Although real progress has been made improving the financial inclusion of the most vulnerable, there is still a long way to go if we observe the levels of success in managing financial products. This research is an attempt to raise awareness of the importance of financial and accounting literacy in financial inclusion and how it can be enhanced in the digital age. Firstly, our research has analysed different financial education programmes recently delivered by microfinance institutions. Secondly, the authors have designed a basic accounting tool that has been tested in three Spanish universities. Our findings show that participants in the intervention group performed better, proving that the accounting tool helped them record transactions and enhanced the usefulness of financial and accounting information. In addition, participants were highly motivated by the experiment, given the social purpose of our project, and it helped them to understand better the situation in developing countries and the importance of accounting.

Alliance for Financial Inclusion (2015) The 2015 AFI Global Policy Forum Report: Inspiring Innovation to Advance Inclusion [pdf], Alliance for Financial Inclusion <https://www.afi-global.org/sites/default/files/publications/gpf2015_report_aw_low_res.pdf> [accessed 25 August 2020].

Amine, L.S. and Staub, K.M. (2009) ‘Women entrepreneurs in sub-Saharan Africa: an institutional theory analysis from a social marketing point of view’, Entrepreneurship and Regional Development 21(2): 183–211 <https://doi.org/10.1080/08985620802182144>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, 2nd edn, MIT Press, Cambridge, MA.

Baidoo, S.T., Boateng, E. and Ampomsah, M. (2018) ‘Understanding the determinants of saving in Ghana: does financial literacy matter?’ Journal of International Development 30(5): 886–903 <https://doi.org/10.1002/jid.3377>.

Bali, S.R. and Varghese, A. (2011) ‘Delivery mechanisms and impact of microfinance training in Indian self-help groups’, Journal of International Development 25: 11–21 <https://doi.org/10.1002/jid.1817>.

Banerjee, A. and Duflo, E. (2007) ‘The economic lives of the poor’, Journal of Economic Perspectives 21: 141–67 <https://doi.org/10.1257/jep.21.1.141>.

Berge, L.I.O., Kjetil, B., Kartika, S.J. and Bertil, T. (2012) ‘Business training in Tanzania: from research driven experiment to local implementation’, Journal of African Economies 21(5): 808–27 <https://doi.org/10.1093/jae/ejs016>.

Citi Foundation (no date) Citi Foundation website [online] <https://citigroup.com/citi/foundation/> [accessed 7 November 2020].

De Mel, S., Mckenzie, D. and Woodruff, C. (2014) ‘Business training and female enterprise start-up, growth, and dynamics: experimental evidence from Sri Lanka’, Journal of Development Economics 106: 199–210 <https://doi.org/10.1016/j.jdeveco.2013.09.005>.

Deb, A. and Kubzansky, M. (2012) Bridging the Gap: The Business Case for Financial Capability, Monitor Group and Citi Foundation, New York.

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington, DC <https://doi.org/10.1596/978-1-4648-1259-0>.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <https://doi.org/10.1257/app.6.2.1>.

Fernandes, D., Lynch Jr, J.G. and Netemeyer, R.G. (2014) ‘Financial literacy, financial education, and downstream financial behaviors’, Management Science 60(8): 1861–83 <https://doi.org/10.1287/mnsc.2013.1849>.

FINCA (no date) FINCA homepage <www.finca.org> [accessed 4 November 2020].

Freedom from Hunger (FFH) (no date) Freedom from Hunger homepage <https://www.freedomfromhunger.org/> [accessed 4 November 2020].

Fundación Capital (2017) New Heights. Annual Report 2017 [pdf], Fundación Capital <https://fundacioncapital.org/wp-content/uploads/2018/06/Annual-Report-2017-1.pdf> [accessed 25 August 2020].

Gabor, D. and Brooks, S. (2016) ‘The digital revolution in financial inclusion: international development in the fintech era’, New Political Economy 22(4): 423–36 <https://doi.org/10.1080/13563467.2017.1259298>.

Garcia, A. and Lensink, R. (2019) ‘Microfinance-Plus: a review and avenues for research’, in M. Hudon, M. Labie, and A. Szafard (eds), A Research Agenda for Financial Inclusion and Microfinance, pp. 111–24, Edward Elgar Publishing Ltd, Cheltenham, UK <https://doi.org/10.4337/9781788114226.00019>.

GSMA (2019) Mobile Industry Impact Report: Sustainable Development Goals [pdf], GSMA, London <https://www.gsma.com/betterfuture/wp-content/uploads/2019/10/2019-09-24-a60d6541465e86561f37f0f77ebee0f7-1.pdf> [accessed 7 November 2020].

Gubert, F. and Roubaud, F. (2011) The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar. A Panel Data Analysis, World Bank, Washington, DC <https://doi.org/10.1596/27328>.

Hilgert, M., Hogarh, J. and Beverly, S. (2003) ‘Household financial management: the connection between knowledge and behavior’, Federal Reserve Bulletin [online], July, pp. 309–22 <https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf>.

Innovation for Poverty Action (IPA) (2018) Beyond the Classroom: Evidence on New Directions in Financial Education [pdf], Innovation for Poverty Action <https://www.poverty-action.org/sites/default/files/publications/Beyond-the-Classroom-Financial-Education-Brief.pdf> [accessed 25 August 2020].

International Labour Organization (ILO) (2015) Financial education programme leaflet [online] <https://www.ilo.org/empent/areas/social-finance/WCMS_396578/lang--en/index.htm> [accessed 4 November 2020].

Kaahwa, M., Zhu, C., Muhumuza, M., Mutyebere, R. and Mawenu, R. (2019) ‘Assessing the efficacy of audio media technology in enhancing financial literacy knowledge of radio listening club members: a case of selected rural communities in western Uganda’, in Proceedings of the 8th Teaching and Education Conference, Vienna [online], International Institute of Social and Economic Sciences, Prague, Czech Republic <https://doi.org/10.20472/TEC.2019.008.011>.

Kaiser, T. and Menkhoff, L. (2017) Does Financial Education Impact Financial Literacy and Financial Behaviour, and If so, When? [online], World Bank Policy Research Working Papers WPS8161 <https://doi.org/10.1596/1813-9450-8161>.

Kantar IMRB (2018) 21st edition ICUBE: Digital Adoption and Usage Trends [pdf], KANTAR, India <https://imrbint.com/images/common/ICUBE%E2%84%A2_2019_Highlights.pdf> [accessed 4 November 2020].

Karlan, D., Ratan, A.L. and Zinman, J. (2014) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <https://doi.org/10.1111/roiw.12101>.

Karlan, D. and Valdivia, M. (2011) ‘Teaching entrepreneurship: impact of business training on microfinance clients and institutions’, The Review of Economics and Statistics 93(2): 510–27 <https://doi.org/10.1162/REST_a_00074>.

Leatherman, S., Metcalfe, M., Geissler, K. and Dunford, C. (2011) ‘Integrating microfinance and health strategies: examining the evidence to inform policy and practice’, Health Policy and Planning 27(2): 85–101 <https://doi.org/10.1093/heapol/czr014>.

Lusardi, A. and Mitchell, O.S. (2014) ‘The economic importance of financial literacy: theory and evidence’, Journal of Economic Literature 52(1): 5–44 <https://doi.org/10.1257/jel.52.1.5>.

McIntosh, C., Villaran, G. and Wydick, B. (2011) ‘Microfinance and home improvement: using retrospective panel data to measure program effects on fundamental events’, World Development 39(6): 922–37 <https://doi.org/10.1016/j.worlddev.2011.03.001>.

McKenzie, D. and Woodruff, C. (2014) ‘What are we learning from business training and entrepreneurship evaluations around the developing world?’, World Bank Research Observer 29(1): 48–82 <https://doi.org/10.1093/wbro/lkt007>.

Mader, P. (2017) ‘Contesting financial inclusion’, Development and Change 49(2): 461–83 <https://doi.org/10.1111/dech.12368>.

Maity, S. (2019) ‘Financial inclusion and multidimensional poverty reduction through self-help-group-led microfinance: evidence from Bodoland, Assam, India’, Enterprise Development and Microfinance 30(3): <https://doi.org/10.3362/1755-1986.18-00012>.

Mandell, L. and Schmid Klein, L. (2007) ‘Motivation and financial literacy’, Financial Services Review 16: 105–16.

Mundy, S. (2009) ‘Financial education programmes in schools’, OECD Journal: General Papers 2008(3): 53–127 <https://doi.org/10.1787/gen_papers-v2008-art18-en>.

Mundy, S. (2011) Financial Capability: Why Is It Important and How Can It Be Improved? CfBT Education Trust, Berkshire, UK.

OECD (2019) PISA 2018 Assessment and Analytical Framework [online], PISA, OECD Publishing, Paris <https://doi.org/10.1787/b25efab8-en>.

Ontiveros, E., Martín Enriquez, A. and Lopez Sabater, V. (2014) Microfinanzas y TIC: Experiencias Innovadoras en Latinoamérica, Fundación Telefónica and Analistas Financieros Internacionales (AFI).

Risal, N. (2018) ‘Microfinance position and indebtedness: empirical evidence from microfinance institutions in Nepal’, Pravaha 24: 120–36 <https://doi.org/10.3126/pravaha.v24i1.20232>.

Rusiná, E., dalla Pellegrina, L., di Maio, G. and Landoni, P. (2015) Money Management and Entrepreneurial Training in Microfinance: Impact on Beneficiaries and Institutions [online], Working Paper No. 296, March 2015, University of Milan Bicocca <http://dx.doi.org/10.2139/ssrn.2578304>.

Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41(suppl. 1): S95–S116 <https://doi.org/10.1080/13600818.2013.778237>.

Schicks, J. (2014) ‘Over-indebtedness in microfinance: an empirical analysis of related factors on the borrower level’, World Development 54: 301–24 <https://doi.org/10.1016/j.worlddev.2013.08.009>.

Sen, G. and De, S. (2017) ‘How much does having a bank account help the poor?’ The Journal of Development Studies 54(9): 1551–71 <https://doi.org/10.1080/00220388.2017.1355455>.

Tang, N. and LaChance, M.E. (2012) ‘Financial advice: what about low-income consumers?’ Journal of Personal Finance 11(2): 121–58.

Ujjivan Financial Services (2019) Financial literacy program [online] <https://www.ujjivan.com/csr-diksha-finance> [accessed 7 November 2020].

United Nations (UN) (no date) 2030 Agenda for Sustainable Development [online] <https://www.un.org/sustainabledevelopment/development-agenda/> [accessed 4 November 2020].

Urquía-Grande, E. and del Campo, C. (2017) ‘Socio-economic factors determining the commitment to participate in an agricultural development project in rural Ethiopia’, Iberoamerican Journal of Development Studies 6(2): 4–27 <https://doi.org/10.26754/ojs_ried/ijds.218>.

Verrest, H. (2013) ‘Rethinking microentrepreneurship and business development programs: vulnerability and ambition in low-income urban Caribbean households’, World Development 47: 58–70 <https://doi.org/10.1016/j.worlddev.2013.02.016>.

Vor der Bruegge, E., Dickey, J.E. and Dunford, C. (1999) Cost of Education in the Freedom from Hunger Version of Credit with Education Implementation [online], Freedom from Hunger Research Paper No. 6 <https://www.findevgateway.org/paper/1999/09/cost-education-freedom-hunger-version-credit-education> [accessed 8 November 2020].

Xu, L. and Zia, B. (2012) Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward, World Bank, Washington, DC.

Alliance for Financial Inclusion (2015) The 2015 AFI Global Policy Forum Report: Inspiring Innovation to Advance Inclusion [pdf], Alliance for Financial Inclusion <https://www.afi-global.org/sites/default/files/publications/gpf2015_report_aw_low_res.pdf> [accessed 25 August 2020].

Amine, L.S. and Staub, K.M. (2009) ‘Women entrepreneurs in sub-Saharan Africa: an institutional theory analysis from a social marketing point of view’, Entrepreneurship and Regional Development 21(2): 183–211 <https://doi.org/10.1080/08985620802182144>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, 2nd edn, MIT Press, Cambridge, MA.

Baidoo, S.T., Boateng, E. and Ampomsah, M. (2018) ‘Understanding the determinants of saving in Ghana: does financial literacy matter?’ Journal of International Development 30(5): 886–903 <https://doi.org/10.1002/jid.3377>.

Bali, S.R. and Varghese, A. (2011) ‘Delivery mechanisms and impact of microfinance training in Indian self-help groups’, Journal of International Development 25: 11–21 <https://doi.org/10.1002/jid.1817>.

Banerjee, A. and Duflo, E. (2007) ‘The economic lives of the poor’, Journal of Economic Perspectives 21: 141–67 <https://doi.org/10.1257/jep.21.1.141>.

Berge, L.I.O., Kjetil, B., Kartika, S.J. and Bertil, T. (2012) ‘Business training in Tanzania: from research driven experiment to local implementation’, Journal of African Economies 21(5): 808–27 <https://doi.org/10.1093/jae/ejs016>.

Citi Foundation (no date) Citi Foundation website [online] <https://citigroup.com/citi/foundation/> [accessed 7 November 2020].

De Mel, S., Mckenzie, D. and Woodruff, C. (2014) ‘Business training and female enterprise start-up, growth, and dynamics: experimental evidence from Sri Lanka’, Journal of Development Economics 106: 199–210 <https://doi.org/10.1016/j.jdeveco.2013.09.005>.

Deb, A. and Kubzansky, M. (2012) Bridging the Gap: The Business Case for Financial Capability, Monitor Group and Citi Foundation, New York.

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington, DC <https://doi.org/10.1596/978-1-4648-1259-0>.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <https://doi.org/10.1257/app.6.2.1>.

Fernandes, D., Lynch Jr, J.G. and Netemeyer, R.G. (2014) ‘Financial literacy, financial education, and downstream financial behaviors’, Management Science 60(8): 1861–83 <https://doi.org/10.1287/mnsc.2013.1849>.

FINCA (no date) FINCA homepage <www.finca.org> [accessed 4 November 2020].

Freedom from Hunger (FFH) (no date) Freedom from Hunger homepage <https://www.freedomfromhunger.org/> [accessed 4 November 2020].

Fundación Capital (2017) New Heights. Annual Report 2017 [pdf], Fundación Capital <https://fundacioncapital.org/wp-content/uploads/2018/06/Annual-Report-2017-1.pdf> [accessed 25 August 2020].

Gabor, D. and Brooks, S. (2016) ‘The digital revolution in financial inclusion: international development in the fintech era’, New Political Economy 22(4): 423–36 <https://doi.org/10.1080/13563467.2017.1259298>.

Garcia, A. and Lensink, R. (2019) ‘Microfinance-Plus: a review and avenues for research’, in M. Hudon, M. Labie, and A. Szafard (eds), A Research Agenda for Financial Inclusion and Microfinance, pp. 111–24, Edward Elgar Publishing Ltd, Cheltenham, UK <https://doi.org/10.4337/9781788114226.00019>.

GSMA (2019) Mobile Industry Impact Report: Sustainable Development Goals [pdf], GSMA, London <https://www.gsma.com/betterfuture/wp-content/uploads/2019/10/2019-09-24-a60d6541465e86561f37f0f77ebee0f7-1.pdf> [accessed 7 November 2020].

Gubert, F. and Roubaud, F. (2011) The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar. A Panel Data Analysis, World Bank, Washington, DC <https://doi.org/10.1596/27328>.

Hilgert, M., Hogarh, J. and Beverly, S. (2003) ‘Household financial management: the connection between knowledge and behavior’, Federal Reserve Bulletin [online], July, pp. 309–22 <https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf>.

Innovation for Poverty Action (IPA) (2018) Beyond the Classroom: Evidence on New Directions in Financial Education [pdf], Innovation for Poverty Action <https://www.poverty-action.org/sites/default/files/publications/Beyond-the-Classroom-Financial-Education-Brief.pdf> [accessed 25 August 2020].

International Labour Organization (ILO) (2015) Financial education programme leaflet [online] <https://www.ilo.org/empent/areas/social-finance/WCMS_396578/lang--en/index.htm> [accessed 4 November 2020].

Kaahwa, M., Zhu, C., Muhumuza, M., Mutyebere, R. and Mawenu, R. (2019) ‘Assessing the efficacy of audio media technology in enhancing financial literacy knowledge of radio listening club members: a case of selected rural communities in western Uganda’, in Proceedings of the 8th Teaching and Education Conference, Vienna [online], International Institute of Social and Economic Sciences, Prague, Czech Republic <https://doi.org/10.20472/TEC.2019.008.011>.

Kaiser, T. and Menkhoff, L. (2017) Does Financial Education Impact Financial Literacy and Financial Behaviour, and If so, When? [online], World Bank Policy Research Working Papers WPS8161 <https://doi.org/10.1596/1813-9450-8161>.

Kantar IMRB (2018) 21st edition ICUBE: Digital Adoption and Usage Trends [pdf], KANTAR, India <https://imrbint.com/images/common/ICUBE%E2%84%A2_2019_Highlights.pdf> [accessed 4 November 2020].

Karlan, D., Ratan, A.L. and Zinman, J. (2014) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <https://doi.org/10.1111/roiw.12101>.

Karlan, D. and Valdivia, M. (2011) ‘Teaching entrepreneurship: impact of business training on microfinance clients and institutions’, The Review of Economics and Statistics 93(2): 510–27 <https://doi.org/10.1162/REST_a_00074>.

Leatherman, S., Metcalfe, M., Geissler, K. and Dunford, C. (2011) ‘Integrating microfinance and health strategies: examining the evidence to inform policy and practice’, Health Policy and Planning 27(2): 85–101 <https://doi.org/10.1093/heapol/czr014>.

Lusardi, A. and Mitchell, O.S. (2014) ‘The economic importance of financial literacy: theory and evidence’, Journal of Economic Literature 52(1): 5–44 <https://doi.org/10.1257/jel.52.1.5>.

McIntosh, C., Villaran, G. and Wydick, B. (2011) ‘Microfinance and home improvement: using retrospective panel data to measure program effects on fundamental events’, World Development 39(6): 922–37 <https://doi.org/10.1016/j.worlddev.2011.03.001>.

McKenzie, D. and Woodruff, C. (2014) ‘What are we learning from business training and entrepreneurship evaluations around the developing world?’, World Bank Research Observer 29(1): 48–82 <https://doi.org/10.1093/wbro/lkt007>.

Mader, P. (2017) ‘Contesting financial inclusion’, Development and Change 49(2): 461–83 <https://doi.org/10.1111/dech.12368>.

Maity, S. (2019) ‘Financial inclusion and multidimensional poverty reduction through self-help-group-led microfinance: evidence from Bodoland, Assam, India’, Enterprise Development and Microfinance 30(3): <https://doi.org/10.3362/1755-1986.18-00012>.

Mandell, L. and Schmid Klein, L. (2007) ‘Motivation and financial literacy’, Financial Services Review 16: 105–16.

Mundy, S. (2009) ‘Financial education programmes in schools’, OECD Journal: General Papers 2008(3): 53–127 <https://doi.org/10.1787/gen_papers-v2008-art18-en>.

Mundy, S. (2011) Financial Capability: Why Is It Important and How Can It Be Improved? CfBT Education Trust, Berkshire, UK.

OECD (2019) PISA 2018 Assessment and Analytical Framework [online], PISA, OECD Publishing, Paris <https://doi.org/10.1787/b25efab8-en>.

Ontiveros, E., Martín Enriquez, A. and Lopez Sabater, V. (2014) Microfinanzas y TIC: Experiencias Innovadoras en Latinoamérica, Fundación Telefónica and Analistas Financieros Internacionales (AFI).

Risal, N. (2018) ‘Microfinance position and indebtedness: empirical evidence from microfinance institutions in Nepal’, Pravaha 24: 120–36 <https://doi.org/10.3126/pravaha.v24i1.20232>.

Rusiná, E., dalla Pellegrina, L., di Maio, G. and Landoni, P. (2015) Money Management and Entrepreneurial Training in Microfinance: Impact on Beneficiaries and Institutions [online], Working Paper No. 296, March 2015, University of Milan Bicocca <http://dx.doi.org/10.2139/ssrn.2578304>.

Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41(suppl. 1): S95–S116 <https://doi.org/10.1080/13600818.2013.778237>.

Schicks, J. (2014) ‘Over-indebtedness in microfinance: an empirical analysis of related factors on the borrower level’, World Development 54: 301–24 <https://doi.org/10.1016/j.worlddev.2013.08.009>.

Sen, G. and De, S. (2017) ‘How much does having a bank account help the poor?’ The Journal of Development Studies 54(9): 1551–71 <https://doi.org/10.1080/00220388.2017.1355455>.

Tang, N. and LaChance, M.E. (2012) ‘Financial advice: what about low-income consumers?’ Journal of Personal Finance 11(2): 121–58.

Ujjivan Financial Services (2019) Financial literacy program [online] <https://www.ujjivan.com/csr-diksha-finance> [accessed 7 November 2020].

United Nations (UN) (no date) 2030 Agenda for Sustainable Development [online] <https://www.un.org/sustainabledevelopment/development-agenda/> [accessed 4 November 2020].

Urquía-Grande, E. and del Campo, C. (2017) ‘Socio-economic factors determining the commitment to participate in an agricultural development project in rural Ethiopia’, Iberoamerican Journal of Development Studies 6(2): 4–27 <https://doi.org/10.26754/ojs_ried/ijds.218>.

Verrest, H. (2013) ‘Rethinking microentrepreneurship and business development programs: vulnerability and ambition in low-income urban Caribbean households’, World Development 47: 58–70 <https://doi.org/10.1016/j.worlddev.2013.02.016>.

Vor der Bruegge, E., Dickey, J.E. and Dunford, C. (1999) Cost of Education in the Freedom from Hunger Version of Credit with Education Implementation [online], Freedom from Hunger Research Paper No. 6 <https://www.findevgateway.org/paper/1999/09/cost-education-freedom-hunger-version-credit-education> [accessed 8 November 2020].

Xu, L. and Zia, B. (2012) Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward, World Bank, Washington, DC.

Alliance for Financial Inclusion (2015) The 2015 AFI Global Policy Forum Report: Inspiring Innovation to Advance Inclusion [pdf], Alliance for Financial Inclusion <https://www.afi-global.org/sites/default/files/publications/gpf2015_report_aw_low_res.pdf> [accessed 25 August 2020].

Amine, L.S. and Staub, K.M. (2009) ‘Women entrepreneurs in sub-Saharan Africa: an institutional theory analysis from a social marketing point of view’, Entrepreneurship and Regional Development 21(2): 183–211 <https://doi.org/10.1080/08985620802182144>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, 2nd edn, MIT Press, Cambridge, MA.

Baidoo, S.T., Boateng, E. and Ampomsah, M. (2018) ‘Understanding the determinants of saving in Ghana: does financial literacy matter?’ Journal of International Development 30(5): 886–903 <https://doi.org/10.1002/jid.3377>.

Bali, S.R. and Varghese, A. (2011) ‘Delivery mechanisms and impact of microfinance training in Indian self-help groups’, Journal of International Development 25: 11–21 <https://doi.org/10.1002/jid.1817>.

Banerjee, A. and Duflo, E. (2007) ‘The economic lives of the poor’, Journal of Economic Perspectives 21: 141–67 <https://doi.org/10.1257/jep.21.1.141>.

Berge, L.I.O., Kjetil, B., Kartika, S.J. and Bertil, T. (2012) ‘Business training in Tanzania: from research driven experiment to local implementation’, Journal of African Economies 21(5): 808–27 <https://doi.org/10.1093/jae/ejs016>.

Citi Foundation (no date) Citi Foundation website [online] <https://citigroup.com/citi/foundation/> [accessed 7 November 2020].

De Mel, S., Mckenzie, D. and Woodruff, C. (2014) ‘Business training and female enterprise start-up, growth, and dynamics: experimental evidence from Sri Lanka’, Journal of Development Economics 106: 199–210 <https://doi.org/10.1016/j.jdeveco.2013.09.005>.

Deb, A. and Kubzansky, M. (2012) Bridging the Gap: The Business Case for Financial Capability, Monitor Group and Citi Foundation, New York.

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington, DC <https://doi.org/10.1596/978-1-4648-1259-0>.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <https://doi.org/10.1257/app.6.2.1>.

Fernandes, D., Lynch Jr, J.G. and Netemeyer, R.G. (2014) ‘Financial literacy, financial education, and downstream financial behaviors’, Management Science 60(8): 1861–83 <https://doi.org/10.1287/mnsc.2013.1849>.

FINCA (no date) FINCA homepage <www.finca.org> [accessed 4 November 2020].

Freedom from Hunger (FFH) (no date) Freedom from Hunger homepage <https://www.freedomfromhunger.org/> [accessed 4 November 2020].

Fundación Capital (2017) New Heights. Annual Report 2017 [pdf], Fundación Capital <https://fundacioncapital.org/wp-content/uploads/2018/06/Annual-Report-2017-1.pdf> [accessed 25 August 2020].

Gabor, D. and Brooks, S. (2016) ‘The digital revolution in financial inclusion: international development in the fintech era’, New Political Economy 22(4): 423–36 <https://doi.org/10.1080/13563467.2017.1259298>.

Garcia, A. and Lensink, R. (2019) ‘Microfinance-Plus: a review and avenues for research’, in M. Hudon, M. Labie, and A. Szafard (eds), A Research Agenda for Financial Inclusion and Microfinance, pp. 111–24, Edward Elgar Publishing Ltd, Cheltenham, UK <https://doi.org/10.4337/9781788114226.00019>.

GSMA (2019) Mobile Industry Impact Report: Sustainable Development Goals [pdf], GSMA, London <https://www.gsma.com/betterfuture/wp-content/uploads/2019/10/2019-09-24-a60d6541465e86561f37f0f77ebee0f7-1.pdf> [accessed 7 November 2020].

Gubert, F. and Roubaud, F. (2011) The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar. A Panel Data Analysis, World Bank, Washington, DC <https://doi.org/10.1596/27328>.

Hilgert, M., Hogarh, J. and Beverly, S. (2003) ‘Household financial management: the connection between knowledge and behavior’, Federal Reserve Bulletin [online], July, pp. 309–22 <https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf>.

Innovation for Poverty Action (IPA) (2018) Beyond the Classroom: Evidence on New Directions in Financial Education [pdf], Innovation for Poverty Action <https://www.poverty-action.org/sites/default/files/publications/Beyond-the-Classroom-Financial-Education-Brief.pdf> [accessed 25 August 2020].

International Labour Organization (ILO) (2015) Financial education programme leaflet [online] <https://www.ilo.org/empent/areas/social-finance/WCMS_396578/lang--en/index.htm> [accessed 4 November 2020].

Kaahwa, M., Zhu, C., Muhumuza, M., Mutyebere, R. and Mawenu, R. (2019) ‘Assessing the efficacy of audio media technology in enhancing financial literacy knowledge of radio listening club members: a case of selected rural communities in western Uganda’, in Proceedings of the 8th Teaching and Education Conference, Vienna [online], International Institute of Social and Economic Sciences, Prague, Czech Republic <https://doi.org/10.20472/TEC.2019.008.011>.

Kaiser, T. and Menkhoff, L. (2017) Does Financial Education Impact Financial Literacy and Financial Behaviour, and If so, When? [online], World Bank Policy Research Working Papers WPS8161 <https://doi.org/10.1596/1813-9450-8161>.

Kantar IMRB (2018) 21st edition ICUBE: Digital Adoption and Usage Trends [pdf], KANTAR, India <https://imrbint.com/images/common/ICUBE%E2%84%A2_2019_Highlights.pdf> [accessed 4 November 2020].

Karlan, D., Ratan, A.L. and Zinman, J. (2014) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <https://doi.org/10.1111/roiw.12101>.

Karlan, D. and Valdivia, M. (2011) ‘Teaching entrepreneurship: impact of business training on microfinance clients and institutions’, The Review of Economics and Statistics 93(2): 510–27 <https://doi.org/10.1162/REST_a_00074>.

Leatherman, S., Metcalfe, M., Geissler, K. and Dunford, C. (2011) ‘Integrating microfinance and health strategies: examining the evidence to inform policy and practice’, Health Policy and Planning 27(2): 85–101 <https://doi.org/10.1093/heapol/czr014>.

Lusardi, A. and Mitchell, O.S. (2014) ‘The economic importance of financial literacy: theory and evidence’, Journal of Economic Literature 52(1): 5–44 <https://doi.org/10.1257/jel.52.1.5>.

McIntosh, C., Villaran, G. and Wydick, B. (2011) ‘Microfinance and home improvement: using retrospective panel data to measure program effects on fundamental events’, World Development 39(6): 922–37 <https://doi.org/10.1016/j.worlddev.2011.03.001>.

McKenzie, D. and Woodruff, C. (2014) ‘What are we learning from business training and entrepreneurship evaluations around the developing world?’, World Bank Research Observer 29(1): 48–82 <https://doi.org/10.1093/wbro/lkt007>.

Mader, P. (2017) ‘Contesting financial inclusion’, Development and Change 49(2): 461–83 <https://doi.org/10.1111/dech.12368>.

Maity, S. (2019) ‘Financial inclusion and multidimensional poverty reduction through self-help-group-led microfinance: evidence from Bodoland, Assam, India’, Enterprise Development and Microfinance 30(3): <https://doi.org/10.3362/1755-1986.18-00012>.

Mandell, L. and Schmid Klein, L. (2007) ‘Motivation and financial literacy’, Financial Services Review 16: 105–16.

Mundy, S. (2009) ‘Financial education programmes in schools’, OECD Journal: General Papers 2008(3): 53–127 <https://doi.org/10.1787/gen_papers-v2008-art18-en>.

Mundy, S. (2011) Financial Capability: Why Is It Important and How Can It Be Improved? CfBT Education Trust, Berkshire, UK.

OECD (2019) PISA 2018 Assessment and Analytical Framework [online], PISA, OECD Publishing, Paris <https://doi.org/10.1787/b25efab8-en>.

Ontiveros, E., Martín Enriquez, A. and Lopez Sabater, V. (2014) Microfinanzas y TIC: Experiencias Innovadoras en Latinoamérica, Fundación Telefónica and Analistas Financieros Internacionales (AFI).

Risal, N. (2018) ‘Microfinance position and indebtedness: empirical evidence from microfinance institutions in Nepal’, Pravaha 24: 120–36 <https://doi.org/10.3126/pravaha.v24i1.20232>.

Rusiná, E., dalla Pellegrina, L., di Maio, G. and Landoni, P. (2015) Money Management and Entrepreneurial Training in Microfinance: Impact on Beneficiaries and Institutions [online], Working Paper No. 296, March 2015, University of Milan Bicocca <http://dx.doi.org/10.2139/ssrn.2578304>.

Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41(suppl. 1): S95–S116 <https://doi.org/10.1080/13600818.2013.778237>.

Schicks, J. (2014) ‘Over-indebtedness in microfinance: an empirical analysis of related factors on the borrower level’, World Development 54: 301–24 <https://doi.org/10.1016/j.worlddev.2013.08.009>.

Sen, G. and De, S. (2017) ‘How much does having a bank account help the poor?’ The Journal of Development Studies 54(9): 1551–71 <https://doi.org/10.1080/00220388.2017.1355455>.

Tang, N. and LaChance, M.E. (2012) ‘Financial advice: what about low-income consumers?’ Journal of Personal Finance 11(2): 121–58.

Ujjivan Financial Services (2019) Financial literacy program [online] <https://www.ujjivan.com/csr-diksha-finance> [accessed 7 November 2020].

United Nations (UN) (no date) 2030 Agenda for Sustainable Development [online] <https://www.un.org/sustainabledevelopment/development-agenda/> [accessed 4 November 2020].

Urquía-Grande, E. and del Campo, C. (2017) ‘Socio-economic factors determining the commitment to participate in an agricultural development project in rural Ethiopia’, Iberoamerican Journal of Development Studies 6(2): 4–27 <https://doi.org/10.26754/ojs_ried/ijds.218>.

Verrest, H. (2013) ‘Rethinking microentrepreneurship and business development programs: vulnerability and ambition in low-income urban Caribbean households’, World Development 47: 58–70 <https://doi.org/10.1016/j.worlddev.2013.02.016>.

Vor der Bruegge, E., Dickey, J.E. and Dunford, C. (1999) Cost of Education in the Freedom from Hunger Version of Credit with Education Implementation [online], Freedom from Hunger Research Paper No. 6 <https://www.findevgateway.org/paper/1999/09/cost-education-freedom-hunger-version-credit-education> [accessed 8 November 2020].

Xu, L. and Zia, B. (2012) Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward, World Bank, Washington, DC.

Alliance for Financial Inclusion (2015) The 2015 AFI Global Policy Forum Report: Inspiring Innovation to Advance Inclusion [pdf], Alliance for Financial Inclusion <https://www.afi-global.org/sites/default/files/publications/gpf2015_report_aw_low_res.pdf> [accessed 25 August 2020].

Amine, L.S. and Staub, K.M. (2009) ‘Women entrepreneurs in sub-Saharan Africa: an institutional theory analysis from a social marketing point of view’, Entrepreneurship and Regional Development 21(2): 183–211 <https://doi.org/10.1080/08985620802182144>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, 2nd edn, MIT Press, Cambridge, MA.

Baidoo, S.T., Boateng, E. and Ampomsah, M. (2018) ‘Understanding the determinants of saving in Ghana: does financial literacy matter?’ Journal of International Development 30(5): 886–903 <https://doi.org/10.1002/jid.3377>.

Bali, S.R. and Varghese, A. (2011) ‘Delivery mechanisms and impact of microfinance training in Indian self-help groups’, Journal of International Development 25: 11–21 <https://doi.org/10.1002/jid.1817>.

Banerjee, A. and Duflo, E. (2007) ‘The economic lives of the poor’, Journal of Economic Perspectives 21: 141–67 <https://doi.org/10.1257/jep.21.1.141>.

Berge, L.I.O., Kjetil, B., Kartika, S.J. and Bertil, T. (2012) ‘Business training in Tanzania: from research driven experiment to local implementation’, Journal of African Economies 21(5): 808–27 <https://doi.org/10.1093/jae/ejs016>.

Citi Foundation (no date) Citi Foundation website [online] <https://citigroup.com/citi/foundation/> [accessed 7 November 2020].

De Mel, S., Mckenzie, D. and Woodruff, C. (2014) ‘Business training and female enterprise start-up, growth, and dynamics: experimental evidence from Sri Lanka’, Journal of Development Economics 106: 199–210 <https://doi.org/10.1016/j.jdeveco.2013.09.005>.

Deb, A. and Kubzansky, M. (2012) Bridging the Gap: The Business Case for Financial Capability, Monitor Group and Citi Foundation, New York.

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington, DC <https://doi.org/10.1596/978-1-4648-1259-0>.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <https://doi.org/10.1257/app.6.2.1>.

Fernandes, D., Lynch Jr, J.G. and Netemeyer, R.G. (2014) ‘Financial literacy, financial education, and downstream financial behaviors’, Management Science 60(8): 1861–83 <https://doi.org/10.1287/mnsc.2013.1849>.

FINCA (no date) FINCA homepage <www.finca.org> [accessed 4 November 2020].

Freedom from Hunger (FFH) (no date) Freedom from Hunger homepage <https://www.freedomfromhunger.org/> [accessed 4 November 2020].

Fundación Capital (2017) New Heights. Annual Report 2017 [pdf], Fundación Capital <https://fundacioncapital.org/wp-content/uploads/2018/06/Annual-Report-2017-1.pdf> [accessed 25 August 2020].

Gabor, D. and Brooks, S. (2016) ‘The digital revolution in financial inclusion: international development in the fintech era’, New Political Economy 22(4): 423–36 <https://doi.org/10.1080/13563467.2017.1259298>.

Garcia, A. and Lensink, R. (2019) ‘Microfinance-Plus: a review and avenues for research’, in M. Hudon, M. Labie, and A. Szafard (eds), A Research Agenda for Financial Inclusion and Microfinance, pp. 111–24, Edward Elgar Publishing Ltd, Cheltenham, UK <https://doi.org/10.4337/9781788114226.00019>.

GSMA (2019) Mobile Industry Impact Report: Sustainable Development Goals [pdf], GSMA, London <https://www.gsma.com/betterfuture/wp-content/uploads/2019/10/2019-09-24-a60d6541465e86561f37f0f77ebee0f7-1.pdf> [accessed 7 November 2020].

Gubert, F. and Roubaud, F. (2011) The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar. A Panel Data Analysis, World Bank, Washington, DC <https://doi.org/10.1596/27328>.

Hilgert, M., Hogarh, J. and Beverly, S. (2003) ‘Household financial management: the connection between knowledge and behavior’, Federal Reserve Bulletin [online], July, pp. 309–22 <https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf>.

Innovation for Poverty Action (IPA) (2018) Beyond the Classroom: Evidence on New Directions in Financial Education [pdf], Innovation for Poverty Action <https://www.poverty-action.org/sites/default/files/publications/Beyond-the-Classroom-Financial-Education-Brief.pdf> [accessed 25 August 2020].

International Labour Organization (ILO) (2015) Financial education programme leaflet [online] <https://www.ilo.org/empent/areas/social-finance/WCMS_396578/lang--en/index.htm> [accessed 4 November 2020].

Kaahwa, M., Zhu, C., Muhumuza, M., Mutyebere, R. and Mawenu, R. (2019) ‘Assessing the efficacy of audio media technology in enhancing financial literacy knowledge of radio listening club members: a case of selected rural communities in western Uganda’, in Proceedings of the 8th Teaching and Education Conference, Vienna [online], International Institute of Social and Economic Sciences, Prague, Czech Republic <https://doi.org/10.20472/TEC.2019.008.011>.

Kaiser, T. and Menkhoff, L. (2017) Does Financial Education Impact Financial Literacy and Financial Behaviour, and If so, When? [online], World Bank Policy Research Working Papers WPS8161 <https://doi.org/10.1596/1813-9450-8161>.

Kantar IMRB (2018) 21st edition ICUBE: Digital Adoption and Usage Trends [pdf], KANTAR, India <https://imrbint.com/images/common/ICUBE%E2%84%A2_2019_Highlights.pdf> [accessed 4 November 2020].

Karlan, D., Ratan, A.L. and Zinman, J. (2014) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <https://doi.org/10.1111/roiw.12101>.

Karlan, D. and Valdivia, M. (2011) ‘Teaching entrepreneurship: impact of business training on microfinance clients and institutions’, The Review of Economics and Statistics 93(2): 510–27 <https://doi.org/10.1162/REST_a_00074>.

Leatherman, S., Metcalfe, M., Geissler, K. and Dunford, C. (2011) ‘Integrating microfinance and health strategies: examining the evidence to inform policy and practice’, Health Policy and Planning 27(2): 85–101 <https://doi.org/10.1093/heapol/czr014>.

Lusardi, A. and Mitchell, O.S. (2014) ‘The economic importance of financial literacy: theory and evidence’, Journal of Economic Literature 52(1): 5–44 <https://doi.org/10.1257/jel.52.1.5>.

McIntosh, C., Villaran, G. and Wydick, B. (2011) ‘Microfinance and home improvement: using retrospective panel data to measure program effects on fundamental events’, World Development 39(6): 922–37 <https://doi.org/10.1016/j.worlddev.2011.03.001>.

McKenzie, D. and Woodruff, C. (2014) ‘What are we learning from business training and entrepreneurship evaluations around the developing world?’, World Bank Research Observer 29(1): 48–82 <https://doi.org/10.1093/wbro/lkt007>.

Mader, P. (2017) ‘Contesting financial inclusion’, Development and Change 49(2): 461–83 <https://doi.org/10.1111/dech.12368>.

Maity, S. (2019) ‘Financial inclusion and multidimensional poverty reduction through self-help-group-led microfinance: evidence from Bodoland, Assam, India’, Enterprise Development and Microfinance 30(3): <https://doi.org/10.3362/1755-1986.18-00012>.

Mandell, L. and Schmid Klein, L. (2007) ‘Motivation and financial literacy’, Financial Services Review 16: 105–16.

Mundy, S. (2009) ‘Financial education programmes in schools’, OECD Journal: General Papers 2008(3): 53–127 <https://doi.org/10.1787/gen_papers-v2008-art18-en>.

Mundy, S. (2011) Financial Capability: Why Is It Important and How Can It Be Improved? CfBT Education Trust, Berkshire, UK.

OECD (2019) PISA 2018 Assessment and Analytical Framework [online], PISA, OECD Publishing, Paris <https://doi.org/10.1787/b25efab8-en>.

Ontiveros, E., Martín Enriquez, A. and Lopez Sabater, V. (2014) Microfinanzas y TIC: Experiencias Innovadoras en Latinoamérica, Fundación Telefónica and Analistas Financieros Internacionales (AFI).

Risal, N. (2018) ‘Microfinance position and indebtedness: empirical evidence from microfinance institutions in Nepal’, Pravaha 24: 120–36 <https://doi.org/10.3126/pravaha.v24i1.20232>.

Rusiná, E., dalla Pellegrina, L., di Maio, G. and Landoni, P. (2015) Money Management and Entrepreneurial Training in Microfinance: Impact on Beneficiaries and Institutions [online], Working Paper No. 296, March 2015, University of Milan Bicocca <http://dx.doi.org/10.2139/ssrn.2578304>.

Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41(suppl. 1): S95–S116 <https://doi.org/10.1080/13600818.2013.778237>.

Schicks, J. (2014) ‘Over-indebtedness in microfinance: an empirical analysis of related factors on the borrower level’, World Development 54: 301–24 <https://doi.org/10.1016/j.worlddev.2013.08.009>.

Sen, G. and De, S. (2017) ‘How much does having a bank account help the poor?’ The Journal of Development Studies 54(9): 1551–71 <https://doi.org/10.1080/00220388.2017.1355455>.

Tang, N. and LaChance, M.E. (2012) ‘Financial advice: what about low-income consumers?’ Journal of Personal Finance 11(2): 121–58.

Ujjivan Financial Services (2019) Financial literacy program [online] <https://www.ujjivan.com/csr-diksha-finance> [accessed 7 November 2020].

United Nations (UN) (no date) 2030 Agenda for Sustainable Development [online] <https://www.un.org/sustainabledevelopment/development-agenda/> [accessed 4 November 2020].

Urquía-Grande, E. and del Campo, C. (2017) ‘Socio-economic factors determining the commitment to participate in an agricultural development project in rural Ethiopia’, Iberoamerican Journal of Development Studies 6(2): 4–27 <https://doi.org/10.26754/ojs_ried/ijds.218>.

Verrest, H. (2013) ‘Rethinking microentrepreneurship and business development programs: vulnerability and ambition in low-income urban Caribbean households’, World Development 47: 58–70 <https://doi.org/10.1016/j.worlddev.2013.02.016>.

Vor der Bruegge, E., Dickey, J.E. and Dunford, C. (1999) Cost of Education in the Freedom from Hunger Version of Credit with Education Implementation [online], Freedom from Hunger Research Paper No. 6 <https://www.findevgateway.org/paper/1999/09/cost-education-freedom-hunger-version-credit-education> [accessed 8 November 2020].

Xu, L. and Zia, B. (2012) Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward, World Bank, Washington, DC.

Alliance for Financial Inclusion (2015) The 2015 AFI Global Policy Forum Report: Inspiring Innovation to Advance Inclusion [pdf], Alliance for Financial Inclusion <https://www.afi-global.org/sites/default/files/publications/gpf2015_report_aw_low_res.pdf> [accessed 25 August 2020].

Amine, L.S. and Staub, K.M. (2009) ‘Women entrepreneurs in sub-Saharan Africa: an institutional theory analysis from a social marketing point of view’, Entrepreneurship and Regional Development 21(2): 183–211 <https://doi.org/10.1080/08985620802182144>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, 2nd edn, MIT Press, Cambridge, MA.

Baidoo, S.T., Boateng, E. and Ampomsah, M. (2018) ‘Understanding the determinants of saving in Ghana: does financial literacy matter?’ Journal of International Development 30(5): 886–903 <https://doi.org/10.1002/jid.3377>.

Bali, S.R. and Varghese, A. (2011) ‘Delivery mechanisms and impact of microfinance training in Indian self-help groups’, Journal of International Development 25: 11–21 <https://doi.org/10.1002/jid.1817>.

Banerjee, A. and Duflo, E. (2007) ‘The economic lives of the poor’, Journal of Economic Perspectives 21: 141–67 <https://doi.org/10.1257/jep.21.1.141>.

Berge, L.I.O., Kjetil, B., Kartika, S.J. and Bertil, T. (2012) ‘Business training in Tanzania: from research driven experiment to local implementation’, Journal of African Economies 21(5): 808–27 <https://doi.org/10.1093/jae/ejs016>.

Citi Foundation (no date) Citi Foundation website [online] <https://citigroup.com/citi/foundation/> [accessed 7 November 2020].

De Mel, S., Mckenzie, D. and Woodruff, C. (2014) ‘Business training and female enterprise start-up, growth, and dynamics: experimental evidence from Sri Lanka’, Journal of Development Economics 106: 199–210 <https://doi.org/10.1016/j.jdeveco.2013.09.005>.

Deb, A. and Kubzansky, M. (2012) Bridging the Gap: The Business Case for Financial Capability, Monitor Group and Citi Foundation, New York.

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington, DC <https://doi.org/10.1596/978-1-4648-1259-0>.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <https://doi.org/10.1257/app.6.2.1>.

Fernandes, D., Lynch Jr, J.G. and Netemeyer, R.G. (2014) ‘Financial literacy, financial education, and downstream financial behaviors’, Management Science 60(8): 1861–83 <https://doi.org/10.1287/mnsc.2013.1849>.

FINCA (no date) FINCA homepage <www.finca.org> [accessed 4 November 2020].

Freedom from Hunger (FFH) (no date) Freedom from Hunger homepage <https://www.freedomfromhunger.org/> [accessed 4 November 2020].

Fundación Capital (2017) New Heights. Annual Report 2017 [pdf], Fundación Capital <https://fundacioncapital.org/wp-content/uploads/2018/06/Annual-Report-2017-1.pdf> [accessed 25 August 2020].

Gabor, D. and Brooks, S. (2016) ‘The digital revolution in financial inclusion: international development in the fintech era’, New Political Economy 22(4): 423–36 <https://doi.org/10.1080/13563467.2017.1259298>.

Garcia, A. and Lensink, R. (2019) ‘Microfinance-Plus: a review and avenues for research’, in M. Hudon, M. Labie, and A. Szafard (eds), A Research Agenda for Financial Inclusion and Microfinance, pp. 111–24, Edward Elgar Publishing Ltd, Cheltenham, UK <https://doi.org/10.4337/9781788114226.00019>.

GSMA (2019) Mobile Industry Impact Report: Sustainable Development Goals [pdf], GSMA, London <https://www.gsma.com/betterfuture/wp-content/uploads/2019/10/2019-09-24-a60d6541465e86561f37f0f77ebee0f7-1.pdf> [accessed 7 November 2020].

Gubert, F. and Roubaud, F. (2011) The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar. A Panel Data Analysis, World Bank, Washington, DC <https://doi.org/10.1596/27328>.

Hilgert, M., Hogarh, J. and Beverly, S. (2003) ‘Household financial management: the connection between knowledge and behavior’, Federal Reserve Bulletin [online], July, pp. 309–22 <https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf>.

Innovation for Poverty Action (IPA) (2018) Beyond the Classroom: Evidence on New Directions in Financial Education [pdf], Innovation for Poverty Action <https://www.poverty-action.org/sites/default/files/publications/Beyond-the-Classroom-Financial-Education-Brief.pdf> [accessed 25 August 2020].

International Labour Organization (ILO) (2015) Financial education programme leaflet [online] <https://www.ilo.org/empent/areas/social-finance/WCMS_396578/lang--en/index.htm> [accessed 4 November 2020].

Kaahwa, M., Zhu, C., Muhumuza, M., Mutyebere, R. and Mawenu, R. (2019) ‘Assessing the efficacy of audio media technology in enhancing financial literacy knowledge of radio listening club members: a case of selected rural communities in western Uganda’, in Proceedings of the 8th Teaching and Education Conference, Vienna [online], International Institute of Social and Economic Sciences, Prague, Czech Republic <https://doi.org/10.20472/TEC.2019.008.011>.

Kaiser, T. and Menkhoff, L. (2017) Does Financial Education Impact Financial Literacy and Financial Behaviour, and If so, When? [online], World Bank Policy Research Working Papers WPS8161 <https://doi.org/10.1596/1813-9450-8161>.

Kantar IMRB (2018) 21st edition ICUBE: Digital Adoption and Usage Trends [pdf], KANTAR, India <https://imrbint.com/images/common/ICUBE%E2%84%A2_2019_Highlights.pdf> [accessed 4 November 2020].

Karlan, D., Ratan, A.L. and Zinman, J. (2014) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <https://doi.org/10.1111/roiw.12101>.

Karlan, D. and Valdivia, M. (2011) ‘Teaching entrepreneurship: impact of business training on microfinance clients and institutions’, The Review of Economics and Statistics 93(2): 510–27 <https://doi.org/10.1162/REST_a_00074>.

Leatherman, S., Metcalfe, M., Geissler, K. and Dunford, C. (2011) ‘Integrating microfinance and health strategies: examining the evidence to inform policy and practice’, Health Policy and Planning 27(2): 85–101 <https://doi.org/10.1093/heapol/czr014>.

Lusardi, A. and Mitchell, O.S. (2014) ‘The economic importance of financial literacy: theory and evidence’, Journal of Economic Literature 52(1): 5–44 <https://doi.org/10.1257/jel.52.1.5>.

McIntosh, C., Villaran, G. and Wydick, B. (2011) ‘Microfinance and home improvement: using retrospective panel data to measure program effects on fundamental events’, World Development 39(6): 922–37 <https://doi.org/10.1016/j.worlddev.2011.03.001>.

McKenzie, D. and Woodruff, C. (2014) ‘What are we learning from business training and entrepreneurship evaluations around the developing world?’, World Bank Research Observer 29(1): 48–82 <https://doi.org/10.1093/wbro/lkt007>.

Mader, P. (2017) ‘Contesting financial inclusion’, Development and Change 49(2): 461–83 <https://doi.org/10.1111/dech.12368>.

Maity, S. (2019) ‘Financial inclusion and multidimensional poverty reduction through self-help-group-led microfinance: evidence from Bodoland, Assam, India’, Enterprise Development and Microfinance 30(3): <https://doi.org/10.3362/1755-1986.18-00012>.

Mandell, L. and Schmid Klein, L. (2007) ‘Motivation and financial literacy’, Financial Services Review 16: 105–16.

Mundy, S. (2009) ‘Financial education programmes in schools’, OECD Journal: General Papers 2008(3): 53–127 <https://doi.org/10.1787/gen_papers-v2008-art18-en>.

Mundy, S. (2011) Financial Capability: Why Is It Important and How Can It Be Improved? CfBT Education Trust, Berkshire, UK.

OECD (2019) PISA 2018 Assessment and Analytical Framework [online], PISA, OECD Publishing, Paris <https://doi.org/10.1787/b25efab8-en>.

Ontiveros, E., Martín Enriquez, A. and Lopez Sabater, V. (2014) Microfinanzas y TIC: Experiencias Innovadoras en Latinoamérica, Fundación Telefónica and Analistas Financieros Internacionales (AFI).

Risal, N. (2018) ‘Microfinance position and indebtedness: empirical evidence from microfinance institutions in Nepal’, Pravaha 24: 120–36 <https://doi.org/10.3126/pravaha.v24i1.20232>.

Rusiná, E., dalla Pellegrina, L., di Maio, G. and Landoni, P. (2015) Money Management and Entrepreneurial Training in Microfinance: Impact on Beneficiaries and Institutions [online], Working Paper No. 296, March 2015, University of Milan Bicocca <http://dx.doi.org/10.2139/ssrn.2578304>.

Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41(suppl. 1): S95–S116 <https://doi.org/10.1080/13600818.2013.778237>.

Schicks, J. (2014) ‘Over-indebtedness in microfinance: an empirical analysis of related factors on the borrower level’, World Development 54: 301–24 <https://doi.org/10.1016/j.worlddev.2013.08.009>.

Sen, G. and De, S. (2017) ‘How much does having a bank account help the poor?’ The Journal of Development Studies 54(9): 1551–71 <https://doi.org/10.1080/00220388.2017.1355455>.

Tang, N. and LaChance, M.E. (2012) ‘Financial advice: what about low-income consumers?’ Journal of Personal Finance 11(2): 121–58.

Ujjivan Financial Services (2019) Financial literacy program [online] <https://www.ujjivan.com/csr-diksha-finance> [accessed 7 November 2020].

United Nations (UN) (no date) 2030 Agenda for Sustainable Development [online] <https://www.un.org/sustainabledevelopment/development-agenda/> [accessed 4 November 2020].

Urquía-Grande, E. and del Campo, C. (2017) ‘Socio-economic factors determining the commitment to participate in an agricultural development project in rural Ethiopia’, Iberoamerican Journal of Development Studies 6(2): 4–27 <https://doi.org/10.26754/ojs_ried/ijds.218>.

Verrest, H. (2013) ‘Rethinking microentrepreneurship and business development programs: vulnerability and ambition in low-income urban Caribbean households’, World Development 47: 58–70 <https://doi.org/10.1016/j.worlddev.2013.02.016>.

Vor der Bruegge, E., Dickey, J.E. and Dunford, C. (1999) Cost of Education in the Freedom from Hunger Version of Credit with Education Implementation [online], Freedom from Hunger Research Paper No. 6 <https://www.findevgateway.org/paper/1999/09/cost-education-freedom-hunger-version-credit-education> [accessed 8 November 2020].

Xu, L. and Zia, B. (2012) Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward, World Bank, Washington, DC.

Alliance for Financial Inclusion (2015) The 2015 AFI Global Policy Forum Report: Inspiring Innovation to Advance Inclusion [pdf], Alliance for Financial Inclusion <https://www.afi-global.org/sites/default/files/publications/gpf2015_report_aw_low_res.pdf> [accessed 25 August 2020].

Amine, L.S. and Staub, K.M. (2009) ‘Women entrepreneurs in sub-Saharan Africa: an institutional theory analysis from a social marketing point of view’, Entrepreneurship and Regional Development 21(2): 183–211 <https://doi.org/10.1080/08985620802182144>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, 2nd edn, MIT Press, Cambridge, MA.

Baidoo, S.T., Boateng, E. and Ampomsah, M. (2018) ‘Understanding the determinants of saving in Ghana: does financial literacy matter?’ Journal of International Development 30(5): 886–903 <https://doi.org/10.1002/jid.3377>.

Bali, S.R. and Varghese, A. (2011) ‘Delivery mechanisms and impact of microfinance training in Indian self-help groups’, Journal of International Development 25: 11–21 <https://doi.org/10.1002/jid.1817>.

Banerjee, A. and Duflo, E. (2007) ‘The economic lives of the poor’, Journal of Economic Perspectives 21: 141–67 <https://doi.org/10.1257/jep.21.1.141>.

Berge, L.I.O., Kjetil, B., Kartika, S.J. and Bertil, T. (2012) ‘Business training in Tanzania: from research driven experiment to local implementation’, Journal of African Economies 21(5): 808–27 <https://doi.org/10.1093/jae/ejs016>.

Citi Foundation (no date) Citi Foundation website [online] <https://citigroup.com/citi/foundation/> [accessed 7 November 2020].

De Mel, S., Mckenzie, D. and Woodruff, C. (2014) ‘Business training and female enterprise start-up, growth, and dynamics: experimental evidence from Sri Lanka’, Journal of Development Economics 106: 199–210 <https://doi.org/10.1016/j.jdeveco.2013.09.005>.

Deb, A. and Kubzansky, M. (2012) Bridging the Gap: The Business Case for Financial Capability, Monitor Group and Citi Foundation, New York.

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington, DC <https://doi.org/10.1596/978-1-4648-1259-0>.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <https://doi.org/10.1257/app.6.2.1>.

Fernandes, D., Lynch Jr, J.G. and Netemeyer, R.G. (2014) ‘Financial literacy, financial education, and downstream financial behaviors’, Management Science 60(8): 1861–83 <https://doi.org/10.1287/mnsc.2013.1849>.

FINCA (no date) FINCA homepage <www.finca.org> [accessed 4 November 2020].

Freedom from Hunger (FFH) (no date) Freedom from Hunger homepage <https://www.freedomfromhunger.org/> [accessed 4 November 2020].

Fundación Capital (2017) New Heights. Annual Report 2017 [pdf], Fundación Capital <https://fundacioncapital.org/wp-content/uploads/2018/06/Annual-Report-2017-1.pdf> [accessed 25 August 2020].

Gabor, D. and Brooks, S. (2016) ‘The digital revolution in financial inclusion: international development in the fintech era’, New Political Economy 22(4): 423–36 <https://doi.org/10.1080/13563467.2017.1259298>.

Garcia, A. and Lensink, R. (2019) ‘Microfinance-Plus: a review and avenues for research’, in M. Hudon, M. Labie, and A. Szafard (eds), A Research Agenda for Financial Inclusion and Microfinance, pp. 111–24, Edward Elgar Publishing Ltd, Cheltenham, UK <https://doi.org/10.4337/9781788114226.00019>.

GSMA (2019) Mobile Industry Impact Report: Sustainable Development Goals [pdf], GSMA, London <https://www.gsma.com/betterfuture/wp-content/uploads/2019/10/2019-09-24-a60d6541465e86561f37f0f77ebee0f7-1.pdf> [accessed 7 November 2020].

Gubert, F. and Roubaud, F. (2011) The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar. A Panel Data Analysis, World Bank, Washington, DC <https://doi.org/10.1596/27328>.

Hilgert, M., Hogarh, J. and Beverly, S. (2003) ‘Household financial management: the connection between knowledge and behavior’, Federal Reserve Bulletin [online], July, pp. 309–22 <https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf>.

Innovation for Poverty Action (IPA) (2018) Beyond the Classroom: Evidence on New Directions in Financial Education [pdf], Innovation for Poverty Action <https://www.poverty-action.org/sites/default/files/publications/Beyond-the-Classroom-Financial-Education-Brief.pdf> [accessed 25 August 2020].

International Labour Organization (ILO) (2015) Financial education programme leaflet [online] <https://www.ilo.org/empent/areas/social-finance/WCMS_396578/lang--en/index.htm> [accessed 4 November 2020].

Kaahwa, M., Zhu, C., Muhumuza, M., Mutyebere, R. and Mawenu, R. (2019) ‘Assessing the efficacy of audio media technology in enhancing financial literacy knowledge of radio listening club members: a case of selected rural communities in western Uganda’, in Proceedings of the 8th Teaching and Education Conference, Vienna [online], International Institute of Social and Economic Sciences, Prague, Czech Republic <https://doi.org/10.20472/TEC.2019.008.011>.

Kaiser, T. and Menkhoff, L. (2017) Does Financial Education Impact Financial Literacy and Financial Behaviour, and If so, When? [online], World Bank Policy Research Working Papers WPS8161 <https://doi.org/10.1596/1813-9450-8161>.

Kantar IMRB (2018) 21st edition ICUBE: Digital Adoption and Usage Trends [pdf], KANTAR, India <https://imrbint.com/images/common/ICUBE%E2%84%A2_2019_Highlights.pdf> [accessed 4 November 2020].

Karlan, D., Ratan, A.L. and Zinman, J. (2014) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <https://doi.org/10.1111/roiw.12101>.

Karlan, D. and Valdivia, M. (2011) ‘Teaching entrepreneurship: impact of business training on microfinance clients and institutions’, The Review of Economics and Statistics 93(2): 510–27 <https://doi.org/10.1162/REST_a_00074>.

Leatherman, S., Metcalfe, M., Geissler, K. and Dunford, C. (2011) ‘Integrating microfinance and health strategies: examining the evidence to inform policy and practice’, Health Policy and Planning 27(2): 85–101 <https://doi.org/10.1093/heapol/czr014>.

Lusardi, A. and Mitchell, O.S. (2014) ‘The economic importance of financial literacy: theory and evidence’, Journal of Economic Literature 52(1): 5–44 <https://doi.org/10.1257/jel.52.1.5>.

McIntosh, C., Villaran, G. and Wydick, B. (2011) ‘Microfinance and home improvement: using retrospective panel data to measure program effects on fundamental events’, World Development 39(6): 922–37 <https://doi.org/10.1016/j.worlddev.2011.03.001>.

McKenzie, D. and Woodruff, C. (2014) ‘What are we learning from business training and entrepreneurship evaluations around the developing world?’, World Bank Research Observer 29(1): 48–82 <https://doi.org/10.1093/wbro/lkt007>.

Mader, P. (2017) ‘Contesting financial inclusion’, Development and Change 49(2): 461–83 <https://doi.org/10.1111/dech.12368>.

Maity, S. (2019) ‘Financial inclusion and multidimensional poverty reduction through self-help-group-led microfinance: evidence from Bodoland, Assam, India’, Enterprise Development and Microfinance 30(3): <https://doi.org/10.3362/1755-1986.18-00012>.

Mandell, L. and Schmid Klein, L. (2007) ‘Motivation and financial literacy’, Financial Services Review 16: 105–16.

Mundy, S. (2009) ‘Financial education programmes in schools’, OECD Journal: General Papers 2008(3): 53–127 <https://doi.org/10.1787/gen_papers-v2008-art18-en>.

Mundy, S. (2011) Financial Capability: Why Is It Important and How Can It Be Improved? CfBT Education Trust, Berkshire, UK.

OECD (2019) PISA 2018 Assessment and Analytical Framework [online], PISA, OECD Publishing, Paris <https://doi.org/10.1787/b25efab8-en>.

Ontiveros, E., Martín Enriquez, A. and Lopez Sabater, V. (2014) Microfinanzas y TIC: Experiencias Innovadoras en Latinoamérica, Fundación Telefónica and Analistas Financieros Internacionales (AFI).

Risal, N. (2018) ‘Microfinance position and indebtedness: empirical evidence from microfinance institutions in Nepal’, Pravaha 24: 120–36 <https://doi.org/10.3126/pravaha.v24i1.20232>.

Rusiná, E., dalla Pellegrina, L., di Maio, G. and Landoni, P. (2015) Money Management and Entrepreneurial Training in Microfinance: Impact on Beneficiaries and Institutions [online], Working Paper No. 296, March 2015, University of Milan Bicocca <http://dx.doi.org/10.2139/ssrn.2578304>.

Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41(suppl. 1): S95–S116 <https://doi.org/10.1080/13600818.2013.778237>.

Schicks, J. (2014) ‘Over-indebtedness in microfinance: an empirical analysis of related factors on the borrower level’, World Development 54: 301–24 <https://doi.org/10.1016/j.worlddev.2013.08.009>.

Sen, G. and De, S. (2017) ‘How much does having a bank account help the poor?’ The Journal of Development Studies 54(9): 1551–71 <https://doi.org/10.1080/00220388.2017.1355455>.

Tang, N. and LaChance, M.E. (2012) ‘Financial advice: what about low-income consumers?’ Journal of Personal Finance 11(2): 121–58.

Ujjivan Financial Services (2019) Financial literacy program [online] <https://www.ujjivan.com/csr-diksha-finance> [accessed 7 November 2020].

United Nations (UN) (no date) 2030 Agenda for Sustainable Development [online] <https://www.un.org/sustainabledevelopment/development-agenda/> [accessed 4 November 2020].

Urquía-Grande, E. and del Campo, C. (2017) ‘Socio-economic factors determining the commitment to participate in an agricultural development project in rural Ethiopia’, Iberoamerican Journal of Development Studies 6(2): 4–27 <https://doi.org/10.26754/ojs_ried/ijds.218>.

Verrest, H. (2013) ‘Rethinking microentrepreneurship and business development programs: vulnerability and ambition in low-income urban Caribbean households’, World Development 47: 58–70 <https://doi.org/10.1016/j.worlddev.2013.02.016>.

Vor der Bruegge, E., Dickey, J.E. and Dunford, C. (1999) Cost of Education in the Freedom from Hunger Version of Credit with Education Implementation [online], Freedom from Hunger Research Paper No. 6 <https://www.findevgateway.org/paper/1999/09/cost-education-freedom-hunger-version-credit-education> [accessed 8 November 2020].

Xu, L. and Zia, B. (2012) Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward, World Bank, Washington, DC.

Alliance for Financial Inclusion (2015) The 2015 AFI Global Policy Forum Report: Inspiring Innovation to Advance Inclusion [pdf], Alliance for Financial Inclusion <https://www.afi-global.org/sites/default/files/publications/gpf2015_report_aw_low_res.pdf> [accessed 25 August 2020].

Amine, L.S. and Staub, K.M. (2009) ‘Women entrepreneurs in sub-Saharan Africa: an institutional theory analysis from a social marketing point of view’, Entrepreneurship and Regional Development 21(2): 183–211 <https://doi.org/10.1080/08985620802182144>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, 2nd edn, MIT Press, Cambridge, MA.

Baidoo, S.T., Boateng, E. and Ampomsah, M. (2018) ‘Understanding the determinants of saving in Ghana: does financial literacy matter?’ Journal of International Development 30(5): 886–903 <https://doi.org/10.1002/jid.3377>.

Bali, S.R. and Varghese, A. (2011) ‘Delivery mechanisms and impact of microfinance training in Indian self-help groups’, Journal of International Development 25: 11–21 <https://doi.org/10.1002/jid.1817>.

Banerjee, A. and Duflo, E. (2007) ‘The economic lives of the poor’, Journal of Economic Perspectives 21: 141–67 <https://doi.org/10.1257/jep.21.1.141>.

Berge, L.I.O., Kjetil, B., Kartika, S.J. and Bertil, T. (2012) ‘Business training in Tanzania: from research driven experiment to local implementation’, Journal of African Economies 21(5): 808–27 <https://doi.org/10.1093/jae/ejs016>.

Citi Foundation (no date) Citi Foundation website [online] <https://citigroup.com/citi/foundation/> [accessed 7 November 2020].

De Mel, S., Mckenzie, D. and Woodruff, C. (2014) ‘Business training and female enterprise start-up, growth, and dynamics: experimental evidence from Sri Lanka’, Journal of Development Economics 106: 199–210 <https://doi.org/10.1016/j.jdeveco.2013.09.005>.

Deb, A. and Kubzansky, M. (2012) Bridging the Gap: The Business Case for Financial Capability, Monitor Group and Citi Foundation, New York.

Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington, DC <https://doi.org/10.1596/978-1-4648-1259-0>.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <https://doi.org/10.1257/app.6.2.1>.

Fernandes, D., Lynch Jr, J.G. and Netemeyer, R.G. (2014) ‘Financial literacy, financial education, and downstream financial behaviors’, Management Science 60(8): 1861–83 <https://doi.org/10.1287/mnsc.2013.1849>.

FINCA (no date) FINCA homepage <www.finca.org> [accessed 4 November 2020].

Freedom from Hunger (FFH) (no date) Freedom from Hunger homepage <https://www.freedomfromhunger.org/> [accessed 4 November 2020].

Fundación Capital (2017) New Heights. Annual Report 2017 [pdf], Fundación Capital <https://fundacioncapital.org/wp-content/uploads/2018/06/Annual-Report-2017-1.pdf> [accessed 25 August 2020].

Gabor, D. and Brooks, S. (2016) ‘The digital revolution in financial inclusion: international development in the fintech era’, New Political Economy 22(4): 423–36 <https://doi.org/10.1080/13563467.2017.1259298>.

Garcia, A. and Lensink, R. (2019) ‘Microfinance-Plus: a review and avenues for research’, in M. Hudon, M. Labie, and A. Szafard (eds), A Research Agenda for Financial Inclusion and Microfinance, pp. 111–24, Edward Elgar Publishing Ltd, Cheltenham, UK <https://doi.org/10.4337/9781788114226.00019>.

GSMA (2019) Mobile Industry Impact Report: Sustainable Development Goals [pdf], GSMA, London <https://www.gsma.com/betterfuture/wp-content/uploads/2019/10/2019-09-24-a60d6541465e86561f37f0f77ebee0f7-1.pdf> [accessed 7 November 2020].

Gubert, F. and Roubaud, F. (2011) The Impact of Microfinance Loans on Small Informal Enterprises in Madagascar. A Panel Data Analysis, World Bank, Washington, DC <https://doi.org/10.1596/27328>.

Hilgert, M., Hogarh, J. and Beverly, S. (2003) ‘Household financial management: the connection between knowledge and behavior’, Federal Reserve Bulletin [online], July, pp. 309–22 <https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf>.

Innovation for Poverty Action (IPA) (2018) Beyond the Classroom: Evidence on New Directions in Financial Education [pdf], Innovation for Poverty Action <https://www.poverty-action.org/sites/default/files/publications/Beyond-the-Classroom-Financial-Education-Brief.pdf> [accessed 25 August 2020].

International Labour Organization (ILO) (2015) Financial education programme leaflet [online] <https://www.ilo.org/empent/areas/social-finance/WCMS_396578/lang--en/index.htm> [accessed 4 November 2020].

Kaahwa, M., Zhu, C., Muhumuza, M., Mutyebere, R. and Mawenu, R. (2019) ‘Assessing the efficacy of audio media technology in enhancing financial literacy knowledge of radio listening club members: a case of selected rural communities in western Uganda’, in Proceedings of the 8th Teaching and Education Conference, Vienna [online], International Institute of Social and Economic Sciences, Prague, Czech Republic <https://doi.org/10.20472/TEC.2019.008.011>.

Kaiser, T. and Menkhoff, L. (2017) Does Financial Education Impact Financial Literacy and Financial Behaviour, and If so, When? [online], World Bank Policy Research Working Papers WPS8161 <https://doi.org/10.1596/1813-9450-8161>.

Kantar IMRB (2018) 21st edition ICUBE: Digital Adoption and Usage Trends [pdf], KANTAR, India <https://imrbint.com/images/common/ICUBE%E2%84%A2_2019_Highlights.pdf> [accessed 4 November 2020].

Karlan, D., Ratan, A.L. and Zinman, J. (2014) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <https://doi.org/10.1111/roiw.12101>.

Karlan, D. and Valdivia, M. (2011) ‘Teaching entrepreneurship: impact of business training on microfinance clients and institutions’, The Review of Economics and Statistics 93(2): 510–27 <https://doi.org/10.1162/REST_a_00074>.

Leatherman, S., Metcalfe, M., Geissler, K. and Dunford, C. (2011) ‘Integrating microfinance and health strategies: examining the evidence to inform policy and practice’, Health Policy and Planning 27(2): 85–101 <https://doi.org/10.1093/heapol/czr014>.

Lusardi, A. and Mitchell, O.S. (2014) ‘The economic importance of financial literacy: theory and evidence’, Journal of Economic Literature 52(1): 5–44 <https://doi.org/10.1257/jel.52.1.5>.

McIntosh, C., Villaran, G. and Wydick, B. (2011) ‘Microfinance and home improvement: using retrospective panel data to measure program effects on fundamental events’, World Development 39(6): 922–37 <https://doi.org/10.1016/j.worlddev.2011.03.001>.

McKenzie, D. and Woodruff, C. (2014) ‘What are we learning from business training and entrepreneurship evaluations around the developing world?’, World Bank Research Observer 29(1): 48–82 <https://doi.org/10.1093/wbro/lkt007>.

Mader, P. (2017) ‘Contesting financial inclusion’, Development and Change 49(2): 461–83 <https://doi.org/10.1111/dech.12368>.

Maity, S. (2019) ‘Financial inclusion and multidimensional poverty reduction through self-help-group-led microfinance: evidence from Bodoland, Assam, India’, Enterprise Development and Microfinance 30(3): <https://doi.org/10.3362/1755-1986.18-00012>.

Mandell, L. and Schmid Klein, L. (2007) ‘Motivation and financial literacy’, Financial Services Review 16: 105–16.

Mundy, S. (2009) ‘Financial education programmes in schools’, OECD Journal: General Papers 2008(3): 53–127 <https://doi.org/10.1787/gen_papers-v2008-art18-en>.

Mundy, S. (2011) Financial Capability: Why Is It Important and How Can It Be Improved? CfBT Education Trust, Berkshire, UK.

OECD (2019) PISA 2018 Assessment and Analytical Framework [online], PISA, OECD Publishing, Paris <https://doi.org/10.1787/b25efab8-en>.

Ontiveros, E., Martín Enriquez, A. and Lopez Sabater, V. (2014) Microfinanzas y TIC: Experiencias Innovadoras en Latinoamérica, Fundación Telefónica and Analistas Financieros Internacionales (AFI).

Risal, N. (2018) ‘Microfinance position and indebtedness: empirical evidence from microfinance institutions in Nepal’, Pravaha 24: 120–36 <https://doi.org/10.3126/pravaha.v24i1.20232>.

Rusiná, E., dalla Pellegrina, L., di Maio, G. and Landoni, P. (2015) Money Management and Entrepreneurial Training in Microfinance: Impact on Beneficiaries and Institutions [online], Working Paper No. 296, March 2015, University of Milan Bicocca <http://dx.doi.org/10.2139/ssrn.2578304>.

Schicks, J. (2013) ‘The definition and causes of microfinance over-indebtedness: a customer protection point of view’, Oxford Development Studies 41(suppl. 1): S95–S116 <https://doi.org/10.1080/13600818.2013.778237>.

Schicks, J. (2014) ‘Over-indebtedness in microfinance: an empirical analysis of related factors on the borrower level’, World Development 54: 301–24 <https://doi.org/10.1016/j.worlddev.2013.08.009>.

Sen, G. and De, S. (2017) ‘How much does having a bank account help the poor?’ The Journal of Development Studies 54(9): 1551–71 <https://doi.org/10.1080/00220388.2017.1355455>.

Tang, N. and LaChance, M.E. (2012) ‘Financial advice: what about low-income consumers?’ Journal of Personal Finance 11(2): 121–58.

Ujjivan Financial Services (2019) Financial literacy program [online] <https://www.ujjivan.com/csr-diksha-finance> [accessed 7 November 2020].

United Nations (UN) (no date) 2030 Agenda for Sustainable Development [online] <https://www.un.org/sustainabledevelopment/development-agenda/> [accessed 4 November 2020].

Urquía-Grande, E. and del Campo, C. (2017) ‘Socio-economic factors determining the commitment to participate in an agricultural development project in rural Ethiopia’, Iberoamerican Journal of Development Studies 6(2): 4–27 <https://doi.org/10.26754/ojs_ried/ijds.218>.

Verrest, H. (2013) ‘Rethinking microentrepreneurship and business development programs: vulnerability and ambition in low-income urban Caribbean households’, World Development 47: 58–70 <https://doi.org/10.1016/j.worlddev.2013.02.016>.

Vor der Bruegge, E., Dickey, J.E. and Dunford, C. (1999) Cost of Education in the Freedom from Hunger Version of Credit with Education Implementation [online], Freedom from Hunger Research Paper No. 6 <https://www.findevgateway.org/paper/1999/09/cost-education-freedom-hunger-version-credit-education> [accessed 8 November 2020].

Xu, L. and Zia, B. (2012) Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward, World Bank, Washington, DC.