Inclusive Growth For Migrant Workers Through Financial Education

Inclusive Growth For Migrant Workers Through Financial Education

PhilippinesSingapore
Organization type: 
nonprofit/ngo/citizen sector
Project Stage:
Growth
Project Summary
Elevator Pitch

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Approximately 20 words left (160 characters).

About Project

Problem: What problem is this project trying to address?

One segment of migrant workers, specifically the domestic workers who are mostly women continues to to increase in numbers due to lack or low levels of employment and lack of economic opportunities in their home countries. Researches have indicated that family breakup and abuse of children are happening in families with a parent (usually the mother working abroad. Migrant workers are excluded in microfinance activities because they are considered non-poor by microfinance institutions and are too small for the formal financial institutions like banks. Remittances coming from this sector are huge; however, documentations revealed that a very small percentage was used for productive purposes.

Solution: What is the proposed solution? Please be specific!

1. Providing access to opportunities (financial & non-financial) to migrant workers and their families in their respective home countries that can lead to microenterprise or SME development (economic objective) 2. Transforming remittances from cash-based to asset based financial intermediation (economic objective) 3. Creation of family stability for migrant workers' families that would fast-track family reunification (social objective)
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

1. Profiling of target market - determination of market size, and their needs and wants 2. Designing of a customized learning materials education together with a known academic institution to ensure quality 3. Training of migrant workers on basic entrepreneurship with emphasis on self mastery (crafting their own vision/mission, knowing their interests and passion& personal wealth management) and financial education (modules are geared towards building financial understanding, financial competence and financial responsibility) 4. Those who are interested to set up their own enterprises in their home country will be linked with partner microfinance institutions in the home country. Loan applications are endorsed by ASKI Global after screening and reviewing the applicant's capacity to pay and basic understanding of the business she is planning to put up. 5. Loans are approved and released in the home country through the OFW families; the latter receives the same training that the OFW had undergone in Singapore to ensure that they are "on the same page". Loan repayment schedule is signed by both the families and the OFWs; the family is the principal borrower but the OFW pays for the loan through her monthly remittances made directly to the corresponding microfinance branch. A copy of the remittance receipt is given to ASKI Global Limited -Singapore for filing. (cross border microfinancing) 5. The OFW families as members of the microfinance institutions are also provided access to other financial and non-financial services such as housing loan, educational loan, etc.
Sustainability

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

Peers - National University of Singapore, Economic Development Board, Philippine Embassy, Citi Asia-Pacific, Banking with the Poor Network, Social Enterprise Association of Singapore, Impact Investment Exchange (IIX)/Shujog Collaborator/Competitor - AIDHA, a non-government organization under UNIFEM Differentiating factors - (1) use of customized, not off-the-shelf educational materials that have been proven to change mindset of migrant workers(2) providing access to opportunities to start a business in the Philippines while working in Singapore through microfinancing (3) socialized tuition fees (4) availability of trainers for a one-on-one business coaching & mentoring
About You
Organization:
ASKI Global Limited
About You
First Name

Irma

Last Name

Cosico

About Your Organization
Organization Name

ASKI Global Limited

Organization Country
Country where this project is creating social impact

, SMR

How long has your organization been operating?

More than 5 years

Has the organization received awards or honors? Please tell us about them

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Innovation
How long have you been in operation?

Operating for 1‐5 years

Which of the following best describes the barrier(s) your innovation addresses? Choose up to two

Cost, Equity.

Social Impact
Please describe the goal of your initiative; outline what you are trying to achieve
Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)

If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?
Could your solution work in other geographies or regions? If so, where?
If your solution is dramatically successful, how will things be different in 10 years?
What will have had to have changed to make this happen?
What has been the impact of your solution to date?
What is your projected impact over the next five years?
What barriers might hinder the success of your project? How do you plan to overcome them?
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Identify three major tasks you will have to complete to reach your six-month milestone
Task 1
Task 2
Task 3
Now think bigger! Identify your 12-month impact milestone
Identify three major tasks you will have to complete to reach your 12-month milestone
Task 1
Task 2
Task 3
Sustainability
Tell us about your partnerships
Are you currently targeting other specific populations, locations, or markets for your innovation? If so, where and why?
What type of operating environment and internal organizational factors make your innovation successful?
Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list