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AKPK helps 18,000+ Malaysians qualify for low-interest loans

Scaling financial education for first-time home buyers
Scaling financial education for first-time home buyers

Help 50%

of Malaysians who say poor financial management is the cause for their excessive personal debt

Educate 25,665

potential first-time home buyers across the country in less than 12 months

Empower 67%

of those who completed the module to feel confident with going ahead with home loan applications

Enable 2,567

Malaysians per month nationwide to raise their financial literacy levels online
The Malaysian Credit Counselling and Debt Management Agency (AKPK) needed to deliver a mandatory financial education module aimed at first-time home buyers applying for the Central Bank of Malaysia’s (BNM) RM 1 Billion Fund for Affordable Homes. AKPK was looking for an affordable, scalable and more effective solution that could be easily implemented nationwide.

Empowering Malaysians nationwide with financial knowledge via self-paced online modules

The Challenge

In January 2019, the Central Bank of Malaysia (BNM) launched the RM 1 Billion Fund for Affordable Homes to help low-income buyers finance their first-home purchase. However, potential applicants needed to fulfil a mandatory financial education module to qualify for the low-interest loans—a necessary move given low financial literacy levels amongst Malaysians.

  • 6% of Malaysians have enough saved up to meet financial obligations for up to 6 months. Source: BNM Study, 2018
  • 1 in 2 Malaysians say poor financial management is cause for excessive personal debt. Source: AKPK Survey, 2018

The Credit Counselling and Debt Management Agency (AKPK) was tasked to provide a financial education module for this segment of first-time home buyers. AKPK needed a solution that could be easily implemented nationwide—one that was affordable, accessible and more effective than current on-ground efforts.

The Solution

AKPK launched RUMAHKU in both English and Bahasa Malaysia as a requirement for first-time buyers to proceed with their home loan applications. Potential applicants across the country could access the self-paced online module—which takes approximately 1-hour to complete—at anytime, from anywhere. As proof of eligibility, applicants could attach their digital completion certificates to their loan application at participating banks.

AKPK-OpenLearning-Case-Study-Graphic
The RUMAHKU online modules - designed to help potential first-time home buyers make prudent and smart financial decisions.

The Results

AKPK-OpenLearning-Case-Studies-graphic
RUMAHKU monthly enrolments and completion rates

In less than 10 months, AKPK has managed to:

  • Enrol 25,665 potential first-time home buyers across the country into the RUMAHKU online module, 71.5% of whom have completed the course and received certificates.
  • Enable 2,567 Malaysians per month to have free access to RUMAHKU from OpenLearning marketplace. This helps AKPK fulfil their goal of raising financial literacy levels nationwide.

AKPK also identified those who may need personalised financial advice and counselling. Among those who took the RUMAHKU survey:

AKPK-OpenLearning-Case-Studies-graphic
Findings from the RUMAHKU survey

On 20 August 2019, BNM announced revisions to the policy - giving more low-income Malaysians access to the Fund. This means:

  • A new segment of first-time home buyers will have to complete the RUMAHKU module to qualify for loans
  • 10 days after the BNM announcement alone, a total of 2,109 Malaysians have already enrolled in module
  • The online module is able to cater to policy changes and spikes in demand without additional efforts by AKPK

Moving Forward

Realising the possibilities of scalable and responsive financial education nationwide:

  • AKPK has launched a pre-marital financial literacy module for young couples, and is piloting a similar module for potential higher education student loan applicants.

Looking for a scalable solution that can drive responsive financial education nationwide? OpenLearning can help. Get in touch today.

Credit Counselling & Debt Management Agency (AKPK)

The Credit Counselling & Debt Management Agency (AKPK) is an agency established by the Central Bank of Malaysia to increase financial literacy through personal finance education, counselling and debt management initiatives across Malaysia.

Location

Nationwide, Malaysia

Industry

Education and financial management

Website
https://www.akpk.org.my/
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"We have to embrace the changes of new technology wisely. AKPK has all the content and materials for face-to-face delivery, but it is the team from OpenLearning that puts them in a different, more interactive perspective for online."
Azaddin Ngah Tasir
Chief Executive Officer, AKPK

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