Technical assistance for exploring and serving education finance market in India

Opportunity International EduFinance is working to address the global education crisis by increasing access to quality education and improving the quality of education. Opportunity’s EduFinance Technical Assistance Facility (ETAF) supports socially focused financial institutions around the world in pursuing the goal of access to education for all. ETAF provides support to develop, launch and grow sustainable education lending portfolios. Mann Deshi Mahila Cooperative Bank, a banking institution for women by women, reached out to ETAF for support in developing its education banking portfolio. Mann Deshi has been empowering women and their households in Maharashtra for more than 27+ years through an extensive suite of banking services including CASA, deposits, loans, etc.

Opportunity International onboarded Samavit as an expert agency to provide technical assistance to Mann Deshi Mahila Cooperative Bank in developing its education focused savings product. The major objectives for this technical assistance were to understand the demand and aspiration amongst parents in Mann Deshi’s operational districts for an education focused savings product; develop a savings product based on market research findings, prepare standard operating procedures (SOPs) for the education savings product, prepare a risk management note, provide training to Mann Deshi’s staff on the savings product and processes, support Mann Deshi in pilot testing the education savings product, and provide monitoring support to Opportunity EduFinance for a fixed period.

Samavit conducted mixed-methods research to understand the demand and aspirations of parents for their children’s education in Maharashtra. Data was collected through household surveys, focus group discussions, and key informant interviews. The selection of respondents for household surveys was done using probabilistic sampling technique (simple random sampling) to ensure objectivity in findings, and the sample size was calculated using high measures of uncertainty (95% confidence level, 5% margin of error). Using results of the market research, Samavit developed key features of the education savings product. Following that, Samavit’s team reviewed Mann Deshi’s operations manual and prepared SOPs customized for the education savings product. The SOP was disseminated using process maps that included “as-is” and “should-be” processes. This was accompanied by preparation of a risk mitigation framework. Following that, Samavit conducted a training workshop for Mann Deshi’s staff to build their capacities for handling education savings product. Samavit also supported Mann Deshi in branding the savings product. Lastly, Samavit monitored the pilot of the savings product.

Samavit prepared a market research report, product & process note, risk mitigation plan, and a capacity building module. Samavit delivered training to Mann Deshi’s staff and monitored the progress of the pilot.