On June 30th, Mipango, a Tanzanian fintech start-up, announced the launch of a new app that will provide free financial advice to Tanzanians on IOS and Android mobile devices.
An artificial intelligence-based app that will provide users with free financial advice. It helps the users to manage their income, set up budgets, track savings, analyse expenses and access investment opportunities. It is available in local Swahili language and aims to empower users with financial education.
Lilian Makoi, co-founder of Mipango, explained that the motivation for the app rises from the fact that financial literacy is a key gap in growth and development. “Over 50 per cent of Tanzanian adults do not keep track of their expenditure and have no financial goals”, said Makoi. This leads to many citizens engaging in bad debt practices which in turn leads to many people into abject poverty.
The AI-based app aims to provide an opportunity to change the way the 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,” adds Makoi.
Mipango claims that the launch of this new app will be beneficial to many citizens of this country. According to a 2017 research by the financial sector concluded that 43% of Tanzanians save their money at home, via mobile money or with a bank or family member.
The fintech’s cofounder Chris Rabi explained the three features of the app. The app allows users to create their financial profile, set up monthly budgets and also record daily and monthly expenses which will be tracked against the budgets. Therefore, with such data provided to the users, the founders expect the people to be more in control of their finances than ever.
Let’s hear from the founders of MipangoApp:
Mipango expects to achieve a target of one million download within next 12 months. It will be introducing a raft of new products over that time, including a budget tracker and net-worth calculator.
The app will launch in several other countries in various local languages in East Africa.
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