THE FINANCIAL INCLUSION NETWORK FOR TRAINING AND ACTION (FINACT)

India’s rapidly growing mobile infrastructure, the widespread coverage of Aadhar cards and the PM Jan Dhan Yojana (PMJDY) created a strong push for digital inclusion in the last decade, with a growing number of platforms layering financial services. Bank account coverage rose to nearly 80% in 2018, but without adequate support on building the skills and capabilities of customers nearly half of these accounts stayed dormant. While Digital India initiatives have contributed significantly towards building strong opportunities for financial inclusion, access remains gendered and largely urban.

Through Swadhaar’s journey of nearly two decades in the Financial Literacy space, our consistent objective has been to address these gaps and help vulnerable customers, particularly women, work towards financial agency. In January 2022, Swadhaar was very pleased to launch FINACT – The Financial Inclusion Network for Training and Action.

Phase I:

FINACT Phase I focused on building strong foundations for financial inclusion through a “phygital” approach that combined in-person training with digital tools. The initiative established 10 Live Learning Labs across Bihar, Jharkhand, and Madhya Pradesh, and developed user personas to better understand financial journeys and agency among target communities. It also introduced scalable digital platforms, including a WhatsApp chatbot and a Learning Management System. With a strong emphasis on behaviourally informed content and iterative learning, the program improved awareness, usage of financial services, and strengthened confidence and decision-making among participants.

Phase II:

Phase II represents a shift towards scaling and deeper refinement. The program will expand Live Learning Labs from 10 to 20, enhancing their role as centres for experimentation and learning. It will further strengthen customer segmentation and financial journey mapping to enable more tailored engagement strategies. The “phygital” model will be scaled through wider adoption of digital platforms. Additionally, the phase will focus on developing a Customer Readiness Framework to assess both ecosystem and behavioural readiness, helping bridge gaps between customer needs and financial products for more inclusive and effective solutions.

Creating true impact and placing vulnerable clients, particularly women, at the centre of financial and digital inclusion