Mipango Fintech which is an artificial intelligence company believes that the finance enabled application will support customers to better manage their expenses, provide an opportunity to set up budgets, analyze expenses and track personal finances.
The application which aims at empowering the local market, operates in Kiswahili language while giving financial education in a language that locals understand for bigger impact. Mipango’s Co-founder, Lilian Makoi said financial literacy is a key gap in the growth and development of the local market hence decision to launch the new product.
“Over 50 percent 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,” Makoi said.
She noted that the new application is an opportunity to change the way people run their daily lives by improving their relationship with money. Makoi said the application will help consumer receive free financial advice, track their various income, expenses on the go, manage their loans and debts.
“Upon consumer uptake of the application, we expect to have more than one million downloads within the first twelve months. A 2017 research by Financial Sector Deepening Trust cites that there are over 27 million active users of mobile phones in Tanzania that make 66 percent of the population of which 48.7 percent of them have access to smartphones,” the Mipango Fintech Co-founder added.
Backing her peer, Mipango Co-founder, Agness Mollel said the startup envisions 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,” Mollel noted.
The company’s Chief Technology Officer, Nicholaus Ngolongolo said in order to serve the market better, Mipango will be introducing new products every month, including budget tracker and net-worth calculator that supports financial planning.
“This launch has three features, create your financial profile, set up your monthly budgets and record your daily to monthly expenses which will be tracked against your budgets. With such data, you should be more in control of your finances than ever,” said Ngolongolo.