“As part of our Financial Inclusion Programme, we established a pioneering partnership with Indian social enterprise, geosansar Through the Fast Forward programme to provide banking services and financial education to workers. Our financial education programmes help workers understand a variety of financial matters, such as how to open a savings account, take a loan, or use a debit card.”
Geosansar has successfully trained a total of 2607 workers in their Supply chain all across India. Training programme has been completed with 32 training sessions The training sessions were conducted among 12 factories across India.
“The geosansar, a social enterprise that provides financial literacy programme, promotes inclusion and enhanced quality of life through benefits such as security of cash, interest on their savings, access to their own personal banker and other financial products like insurance, enabling transfer of salaries to employees’ bank accounts on a regular basis, helping to give a greater sense of ownership of their money. geosansar also provides training and education on topics including cash management and financial products. Benefits of this approach include boosting worker incomes, promoting social inclusion and improving financial literacy, helping the ‘unbanked community’ to feel part of growing economies.”
Geosansar has successfully trained a total of 6732 workers in their Supply chain all across India. Training programme has been completed with 31 training sessions The training sessions were conducted among 15 factories across India
''The geosansar project ran from August 2012 to November 2014. In which 15,626 workers have received financial training overall, during 115 training sessions across 27 factories in Bangalore, Ludhiana, Tirupur, Coimbatore, Delhi-NCR and Chennai. As workers are better able to manage their financial life, the supply chain is more resilient. Workers having bank accounts significantly reduces factory HR costs in disbursing salaries, thus increasing business profitability. Factories also benefit from increased productivity and decreased absenteeism. The idea of the programme is that financial education and Training on managing money, loans, savings and payslip benefits and deductions.”
Geosansar has successfully trained a total of 15626 workers in their Supply chain, opening about 9849 accounts. Training programme has been completed with 115 training sessions The training sessions were conducted among 27 factories across India
geosansar is partnering with Primark to provide bank accounts for their factory workers.
A garment factory in North India supplying M&S for nearly 8 years has completed a financial literacy program from geosansar. They have over 3000 workers and many currently didn't have access to an account. The difference this course has made so far, is immeasurable. The course are nearly over subscribed as more workers want to take part than planned. And out of the workers that take part, more that 95% want to open a bank account.
The Financial Inclusion social initiative sponsored by Marks & Spencer in collaboration with geosansar at K. Mohan & Company (Exports) Pvt. Ltd., Veerasandra unit in Bangalore.
Ramulu is the first person taking up the services of geosansar and his journey has helped him change his life.