MOGO Launches Financial Literacy Platform
Vehicle financing company MOGO has launched a digital tool that is designed to help Kenyan consumers in financial literacy. The tool is aimed to help on personal budget planning and making informed financial decisions.
The platform is meant to give consumers a complete real time overview of their financial lives and wellness through a single digital platform. Users will have access to financial education and personalized spending management through the tool based on their actual situation.
“This platform is part of our long-term strategy, where we have made consumer education on financial literacy one of our key focus areas. Any financial service provider wants to work with well-informed customers who understand the principles of money management and can critically assess the opportunities and risks of financial products. Financial literacy should not rest solely on the shoulders of consumers as it is also the responsibility of everyone involved in the field,” said MOGO Kenya country manager Domas Mineikis.
According to MOGO, even though people’s understanding of financial issues has been improving, a large part of society still lacks basic knowledge about effective money management.
This often leads to excessive spending, disproportionate and unreasonable loan commitments, financial stress, and poverty traps.
“Financial literacy is important to consumers at all levels as it provides them with knowledge on valuing money, spending it, keeping track of spending, saving for the future and also critically – investing in productive and sustainable activities which is what we as MOGO are keen about,” Mineikis added.
The tool is designed to assess the health of customers’ existing loan commitments, evaluate whether new financial commitments would be a wise decision within their current budget, and find bits of advice on budgeting, debt management, savings, financial hygiene, and much more all within five minutes.