Home Credit's Home for Life initiative honored by Human Act Prize 2023

Since 2008, during its early days in Vietnam, Home Credit has been active in women's support activities. By 2014, these activities were standardized in their operation under the name "Home for Life", reinforcing a long-term, sustainable commitment to empowering women to take ownership of opportunities, which aligns with the company's mission to empower people to live the life they want.

The concept of this program is to offer women in difficult circumstances 0%-interest loan packages along with financial literacy training.

These activities are tailored to provide beneficiaries with the necessary funds and knowledge to enhance their livelihoods and ensure timely loan repayment.

Home for Life transforms into more than just a women's support initiative; it fosters and empowers women to work hard and aspire for a better life through their own endeavors.

It is also an action to promote the implementation of the National Financial Inclusion Strategy to 2025 and the Vision to 2030 of the government.

"Home For Life" project supported disadvantaged women in Yen Bai in 2022. Photo courtesy of Home Credit

Home Credit has collaborated extensively with local Women's Unions to identify individuals in challenging circumstances. Subsequently, each case is thoroughly assessed to create a precise list of women who require support while ensuring that they have the potential to improve their livelihoods and eventually enable the loan package to be redirected to other beneficiaries once it matures.

While beneficiaries are utilizing the loan package, local Women's Unions oversee the capital usage in order to offer necessary support if needed, ensuring the optimal use of capital.

After 9 years of implementing the "Home for Life" initiative, Home Credit has extended their support to nearly 3,200 people across 25 locations within the country, providing access to and benefiting from the 0% interest loan package, with the total loan support amounting to nearly VND3 billion.

Furthermore, following participation in financial training classes, 100% of beneficiaries gained an understanding of fundamental personal financial management concepts and were able to create clear capital utilization plans.

This educational component, combined with financial advice, not only bolsters their financial confidence but also equips them with the skills to make well-informed spending decisions.

The financial training classes help many women have the skills to earn more income and make well-informed spending decisions. Photo courtesy of Home Credit

Currently, more than half of those benefiting from the 0% interest rate package have paid back the loans and are making profits from their business model; the rest still operate well.

According to the Home for Life project's leaders, they want to convey the message of bringing equality in financial access to everyone, especially disadvantaged women who have no credit history, low income, and no collateral.

Being nominated for the Human Act Prize 2023 has special meaning for Home Credit's board of management and staff.

"As one of the leading sustainable digi-finance company, we always put ESG at the heart of our responsible business strategy in Vietnam. In the coming time, Home Credit will continue to invest in popularizing financial knowledge, strengthening digitalization to maximize benefits for customers, and continuing to fulfill its mission of empowering people to live the life they want," the project representative said.

The representative said that the initiative's replicability is huge and that it could bring many benefits to the Vietnamese women's community.

Many client groups have different benefits and incentives based on their needs, income, and loan use goals.

Many women have a better life thanks to the "Home for Life" project by Home Credit. Photo courtesy of Home Credit

Home Credit is a leading digital financier that has been serving more than 15 million customers nationwide for the past 15 years. With a dedicated workforce of 6,000 employees, the company is strongly committed to promoting financial inclusion and empowerment through its innovative, tech-forward, and responsible financial products.

The Human Act Prize 2023, with the theme "Pioneering Imprints," recognizes and honors organizations, businesses, and individuals who are pioneers in community action with strong belief in human values and commitment to sustainable development.