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.
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.
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.
In less than 10 months, AKPK has managed to:
AKPK also identified those who may need personalised financial advice and counselling. Among those who took the RUMAHKU survey:
On 20 August 2019, BNM announced revisions to the policy - giving more low-income Malaysians access to the Fund. This means:
Realising the possibilities of scalable and responsive financial education nationwide:
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.
Education and financial management