMoney's Financial Literacy Programme benefited over 10+ mn people amid lockdown

With the increased adoption of ZestMoney's financial literacy programme, the company's repayments rates improved by over 6%.

ZestMoney, India's first and largest AI-driven EMI Financing platform, stepped up its Financial Literacy programme amid lockdown, benefitting over 10+ mn people. ZestMoney started this with but were not limited to their customer base, pressing upon people that financial awareness brings you that much closer to financial stability. Using a multi-channel approach, including Radio, Social Media and on-call counselling, ZestMoney reached out to customers at the right time with the right information about credit scores, digital payments and online shopping. This not only resulted in increased financial literacy among customers but also led to a rise in ZestMoney's repayment rates by over 6%, a fall in the company's NPA by 15% and a reduction in fraud complaints by 60%.

"As one of the most loved digital financial brands, we believe everyone deserves a better life - and that starts with access to simple, transparent and fair financial products. Our Cardless EMI product has brought affordability to millions of people, without the need for a credit card. We believe consumers need access to affordability solutions, and we have always strived to do this with responsible, safe products and services. Less than 40 million households have access to safe, affordable credit, and we are trying to bring more people into the formal credit system by empowering them with knowledge and financial literacy. Along with credit, there is also a severe under penetration of financial literacy in our country. Financial information has traditionally been either inaccessible to the common man or made available passively." said Lizzie Chapman, Co-Founder & CEO, ZestMoney.

"At ZestMoney, we have always believed that a financially well-informed populace displays responsible financial behaviour, which is a win-win for everyone. It allows customers to achieve financial stability while getting the most out of their finances. Simultaneously, this reduces the number of bad debts, lowers the percentage of non-performing assets for financial institutions and leads to much-needed stability for the economy." added Chapman.

ZestMoney's financial literacy programme also offers more profound insights into finance through detailed blog posts on topics such as takeaways from the RBI moratorium, why saving is a must and how much to save as well as the best out of the myriad of investment options available to new investors. Uncertain times make customers feel adrift, and the company wants to be there to reassure them and counsel them; this is why they also put into place telephonic counselling for customers who wanted to know how to handle their finances better.

Founded in 2015 by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman to bring digital EMI to every Indian consumer, ZestMoney is India's first and largest AI-driven EMI financing platform. It utilizes cutting-edge technological innovations in mobile technology, digital banking, and Artificial Intelligence to provide affordable and easy EMI to millions of Indians. Anyone with a phone number and email can opt for a wide variety of EMI options from no-cost EMI to low-interest EMI provided by ZestMoney for an easier alternative to pay for their purchases.

(We got this information from a press release.)