ParaDurumu

ParaDurumu

Istanbul, TurkeyIstanbul, Turkey
Organization type: 
for profit
Project Stage:
Growth
Budget: 
$250,000 - $500,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

ParaDurumu is a financial literacy social initiative started by Özlem Denizmen whose main purpose is to take out ‘money’ to be a secret issue.

About Project

Problem: What problem is this project trying to address?

Para Durumu is a financial literacy social initiative whose main purpose is to take out ‘money’ to be a secret issue that is be ashamed of talking , being accused of its absence, managing without responsibility and to build up a widespread awareness about it , as a talkable, consultable, manageable issue. Para Durumu is using all conventional platforms such as radio, daily press as a weekly column journalist, a TV show, book in the top 10 selling list of the highly recognized local book stores, internet, apple application as well as edutainment program and seminar activities for to reach out masses, especially women and youth. Why Fin. Literacy? •Repeated Financial Crises. Increased unemployment necessitates better money management. •New financial products. Complexity and variety.

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

Para Durumu, a financial literacy social initiative, is using all conventional platforms such as radio, daily press as a weekly column journalist, a TV show, book in the top 10 selling list of the highly recognized local book stores, internet, apple application as well as edutainment program and seminar activities for to reach out masses, especially women and youth.
Impact: How does it Work

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

It is an innovative solution not only in terms of subject ‘Financial Literacy’ (FL) but also in terms of how it is delivered to masses. Turkey had no national strategy when Para Durumu activities began two years ago now they became the main supporter and even began creating working groups which Para Durumu is a member. Edutainment and 360 degree communication is the key success methods Para Duru use to have the highest impact especially on the unbanked and underserved. To be more specific on how deliver our messages please watch http://www.youtube.com/watch?v=lQjftmbPR0M&feature=youtu.be
Sustainability

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

Limited knowledge about the banking, budgeting, and making investment. Based on a research performed by Citibank in 2010 in Turkey, following are the participants’ answers to some financial literacy questions; 78% of people `Never Do Saving` 13% of people `Have Saving for Emergency Situations` 20% of people `Do Budget Planning` 89% of people `Believe The Importance of Knowledge on House Economics` More than 50% of people `Need Financial Advisory (e.g. Budget, pension funds, mortgage etc)` Only 18% of people `Have Knowledge on Investment Tools (e.g. stock exchange, gold, Iinterest, investment funds etc.)` And also there are Goverment Interest and support because Istanbul is being a Financial Center in the next 3 years , IPO Initiative
Team

Founding Story

Its social impact has been tremendeous. The survey results, implemented to 475 seminar attendees by Infakto Research Company, showed that their money issues knowledge increased up to %74. After attending the education, • Attendees habit of writing to their spending increased to 81% • Distinguish of obligatory and luxury spendings increased to 87.6% • Knowledge about financial instruments increased • Credit card useful and must know knowledge increased to 57% • Before education, the women’s only knwoledge about investement was “gold”. After education they have the knowledge about other instruments • The most distinct increase is about savings evaluate ways. (pre 54% had knowledge, post 81% have knowledge)
About You
Organization:
Para Durumu
About You
First Name

Ozlem

Last Name

Denizmen

About Your Organization
Organization Name

Para Durumu

Organization Country

, IST, Istanbul

Country where this project is creating social impact

, IST, Istanbul

How long has your organization been operating?

1‐5 years

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

Ozlem Denizmen;
-‘Young Global Leader' of 2011 by the World Economic Forum.
- White House Delegate at the 2010 OBAMA’ Presidential Summit on
Entrepreneurship, held in Washington, D.C.
- ‘Top 100 Powerful Women of Turkey’ by Dunya Newspaper in 2011.
- “Young Society Leader 2011” of the American Turkish Society
- OECD financial literacy trainer accreditation
-Child&Youth Finance international country delegate
-National saving comittee member

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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

Access, Equity.

Social Impact
Please describe the goal of your initiative; outline what you are trying to achieve

TARGET GROUP
All ages and education level of women and youth that wants to have the core knowledge about personal finance management issues such as budgeting, debt, savings, investments and entrepreneurship.
PURPOSE
-To create awareness for ‘Financial Literacy’ to every Turkish citizen.
-Providing access to the right information in Turkey about personal money management issues such as saving, budgeting, debt, investment, credit card usage, personal loans, etc. in a simple, intuitive, innovative way.
-To introduce budget notion and its benefits
-To raise awareness about debt and its instruments
-To contribute the raise awareness of having savings
-To promote financial instruments
-To introduce micro credit and enlighten about setting up a business with micro credit

Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)

Physical and other accessibility obstacles that prevent communities from reaching financial services, Other (Please describe below).

If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:

-The lack of awareness, content and national strategy about financial literacy

For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?

Women; because they cover 50% of Turkish population(75M) and most of them are under-served.
Kids&Youth; Because this segment is 61% of Turkish population. So they need a guidance
Enterepreneurs; It is a trend topic in Turkey as the positive economic growth. There are lots of national&international angel investors for Turkish Entrepreneurs. So those entrepreneurs need a guidance for `starting a business` content like building business plan, business strategy etc.

Could your solution work in other geographies or regions? If so, where?

In our strategy there is the plan to expend internationally with social franchising, towards to MENA&East side especially under privileged parts of the world, because those regions have similar needs & opportunities with Turkey after the national proved concept.

If your solution is dramatically successful, how will things be different in 10 years?

People will be literate about financial issues and they will start to use investment tools more often and they will start to save more, so that capital shift towards to market will provide an economical growth. Create sustainable welfare of the economy with financial peaceful families, that are composed of "financially free" individuals, people manage their money will be able to manage their lives

What will have had to have changed to make this happen?

Awareness, importance and effect of financial literacy should be accepted and supported by regulatory bodies which we are trying to create the awareness by seminars, one to one visits, and by delegation in the related committiees

What has been the impact of your solution to date?

We have an ongoing project to educate 20.000 women in Turkey; project started in December 2011 and will finish in May 2012. According to the survey results, implemented to 475 seminar attendees by Infakto Research Company, showed that their money issues knowledge increased up to %74.
After attending the education,
•Attendees habit of writing to their spending increased to 81%
•Distinguish of obligatory and luxury spendings increased to 87.6%
•Knowledge about financial instruments increased
•Credit card useful and must know knowledge increased to 57%
•Before education, the women’s only knwoledge about investement was “gold”. After education they have the knowledge about other instruments
•The most distinct increase is about savings evaluate ways. (pre 54% had knowledge, post 81% have knowledge)

What is your projected impact over the next five years?

We will be transforming most of our education to online platform. So that it can be sustainable and replicable.

What barriers might hinder the success of your project? How do you plan to overcome them?

Accessibility is one of the critical factors in our project. Though physical touch is the key to success to overcome the accessibility issue we have created the website (paradurumu.tv). We answer members questions, create tools to help their financial decisions, We collect the data of attendees when we get a physical contact, after that we are trying to get those people to our online platform (www.paradurumu.tv) so we can keep our connection and continue to educate

Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact

To create national financial literacy council

Identify three major tasks you will have to complete to reach your six-month milestone
Task 1

To build up the first&only NGO on Financial Literacy Inclusion

Task 2

To reach 20.000 underserved women to get the financial literacy training

Task 3

To maintain the number one "reach" in the media and financial literacy& personel finance topic

Now think bigger! Identify your 12-month impact milestone

To widen the target other than women

Identify three major tasks you will have to complete to reach your 12-month milestone
Task 1

To make a nation wide child launch with international impact (child&youth finance organization)

Task 2

To reach more than 10.000 students in all over the Turkey

Task 3

To be accepted and proved, to be in the nation wide curriculum by Ministry Of National Education

Sustainability
Tell us about your partnerships

We build partnerships with financial institutions as a sponsor of the projects like private & national banks, private sector companies like Dogus Holding, regulatory bodies like BKM(interbank bank center, credit bureau, BDDK-banking audit regulatory, banks council, TBB, Central Bank of Turkey)to deliver their content to mass with simple & entertaining language.

Are you currently targeting other specific populations, locations, or markets for your innovation? If so, where and why?

In 2012-2013 we will expand our model in all over the Turkey, after 2015-16 we will expand our model internationally.

What type of operating environment and internal organizational factors make your innovation successful?

Activist of the ParaDurumu is a very well known business woman as well as being the celebrity in the media. Her wide network ability supported by experienced stuff(20 years in banking sector + 15 years in banking branch networks + one engineer + 20year experienced in leading FMCG sector director + very senior editoring chief + trainers etc.)

Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list