What you need to know:
The app which has been developed by Fintech is in Swahili is meant to provide financial awareness and deepen financial literacy to 50 per cent of people who are not aware of their expenditure will reduce self-inflicted debt by over 60 per cent
Dar es Salaam. Tanzanians can now track all their personal income and expenses for better planning through an Artificial Intelligence (AL) App called Mipango Fintech.
The app is a new technology that will provide free personal financial management to Tanzanians on both IOS and Android mobile devices.
The app which has been developed by Fintech is in Swahili is meant to provide financial awareness and deepen financial literacy to 50 per cent of people who are not aware of their expenditure will reduce self-inflicted debt by over 60 per cent.
Speaking at the launch Mipango Fintech, Co-founder Ms Lilian Makoi said financial literacy is a key gap in the growth and development in Tanzania.
Over 50 per cent of adults do not keep track of their expenditures and have no financial goals. This she says is a factor that leads most people to engage in bad debt practices which in turn leads into poverty.
"We see the launch of this application as an opportunity to change the way people their everyday lives and improve management of money. The app will help the consumers receive free financial advice, track all various income and expenses at once, "she said.
Ms Makoi noted that the app will enable consumers manage their loans and debts and also gain access to some investment opportunities.
She further explained that upon consumer adopt the app they expect to have more than 1 million downloads within the first twelve months.... "This goes a long way to assure us that the launch of this new app will be beneficial to many citizens of this country.”
Fintech, chief technological officer Mr Nicholaus Ngolongolo said the app will enable consumers create their financial profile, set up monthly budgets, record daily to monthly expenses which will be tracked against their budgets...With such data, you should be more in control of your finances than ever.
Ngolongolo noted that they intend to launch similar app in other East Africa and other countries