The Thai Credit Retail Bank (TCRB) has introduced Learning Center, a centre to help improve business and provide better financial education within the micro economy.
The decision to start their Learning Center was due to the bank experiencing success in its two years of merchant training workshops. TCRB credits this to their promising loan repayment discipline with more than 95% of their customers not missing loan repayments this year. Thus, TCRB is determined to proceed at full steam with its learning centre scheme to reinforce the fundamentals of personal finance and micro business management.
Mr. Roy Agustinus Gunara, Managing Director of the Thai Credit Retail Bank noted that we are a bank specialized in the micro segment. As we work closely with these segments, we learn that they get into financial problems not necessarily from their business but from their poor financial planning. For instance, a merchant who makes a profit from his sales may still not be able to efficiently use his funds for business expansion, savings and personal expenses. In situations such as this, he would turn to loan sharks for additional funds. Mr. Roy believes that the sustainable solution to solve the root cause is to prime them for better financial control through an easy-to-understand financial and business technique training. The bank has since expanded its existing program by transforming its Bang Khen-Watcharaphon Lending Branch at Thanommit Market into Thai Credit’s first Learning Center.
“The goal of the Learning Center is to act as a free source of financial knowledge and business techniques to the traditional market merchants; for both customers and non-customers. It aims to inspire and fulfil their dreams of growing bigger businesses. Basic savings, bookkeeping and credit management are just some of the tools we provide and teach at the Learning Center. We also conduct workshops and seminars to further assist their business by inviting guest speakers and success cases of those who were once nano/micro entrepreneurs but now have become successful SME owners, for example, Hia Nop tender pork stick, Dek Naew Steak franchise. It is our responsibility and capability to help them change for the better. These micro entrepreneurs are not only the key customer segment of our bank, but they make up the majority of the population. Empowering them with financial literacy helps strengthen the fundamentals of the Thai economy for sustainable growth.”
“The Learning Center also serves the youth community through fun activities that are free of charge which our staff kindly volunteer to lead,” added Mr. Roy.
This year, Thai Credit conducts their financial literacy program at lending branches, where they have over 50 staff volunteers serving more than 6,000 merchants throughout the country, both customers and non-customers. The bank aims to reach 9,000-10,000 participants by the end of the year and expects to triple the number of participants in 2020.