FINBIT is an Android-based application developed by L-IFT to collect and track financial and livelihood data periodically. It offers individuals, firms, and organizations tools to monitor and report various aspects of their financial activities. The app includes tracking features for incomes, expenditures, savings, loans, and other indicators like agricultural production levels and livestock health. Organizations can customize the app by adding indicators through a user-friendly console.
The console also allows organizations to design surveys, incidental or targeted, based on specific criteria or user groups. Data collected through the app is accessible in real time through a portal, which updates as soon as there is a network connection. The portal provides different levels of authority for data comparison while maintaining anonymity.
FINBIT incentivizes users to report their data by offering them access to their past data in graphical or tabular formats. Users receive analysis and insights based on their reported information, such as hourly pay for different activities or income patterns throughout the year. The app can also provide personalized advice and send targeted extension messages to address specific challenges.
The ultimate goal of FINBIT is to be a user-friendly and versatile tool that enhances financial understanding for organizations and individuals. L-IFT envisions it becoming a social audit mechanism, promoting transparency and providing valuable insights in the agriculture value chain.