NIIT Foundation & Spandana Sphoorty Financial Limited Empower Communities

NIIT Foundation, in partnership with Spandana Sphoorty Financial Limited (SSFL), has introduced a Digital & Financial Literacy Program aimed at empowering communities. This initiative offers a 5 hour training course designed to allow the participants aged between 18 to 60 with personal finance management skills and digital literacy. The program aims to bridge the knowledge gap in financial planning and digital transactions, addressing a critical need in today’s rapidly evolving economic landscape.
The program will be covering essential topics such as budgeting, savings, investments, loan management, insurance, and digital payments. The initiative equips individuals with the tools to make informed financial decisions, plan for their future, and navigate the digital financial ecosystem. The training is structured to be both accessible and practical, focusing on real-world applications of financial concepts that can lead to improved financial well-being and quality of life for participants.
“Despite being one of the fastest-growing economies in the world – with over 100 million credit cards (as of February 2024) – only around 27% of our population is financially literate. With that in mind, SSFL has partnered with NIIT Foundation to enhance financial empowerment in beneficiaries, resonating with our firm belief that financial empowerment is key to community development. This program reflects our commitment to fostering financial inclusion and digital literacy, which are crucial skills in today’s economy,” said Bhanu Prakash, Vice President – CSR & Sustainability at SSFL.
In an era of increasing digital financial transactions, the program recognizes the critical importance of cybersecurity awareness. A significant portion of the curriculum is dedicated to educating participants about various online frauds, including ATM skimming, phishing, vishing, and mobile wallet scams. This aspect of the program addresses the growing need for digital vigilance, ensuring that as individuals become more financially literate, they are also equipped to protect themselves from cyber threats and financial fraud.
Further highlighting the significance of the program, Charu Kapoor, Country Director at NIIT Foundation noted, “While financial/economic concepts like inflation and recession are well-known to the masses, concepts like saving accounts, budgeting, making financial plan, digital banking system and interest rates are often overlooked, resulting in higher financial illiteracy among people. A survey conducted by the RBI indicates that 41% of the respondents do not have a monthly budget – which potentially leaves them in an unstable, unpredictable financial situation. Through this collaboration with SSFL, we aim to reach out to rural communities across 6 States (Madhya Pradesh, Maharashtra, Uttar Pradesh, Bihar, Telangana and Odisha) and provide them with the tools they need for financial stability and success.”
Looking ahead, the initiative aims to train 20,000 beneficiaries across 6 states in India. The partners are committed to continually updating the curriculum to address emerging financial trends and cybersecurity challenges, ensuring that participants are well-prepared to thrive in an increasingly complex financial world. Through this initiative, SSFL and NIIT Foundation aspire to create a lasting impact, fostering a culture of financial prudence, digital savviness, and cybersecurity awareness that will benefit individuals and communities for years to come.