Financial literacy classes for remittance utilization

KHOTANG, Sept 27: Financial literacy classes are being operated in Rupakot Majhuwagadi municipality of Khotang to help the locals better use the remittance money that enters the district from foreign employment. The classes aim to help the people save and utilize the remittance money by investing it in productive sectors to create a sustainable source of income. 

The classes are being operated in Chharka, Luchim and Narkate areas of Lafyang in Majhuwagadi municipality.

These classes provide idea about how to keep record of money received from abroad, how to save it and how to invest in productive areas. These classes are operated by Balsewa Samaj Nepal and Safer Migration Project in a joint effort. They provide consultation for managing remittance money in an effort to make foreign employment productive. 

According to the facilitator of the literacy class Min Prasad Acharya, the classes have been started to help people understand the concept of remittance and utilize it appropriately as the lack of such knowledge had led to the investment of such money in unproductive areas. 

“Though the remittance money has solved short-term financial problems for the families, there are examples where lack of capacity to manage the money has led to cultural and financial problems in our families and societies,” said Acharya: “There are cases where people have become bankrupt after returning home from foreign employment as they did not know how to utilize the remittance money.” 

According to Acharya, “The financial literacy classes have been operated to encourage people to solve such problems and to invest the remittance money in more productive sectors.”

The literacy classes are being operated since the past few years for households that have members in the foreign land for employment. After participating in the classes, the members of such households have started investing the money in retail shop, vegetable farming, poultry and goat farming.

The Safer Migration Project states that the classes are operated once a week and are continued for 28 weeks. They are given to people who have their family members outside the country for foreign employment and those who use the remittance money.  “There are plans to operate the classes in Majhuwagadi municipality-1, -2 and -4 of Rupakot as well,” Acharya added.