W+VerificationReport

MeasuringtheKnowledgeandSkillsGeneratedthroughtheCapacityBuildingProgramonFinancialLiteracyoftheLienVietBank,Vietnam

November2017

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VERIFICATIONREPORTMeasuringtheKnowledgeandSkillsGeneratedthroughtheCapacityBuildingProgramonFinancialLiteracyoftheLienVietBank

DocumentPreparedByLizAllen–SocialAuditNetworkandTheConnectivesandAndreaRushton–SocialAuditNetworkProjectTitle ViVietE-Wallet:AnInnovativePaymentSolutionforVietnameseWomen.

VerificationReportnumber

Report1

W+ProjectID W+01

ProjectDeveloper

LienVietPostJointStockCommercialBank(LienVietPostBank)Ms.NguyenThiThanhSon&Ms.TranNgocDiep

ReportTitle MeasuringtheKnowledgeandSkillsGeneratedthroughtheCapacity

BuildingProgramonFinancialLiteracyoftheLienVietBank

Client DepartmentforForeignAidandTradeAustralia

Pages 30

DateofIssue 25/11/17

PreparedBy LizAllen–SocialAuditNetwork;TheConnectives

Contact Flat5,1AParkfieldRoad,LiverpoolL178G,UK+447790779578(U.K.)

lizallen@theconnectives.comApprovedBy LizAllenWorkCarriedOutBy

LizAllenVerifier(auditor)

Accreditation

Status

W+andSocialAuditNetworkAccreditedAuditor

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Summary:Theintentionoftheauditprocesswastoverifytheoutcomesderivedfromtheimplementationof the W+ Education & Knowledge method measuring the knowledge and skills generatedthroughtheCapacityBuildingProgramonFinancialLiteracybytheLienVietBank.Theverificationof this program took place over two days and was conducted remotely from the UK andsupported by site visits to LienViet Bank in Ho Chi Minh City Vietnam. The project is theapplication of the W+ Education & Knowledge domain method to a program of financialliteracyeducationthathastakenplaceinHoChiMinhcity,Hanoicity,andHaiPhong.The program is intended to educate women to develop a greater understanding of financialmanagement principles and as such feel empowered in their family and commercial lives. Theidentifiedbeneficiariesoftheprogramare:

• Female end-users through the provision of a specialised tool for making payments,financialmanagement,andfinancialliteracyforunbankedwomen

• Female agents through generation of additional income and security gained throughfinancialknowledgeandsalesskills.

Todatetherehavebeen300beneficiaries,eachcompletingtheprogrammeoffinancialliteracy.ThescopeoftheverificationhasbeenlimitedtotheW+Education&Knowledgedomain but inevitablyother impactshavebeenachievedwhicharenoted later in thereport.ThemonitoringperiodoftheverificationisJuly2017–November2017andacombinationofmethodshavebeenadoptedincluding:Sitevisitsto:• Verifythepresenceoflearningmaterials• ConductfocusgroupswithmembersoftheVietnamWomen’sUnion(womenfromHoChi

Minhcity-Vietnam)• InterviewLienVietPostBankteammembersinVietnamsupportingtheimplementation

oftheprogram•

Inadditionthefollowingdocumentswerereviewedinordertocompletetheverificationof theEducation&KnowledgedomainresultsforEducation&KnowledgegeneratedthroughtheCapacityBuildingProgramonFinancialLiteracybytheLienVietBankprogram:

• W+ProjectDesignDocument(PDD)• MonitoringandResultsReport:KnowledgeandSkillsgeneratedthroughtheCapacity

BuildingProgramonFinancialLiteracybytheLienVietBankprogram• Thenumberoffindingsraisedduringverification(auditing)• Anyuncertaintiesassociatedwiththeverification(auditing)• Summaryoftheverification(audit)conclusion

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Contents1. INTRODUCTION.................................................................................................................................................4

1.1 Objective...................................................................................................................................................4

1.2 ScopeandCriteria....................................................................................................................................4

1.3 LevelofAssurance....................................................................................................................................6

1.4 ProjectMonitoring&EvaluationReportSummary................................................................................6

2. VERIFICATIONPROCESS....................................................................................................................................7

2.1 MethodandCriteria.................................................................................................................................7

2.2 DocumentReview....................................................................................................................................7

2.3 Interviews.................................................................................................................................................8

2.4 SiteInspections.......................................................................................................................................15

2.5ResolutionofFindings............................................................................................................................15

2.6 ForwardActionRequests.......................................................................................................................15

3. VALIDATION FINDINGS...................................................................................................................................15

3.1 W+ProjectEligibility..............................................................................................................................15

3.2 MethodDeviations.................................................................................................................................16

3.3 ProjectDescriptionDeviations...............................................................................................................16

3.4 GroupedProject(s).................................................................................................................................16

4. VERIFICATION FINDINGS................................................................................................................................16

4.1 ProjectImplementationStatus..............................................................................................................16

4.2 AccuracyofCalculationsofWomen’sEmpowermentBenefits...........................................................16

4.3 QualityofEvidencetoDetermineWomen’sEmpowermentBenefits.................................................16

5. W+RESULTS....................................................................................................................................................17

5.1 W+Domains............................................................................................................................................17

5.2 DirectPaymentMechanism...................................................................................................................17

6. ANALYSISOFW+RESULTS..............................................................................................................................18

6.1 CurrentPerformance...............................................................................................................................18

6.2 Non-PermanenceRiskAnalysis...................................................................................................................18

7. VERIFICATION(AUDIT)CONCLUSION............................................................................................................18

APPENDIX1:PHOTOGRAPHSFROMSITEVISIT.................................................................................................20

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1. INTRODUCTION

1.1 Objective

ThepurposeoftheauditwastoverifythefindingsoftheMonitoringandResultsReportfor thefinancialliteracyprogramoperatinginHoChiMinh,HanoiandHaiPhong.Allactivityundertakenwastoconsidertheprogramanditsimpactuponwomenlearners,womenbusinessownersandcommunitiesasdefinedbytheW+Education&Knowledgedomain.

1.2 ScopeandCriteria

ThescopeoftheauditwaslimitedtotheW+Education&Knowledgedomainandconsideredthefollowing indicatorsasevidenceofsuccessfulimplementationandeducationalachievement:

• Recall andevidenceofuseofRulesof Individual FinanceManagementandMethods forIndividualFinanceManagement

• Recallofsocioculturalchallengesforwomentogrowtheirbusiness(es)• Neighboursstatementscorroboratinglearningfromworkshopparticipants• Atleast10%oftotalnumberofparticipantsareusinge-wallet• Atleast25%ofthosereceivingtraining(s)havesignedonase-Walletcustomers• Demonstratedknowledgeofbank’sfinancialcomplianceregulations

AdditionallyaDoNoHarmindicatorwassoughttoevidencethatnolessthan97%ofbothmenandwomenreportthattheprojecthasnotcausedalossofselfconfidence,useofknowledgeforuntowardgainsbythe[projectdeveloper,oranyotherunwelcomeeffects.Theprojectisfocusedonanexistingfinancialliteracyprogramthathasbeendeliveredinthreeareas,HoChiMinh,HanoiandHaiPhong.The programisintendedtoenabletoeducatewomentodevelopagreaterunderstandingoffinancialmanagementprinciplesandassuchfeelempoweredinthefamilyandcommerciallives.

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Scoringthefollowingtablesummarisesthefindingsofthisverificationreport

Education & Knowledge

Desired Outcome

Much worse

Somewhat worse

Worse Same Somewhat Improved

Improved Much improved

Total Score

Knowledge of financial literacy being applied in both intended and unintended ways

Maintaining some previous online banking facilities used prior to the financial literacy training and provided by another bank

Knowledge has increased but this must be tested for sustainability

Adopted an e-wallet and using this for certain transactions Self-confidence has led women to share the learning with family and friends.

2

Customers using at least one financial product (e.g. Vi Viet e-Wallet)

78% of the women are somewhat confident or confident to explain to other how to use an e-wallet service 30% of the women are using an e-wallet account for some services

2

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1.3 LevelofAssuranceThestakeholderengagementprocessevidencestheindicateddescriptorsoutlinedabove. Thisiscoupledwithstatisticalanalysisofnumericdatagatheredfromstakeholderquestionnairesundertakenbytheprojectmonitoringteamthatalsoevidenceseffectivelearning.(Thesamplesizeforthesurveywasdeterminedusingstratifiedrandomsamplingconsistentwiththe“GuidelinesforsamplingandsurveysforCDMprojectactivitiesandprogrammeofactivities,Version02.0”.Thesamplingwasperformedwithinthelevelofprecisionof10%andaconfidencelevelof90%,whichgaveasamplesizeof44.Howeverthetotalsamplewasincreasedto46.)Thelevelofassurancegainedisinlightofthelimitedtimeperiodofdeliverytodate,therelativelysmallsampleofwomeninterviewedatverification,andtheneedtoevidencefuturesustainabilityoflearning.Howevertheclearchangefromabaselineofnofinancialknowledgeoraccesstomainstreambankingisclearandthelevelofimprovementevidencedjustifiestheassurancelevelof2.1.4 ProjectMonitoring&EvaluationReportSummaryTheDepartmentofForeignAidandTradeAustralia(DFATAustralia)commissionedtheWOCANW+team to apply theW+ Standard in collaborationwith the Lien Viet Post Bank in three areas ofVietnam:HoChiMinh,HanoiandHaiPhongbetweenJuly2017andDecember2017.Method and criteria used: theW+ Education& Knowledgemethodwas based on the followinganticipatedresults:

• Knowledgeoffinancialliteracybeingappliedinbothintendedandunintendedways • Customersusingatleastonefinancialproduct(e.g.ViViete-Wallet)

ThefollowingDoNoHarmindicator(s)wasapplied:

• Not less than97%of bothwomenandmen reportthattheprojecthasnotcausedaloss

ofself-confidence,useofknowledgeforuntowardgainsbytheprojectdeveloper,oranyotherunwelcomeeffects.

TheapplicationoftheW+Education&KnowledgemethodinthreeprojectareasofHoChiMinh,HanoiandHaiPhongshowthatthereisapositiveachievementforthe300womenlearners.WhenappliedtothetotalnumberofprojectbeneficiariesthathaveundertakenlearningthetotalEducation&Knowledgeunitsgeneratedoverthatperiodis168,600.To translatethelearningachievedbytheprojectbeneficiariesintoW+Education&Knowledgeunits,thetotalofknowledgeretentionscoresisaddedtothetotalbehavioralchangescoreandthenthetotalchallengescoreisdeducted.ThisgivesatotalnumberofEducation&Knowledgeunitsgainedof168,600.Thisisdividedbythe300participantstoidentifytheaveragenumberof

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562Education&Knowledgeunitsperlearner.

Whilesocialasymmetriesassociatedwithexistinggenderdivisionofrolesandresponsibilitiesremainlargelyunchangedandunaffectedbythetraininginterventionsalone,theeconomicactivitiesassociatedwithhavingaccesstoane-walletfacilityandtheassociatedfunctionsholdpotentialforimprovingthesocialandeconomicpositionofwomenandmenastheyareabletoaccessservicesbeyondtraditionalcashtransactionsthatmakeupthemajorityofdaytodaytradinginVietnameseculture.

Education&KnowledgeunitsinHoChiMinh,HanoiandHaiPhong Areas Total

WomenLearners

TotalKnowledgeRetentionscores

TotalBehaviouralchangescores

TotalChallengesscores

TotalUnits

Averagetotal

TotalEducation&KnowledgeunitsHoChinMinh,

HanoiandHaiPhong

300 532 614 582 168,600 562 168,600

2. VERIFICATIONPROCESS

2.1 MethodandCriteriaThisverificationreportislimitedtotheconsiderationoftheW+Education&Knowledgedomain.Monitoringdatahasbeengatheredfromthefieldresearchandthisdatahasbeenverifiedthroughtheuseoftwoapproaches:

• ExaminationofthedatagatheredandconsiderationofitsaccuracyandconsiderationoftheEducation&KnowledgeMethod.

Sitevisitsto:• Verifythepresenceoflearningmaterials• ConductfocusgroupswithmembersoftheVietnamWomen’sUnion(womenfromHoChi

Minhcity-Vietnam)• InterviewLienVietPostBankteammembersinVietnamsupportingtheimplementation

oftheprogram

2.2 DocumentReview

ThefollowingdocumentswerereviewedinordertocompletetheverificationoftheEducation&KnowledgeDomainresultsforthe(IDBP):

• MethoddocumentfortheEducation&Knowledgedomain• W+ProjectDesignDocument

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• FinalMonitoringandResultsreport• FormulaCalculationforKnowledgeSurvey-Statisticalanalysisofthequestionnairedata

Eachdocumentwascrosscheckedagainsttheothersandwiththefindingsfromthesite visitsandinterviewstoensureconsistencyandtotestaccuracy. Thiswasdonefollowingthesitevisitandinterviewsandtheseadequatelyreinforcedthefindingspresented.2.3 InterviewsSiteVisit–HoChiMinh:Asitevisittookplaceonthe22ndNovember2017atLienVietPostBank,HoChiMinhCity.Duringthisvisitverification,thefollowingactivitieswerecarriedoutthatdirectlyengagedstakeholders:AfocusgroupdiscussionwasheldwithwomenfromtheVietnamWomen’sUnion;allofwhohaveexperiencedthefinancialliteracytrainingprogram. ThefocusgroupdiscussionwasintendedtoverifythefindingspresentedintheMonitoringandResultsreport.5womenfromtheWomen’sUnionattendedthefocusgroupdiscussion.TheconversationwasfacilitatedbyLizAllenandShreyaThakalibothofwhomareexperiencedcommunityfacilitators.Thefocusgroupdiscussionwasstructuredaroundaseriesofquestionsdevisedbytheverifierinordertoelicitresponsesthatcouldprove/disprovethefindingsoftheMonitoringReport.Thesequestions,listedbelow,werearrangedashigherlevelandsupplementaryquestionstoensureflexibilityforfacilitatorstogaintheinsightsandreportedexperiencesofthewomen:

1. Whatisthe6Jarsmethod?–Higherlevelquestion

2. Isthereanexpectationthatpeoplesaveforcharity?

3. ArethewomenusingtheE-Wallet?–Higherlevelquestion

4. Havethewomentalkedtootherpeopleaboutusingthee-wallet?–Higherlevelquestion

5. Arethewomenlikelytocontinuetouseitinthefutureorreturntowhattheyhavealways

known?–Higherlevelquestion

6. Hasthishelpedintheirbusiness?

7. Dothewomenfeelliketheyhavemorecontroloftheirmoneyafterthetraining?

8. Hastheirbeenanydifficulties/discomfortfromthemeninthefamilyafterthetraining?

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9. Aretheyinfluencingtheirchildreninhowmoneyismanagedinthefamilyandwhocoulddoit

inthefuture?

10. Whatdothewomenneedmoreoftomakethemmoreconfident?

11. Whatmoresupportdotheyneed?

12. DotheyhaveaccesstotheBanktoaskthenecessaryquestions?

13. Aretherethingsaboutthetrainingthatworkedreallywellorcouldhavebeendonedifferently?

14. Whatwouldtheysaytoinfluenceotherwomentojointhetraining?

15. Dotheyhaveasenseofself-confidenceorimprovedstandinginthecommunity?–Higherlevel

question

16. Wouldthetrainingasitstandsbeapplicabletoruralcommunitiesorwouldtheirneedtobe

changes?

17. WouldthesesmallstepsinfluenceaculturechangeinVietnam?

18. IsthereinteractionbetweendifferentbranchesoftheWomen’sUnion?

19. Wouldanyofthewomengoandoffanddotrainingforotherareas?Howfarwouldthey

travel?-Higherlevelquestion

20. Hasthetraininghelpedtheminbalancingworkandlife?

21. Wouldtheyrequireanyspecifictrainingoverandabovetherepeattraining?

22. Isthereanythingelsewewouldneedtohear?

LearningContent

SixJarMethod?

Whenquestionedaboutthelearningcontentthewomenwereveryquicktoexplainthe6-jarmethod

andthereasonsforusingthisapproachtofinancialplanning.Theyoutlinedthe6jarsandexplained

thatmoniesweresavedfor:(1)everydayexpenses,(2)futureexpenses,(3)educationcosts,(4)

unpredictableeventse.g.illness,(5)funactivitiesandfinally(6)charitablepurpose.Thishighlights

boththeimportanceofeducationandplanningforeducationinVietnameseculture,aswellasa

willingnesstogivetocharityifoneisable.

WomenusingtheE-Wallet?

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Sincethetrainingtheyhaveinstalledthee-wallet,theyarecurrentlyonlyusingitformobiletopups.

Theapproachissonewtothemandtheywanttoundertakerepeatandadditionaltraining.Insome

areaselectricityandwaterisstillpaidforincashandcollectedfromindividuals.Theutilitycompany

sendscollectorsweeklyandsoperpetuatesthecashtransactionapproach.

Havethewomentalkedtootherpeopleaboutusingitanddothefamilyseeitasaneasieroption?

Severalwomenreportedintroducingtheirfamilyandfriendswithsomesuccess-onewomen’ssonis

nowusingitandhehisownbusiness.Thewomenbelieveitisusefulbutitstakingtimetoconvert

themandtheirunderstandingjustasittookthewomentimetounderstandandbegintochangetheir

ownbehaviour.

Arethewomenlikelytocontinuetouseitinthefutureorreturntowhattheyhavealwaysknown?

“Yes,itsisusefulanditsconvenient”

“YesIhaveusedInternetbanking,Itwasthebankandthee-walletthatwasnewbutnowIwantto

changemyoldhabits.”

Hasthishelpedinthebusiness?AretherestillchallengestostillovercomeinusingtheBank’s

productsandservices?

Onewomanreportedthatshehasareal-estatebusinessandhasusedtheonlinebankingalot.Itis

usefulandshewillinvestigatemoreofthefunctionstouseitmoreinthefuture.

Severalotherwomenreportedthattheyarenowretiredandsohavenodirectbusinesslinksbutjust

dailylifeusage,andthatthee-walletwasaveryusefultoolforthem.

Dothewomenfeelliketheyhavemorecontroloftheirmoneyafterthetraining?

Onewomanreportedthatshehasalwaysbeenincontrolofthefamilymoney,butthemajorityfelt

thatchangedoesn’tcomeimmediately;theycontroltheirmoneybutnotthefamilymoney.That

hasn’tchanged;themaleisstillresponsibleforthelargeritemsandthewomenforday-to-day

purchases;howeverwiththeyoungergenerationtheyseethegenderdynamicchanging.

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Hastheirbeenanydifficulties/discomfortfromthemeninthefamilyafterthetraining?

No,thewomenmanagetheirownfinancialproblemswithoutsharingwiththeirhusbands.

Aretheyinfluencingtheirchildreninhowmoneyismanagedinthefamilyandwhocoulddoitinthe

future?

Onewomanrecountedexplainingthee-wallettoherdaughteratUniversityandshesaidshewould

educateheraboutmoneymanagementbeforegettingmarried–“youhavetodiscussbeforehand.

Financialmanagementmustbedecidedbeforemarriage”.Inthepastthewomenwereinchargeofthe

dailybudget,thereisaculturalshiftandshewantsherdaughtertodiscussbeforehand,todetermine

roles.Thisevidencesthementalshiftthatthewomenhaveexperiencedsincethetrainingandtheir

desiretoinfluencethewomeninthecominggenerationstotakemoneymanagementseriouslyand

considertheirownlongtermfuturesratherthanrelyinguponmen.

Whatdothewomenneedmoreoftomakethemmoreconfident?Whatmoresupportdothey

need?

IngeneralthewomeninHoChiMinhfeltthatlivinginacitytheconditionsaregoodandtheymaynot

facetheissuesofpovertyandgenderequalitytothesameextentaswomenlivinginmoreremoteor

ruralcommunities.Inotherareasthatarepoorer,thewomendon’thaveknowledgeorlanguageto

reflectgenderinequalitiesandjustlivewiththeissuesanddonotquestiontheirownroleinthe

community.Basedonhistorytheydon’tknowhowtochallengethestatusquo.

ThewomenfromHoChiMinhfeltthattheyneedmoreassistanceaboutthepracticalapplication

beyondthetraininginordertomakethelearning‘stick’.

DotheyhaveaccesstotheBanktoaskthenecessaryquestions?

Thewomenreportthattheydon’tactivelyraisequestionsifthereareissues.Asthisisthefirsttime

thattheyhavebeenincontactwiththisbanktheydon’tdareaskquestions,butthatconfidenceis

growingmoreandmore.

Aretherethingsaboutthetrainingthatworkedreallywellorcouldhavebeendonedifferently?

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Workedwell:

“Founditusefulandinterestingbutitsstillnew.”

“Irecommendthetrainingandwanttotrainotherwomen.Womenwillfeelmoreempowered.”

Notsowell:

“Wantmoretrainingandwanttopracticemorewiththeproducts”

“ThetrainingshouldbeprovidedtoallmembersoftheWomen’sUnion”

Whatwouldtheysaytoinfluenceotherwomentojointhetraining?

Womenreportedthatthemostessentialpartofthetrainingistheknowledgeregardingthefinancial

management.Thisisthefirsttimethattheyhavedirectlyapproachedthiskindoflearningandbefore

thistheyhadnoclearplanforthefamilyfinancialplanning.Theyreportedfindingthisexperiencetobe

empoweringandwouldtellotherwomenthisinordertoencouragethemtoparticipate.

Dotheyhaveasenseofself-confidenceorimprovedstandinginthecommunity?

Yesandveryconfidentafterthetraining-Allwereinagreement.

Wouldthetrainingasitstandsbeapplicabletoruralcommunitiesorwouldtheirneedtobe

changes?

Thecontentisgoodbutifitwereexpandedtoruralareasitwouldneedtobesimplifiedfortherural

women.TheconceptoftheJarswouldbedifficulttotranslate.Eventhewordswouldneedtobe

simplified.Withthee-wallettherearestillsomedifficultiesintermsofmakingpaymentsand

understandingfullythefinanciallanguage/commandsthatareused.

WouldthesesmallstepsinfluenceaculturechangeinVietnam?

Thewomenbelieveitwillbegoodforthefuture.Thesewomenseethemselvesastheoldergeneration

andwilleducatetheirdaughters.Thiscombinedwiththedevelopmentofthesocietyandattitudes

meanstheyarealreadyseeingchanges.Thewomenfeltthatanychangeshouldbeagradualchange.

Forthenewgenerationdecisionsaresharedbetweenmenandwomenandthewomenreportseeing

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thechangesinthefamilydynamic.Inthebigcitiesthereisgoodandbadeducationbuttherearestill

verybiggapsbetweencitiesandruralcommunities.

IsthereinteractionbetweendifferentbranchesoftheWomen’sUnion?

TheUnionoperatesonmanylevelsfromthecentral-district-communityandtheyshareknowledgeand

policies.Communicationisgoodbetweencitiesandprovincesandprovidesanexcellentopportunity

fordisseminatinglearning.

Wouldanyofthewomengoandoffanddotrainingforotherareas?Howfarwouldtheytravel?

Eachofthemwillbeinchargeoftheirowngroupandwilldeliverthetrainingprogramtosharethe

knowledgetheyhavegained.Thereisasinglewomaninchargeofeachneighbourhoodsotheprocess

willbeneighbourhooddriven

Hasthetraininghelpedthembalancingworkandlife?

Mosthaveretirednowsothisisn’tanissue,asthey’respendingmoretimewiththeirfamily.

Wouldtheyrequireanyspecifictrainingoverandabovetherepeattraining?

Duetoretirementthewomendidnotrequestspecifictrainingsuchassocialmediaetc.theyjustwant

therepeattrainingtoreinforcetheirlearning.

Isthereanythingelsewewouldneedtohear?

Thewomenreportedthattheywouldhavelikedapre-questionnairetoprepareforthesessionbut

thattheyfelttheyhassaideverythingtheyneededto.

AdditionalinterviewswerecarriedoutwithtwostafffromtheLienVietPostBankteam. This

meetingtookplaceonthe22ndNovember2017attheLienVietPostBankofficesinHoChiMinh

City.Themeetingprovidedanopportunitytointerrogatetheoperationalandmanagerialaspects

oftheprojectdelivery;thekeyfindingshavebeensummarisedhere:

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LienVietPostBank–HoChiMinh

Whenquestionedaboutthemotivationofthebankforengaginginthiseducationprogramtheteam

recognizedthatinacrowdedmarketplacethisofferdistinguishestheirbanksanditsoffer.Thebankis

committedtolocalengagementandhavemanyprojectsaimedtopromoteaccesstobankingservices

forthe70%ofVietnamesecitizensthatarecurrentlyunbanked.Thebankisespeciallycommittedto

engagingwomen;andhassecuredUNCDFundstopromotethee-wallettominoritywomentohelp

themwithsaving.Morethan1000womenhaveameetingtwicepermonththeputcashintothelocal

savingsfundandthreenominatedwomenareresponsibleforcollectingandkeepingthefund.The

groupthenagreestomakeloanstowomenrequestingsupport.

Thebankrecognisesthatthetrainingneedstoberepeatedandreinforcedifbehaviouralchangeisto

leavealastinglegacy.Thebankisco-operatingwiththeWomen’sUniontoprovideliteracythisyear

andnext,toprovide5coursesperyear.ThebankisalsosupportingWomen’sUnionmemberswith

start-upprojectsandenterprisesandwillconsiderlendingtothemandprovidingongoingsupport.

Whenaskedabouttheshareholderviewofthefinancialliteracytrainingprogramactivitythebank

statedthatthebeliefwasthatthiswastherightthingtodosociallyandcommercially.ThisCorporate

SocialResponsibilityactivitymakesthemdifferentinthemarketplace.Thecharitable/CSRdriveralso

tricklesdowntostaffandindividualswithinthe6000strongstaffteamdonatetocharityeachmonth

toaLienVietcharityfund.Thebankalsotakescareofitsstaffandorganisesfieldtripstocarryout

charitableworkincludingbuildingprojectssuchasbridgesandschools.(Itmaybeinterestingto

explorewhetherthesefundscouldbeusedtopurchaseW+unitsandreinforcingthebanks

commitmenttowomen’sfinancial/economicdevelopmentandtherebyberecycledtodeliver

additionaltraining.)Inaddition,althoughbeyondtheremitofthisverification,thebankissupporting

membersoftheWomen’sUnionwiththeirstartupprojectsandwilllendtothemandofferbusiness

support.Thebankrecognisesthatthe‘unique’positionit'stakingatthemomentwillnotlastlongas

otherswillseehowtheirmodeloperatesandduplicatethis;howeverthebankhasadesireto

influenceotherstobehaveinasociallyresponsiblewayandassuchduplication/copycatbehavioursis

exactlywanttheyseektosecure.Itisthebeliefoftheverificationteamthatthebankislooking

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beyondtraditionalbottomlinemeasurestoconsiderthesocialaswellastheeconomicimpactofits

activities.

VietnamPostisthemainshareholder-thisoffersanimmediateandaccessiblenetworkacrossthe

country,trustedbythepublic,asthecommunityisfamiliarandcomfortablewiththepostoffice

network.

Otherlearningcitedbythebankincludes:

Weneedtoengageinmoreprojectsforthecommunitybenefittoreachtheunbankedpeople,70%of

thepopulationdonothaveaccountsandtransactincashonly.Thisisalignedtoanationalpolicyto

minimisecashusageacrossthecountryandtherebyaddress/eradicatepotentialcorruption.

2.4 SiteInspections

Includedintheappendixisphotographicevidenceofthelearnersandbankstaffduringtheverificationvisit.

2.5ResolutionofFindings

Therewerenocorrectiveactionsorclarificationsrequiredduringtheverificationprocess.

2.6 ForwardActionRequestsTheteamatthebankshouldconsiderreviewingthelanguageofthelearningmaterialsinordertoensurethatwomeninmoreremoteorruralcommunitiesfeelabletoaccessthefinancialliteracyprogram.Thewomenlearnerswouldappreciaterepeatsessionstoreinforcelearning–thistypeofchangeinbehaviourcanonlybeachievedovertimeandwiththesupportormodelingofothers.Thewomenlearnerswouldappreciatereceivingpremeetinginformationaheadofanyotherevaluationsessionstoprovideanopportunitytothinkabouttheirexperiencesandgiveconsideredopinions.

3. VALIDATION FINDINGS

3.1 W+ProjectEligibility

TheprojectmeetstheeligibilitycriteriaforconsiderationundertheW+standard.Theverificationteamhasexploredthemethodandaftercheckingthemethoddocumentandcomparedthisto

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dataandinterviewsitcanconfidentlystatethatthemethodhasbeeneffectivelyvalidatedandapplied.

3.2 MethodDeviations

TherewerenodeviationsfromtheW+Education&KnowledgeMethod.3.3 ProjectDescriptionDeviations

Therewerenodeviationsfromtheprojectdescription.3.4 GroupedProject(s)

Nonewactivitieshavebeenaddedtotheprojectduringthedeliveryperiodcoveredbythisverificationreport.

4. VERIFICATION FINDINGS

4.1 ProjectImplementationStatus

Theprojecthasbeenimplementedandmonitored,andtheverificationhasbeencompleted.Therearenomaterialdiscrepanciesbetweentheimplementationandtheprojectdescriptionormonitoringprocesses.

4.2 AccuracyofCalculationsofWomen’sEmpowermentBenefits

AsdescribedintheMonitoringandResultsReport,datahasbeenchecked;nomanualtranspositionerrorshavebeenidentifiedandallcalculationsaregood.

4.3 QualityofEvidencetoDetermineWomen’sEmpowermentBenefits

Theevidenceusedtodeterminethewomen’sempowermentbenefitsare:• TheMonitoringandResultsReport• Statisticalanalysisofquestionnairefromfieldresearch• Interviewswithstakeholders

ThequalityoftheinformationgatheredintheMonitoringandResultsReportisexcellentandwasobtainedusingprofessionalenumerators.Assuchtheinformationiscomprehensiveandreliable.

The process of converting datafromwrittentoelectronicformats isconsideredtobeaccurateandtheinformationdeducedfromthedatasetisconsideredtobecomprehensiveandreliable.

The information gathered from the focus group discussions and stakeholder interviews is

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consideredtobeexcellentinitsreliabilityandrigourasitissourcedatafromthewomenlearners.Experts facilitated the session, each of who had considerable experience in ethnographicresearchtechniques.

Overall the quality and quantity of evidence is considered to be appropriate andcomprehensive, ensuring the voice of the person served is heard and that the data setgainedduringmonitoringactivityreflectsthefindingsfromstakeholders.

5. W+RESULTS

5.1 W+Domains

Domain Education&KnowledgeOutcomeIndicators • Increasedconfidenceandselfesteem

• Statedlevelofconfidencedemonstratedinknowledgesurvey• RecallandevidenceofuseofRulesofIndividualFinance

ManagementandMethodsforIndividualFinanceManagement

Situation Womenreportedthattheyhaveanincreasedconfidencearoundtheirfinancialknowledgeandaresharingthiswithothers.

Justification Afocusgroupdiscussiontookplaceduringasitevisitonthe22/11/17.Thequestionsusedtoinitiateadiscussionwiththewomen’suniongroupexploredtheirsenseofunderstandingofthefinancialliteracyprogramcontent.Itwasclearfromresponsesthatthewomenfeltanincreasedsenseofknowledgeandconfidence.Theywereabletoexplainthesavingsconceptsandtheneedforfinancialplanning.Thewomenreportedusingtheire-walletstomakesomefinancialtransactions,andwithanappetitetoexploremorefunctionality.Asaconsequenceitisconsideredthattheseoutcomeshavebeenevidencedandthecircumstancesofwomenhassomewhatimprovedandisscoredas2.

Evidence BaselineReportMonitoringReportQuestionnaireforUsersStatisticalanalysisofquestionnairefindingsInterviewswithstakeholders(Women’sUnionmembersandLienVietPostBank)

5.2 DirectPaymentMechanism

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Asyetnodirectpaymentshavebeenmadetothecommunities,itislikelythatthewomenwillreceivefundseasilyviatheire-walletonceunitshavebeensold.

6. ANALYSISOFW+RESULTS

6.1 CurrentPerformance

W+Domain Very

Much

Worse

(---3)

Much

Worse

(---2)

Somewhat

Worse

(---1)

No

Change

(0)

Somewhat

Better

(+1)

Much

Better

(+2)

Very

Much

Better

(+3)Income/Assets 0 0 0 0 0 0 0Time 0 0 0 0 0 0 0Education/Kno

wledge0 0 0 0 0 2 0

Leadership 0 0 0 0 0 0 0FoodSecurity 0 0 0 0 0 0 0Health 0 0 0 0 0 0 0

ForthepurposesofthisverificationonlyaspectsoftheEducation&Knowledgedomainwereconsideredandsoascoreofzerohasbeenappliedtootherdomainareas. Thatisnottosaythattheprojecthasnothadpositiveeffectsuponallotherdomainsbutmerelythatthesehavenotbeensubjecttoverification. 6.2 Non-PermanenceRiskAnalysis

• Atthisstagetheonlyidentifiedstepstoaddressnon-permanencerisksistoprovide

repeatlearningsessions.

• Thisriskisidentified,astherehavebeenconcernsaroundtheleveloftrainingreceivedby

somewomeninthecommunity,andtheneedtoreinforcethislearningifitisto‘stick’in

theirmemories.

• Thelikelihoodofthisriskeffectingpermanenceislow,asthesenseofindividualand

communityempowermentishigh.

7. VERIFICATION(AUDIT)CONCLUSION

W+verificationperiod:1/07/2017– 1/12/2017

TheprojectcomplieswiththeverificationcriteriaforprojectssetoutintheW+Standardandhas

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beenimplementedinaccordancewiththeprojectdescription

Netwomen’s

empowerment

benefits

Year/Month Baseline Projectbenefits

Increasedfinancialliteracy

VerificationPeriod1

168,600Education&Knowledgeunitsgenerated

RaisedawarenessandappetitetosharelearningwithotherwomenHeighteneddesiretoincreasetheuseofthee-wallettobenefitotherareasoffinanciallife.Improvedself

confidenceinallaspectsoflife

Increasedselfconfidenceandselfesteem

Improvedaccesstoonline/e-wallettransactions

Averageof562Education&Knowledgeunitsperlearner

N/A Verification

Period2N/A

Total

168,600Education&Knowledgeunits

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APPENDIX1:PHOTOGRAPHSFROMSITEVISIT