Mipango Fintech has launched a new app that will provide free financial advice to Tanzanians on IOS and Android mobile devices.
Mipango, is an AI (Artificial Intelligence) finance enabled app will support Tanzanians to better manage their expenses, provide an opportunity to set up budgets, view, analyze expenses and track personal finances.
Available in both English and Swahili, the app aims to empower the mass population with financial education in a language they understand and forces users to practice healthy financial habits.
According to Lilian Makoi, Co-founder, Mipango Fintech, “Financial literacy is a key gap in the growth and development of this market. Over 50% of Tanzanian adults do not keep track of their expenditures and have no financial goals. This factor leads many citizens to engage in bad debt practices which in turn leads many people into abject poverty.”
“We see the launch of this application as an opportunity to change the way our citizens run their everyday lives and better their relationship with money. The app will help the consumer to receive free financial advice, track their various income, track all their expenses on the go, manage their loans and debts and also gain access to relevant investment opportunities,” noted Ms. Makoi.
She added: “Upon consumer uptake of the app we expect to have more than 1million downloads within the first twelve months. 2017 research by Financial sector deepening sector cites that there are over 27 million active users of mobile phones in Tanzania that make 66 % and 48.7% of those are users that have access to smart phones. 43% of the active users that make 9 million Tanzanians are income earners. This goes a long way to assure us that the launch of this new app will be beneficial to many citizens of this country.”
The study further cites that in the last twelve months, 43% of Tanzanians save their money at home, via mobile money or with a bank or family member.
On her part, Agnes Mollel, Co-Founder of Mipango Fintech noted: “We envision a future where teenagers and young adults understand how to better plan their finances so as to tap on relevant investment opportunities in this country. Our aim is to empower people from across different income brackets and ages to be able to be in control of their finances and ultimately, their future. “
The company will be introducing new products every other month, including budget tracker and net-worth calculator that supports financial planning.
The new innovation and mobile app serves as the kick off for Mipango Fintech that will transform how Tanzanians manage their finances and attain their financial goals. This is the first step to many other products that the startup with be launching as they seek towards becoming a financial advice power hub in the region.