Literacy tool that will help you manage personal finances

Wallet

Financial literacy remains a challenge for many people, leading to excessive spending, unreasonable loan commitments, financial stress and poverty.

Photo credit: Pool

What you need to know:

  • It is due to lack of such information that MOGO a vehicle financing company, has introduced a financial literacy tool in Kenya.
  • The tool provides financial education and personalized spending management based on individual circumstances.

Joseph Kinyanjui was stranded in an apartment he could not afford in 2020 when the epidemic struck. To make matters worse he servicing his car's payment and two education loans.

Then a few weeks after the country was put under lockdown, he lost his job. The savings he had were just enough to last him a month.

To understand more about money and investing, he began to immerse himself in reading books, following blogs and listening to podcasts.

"I recognized that developing financial literacy was on me. While there is a lot of information, if you take the time to digest the content, it's not that hard to understand," he says.

When he landed a new job at the end of 2021, it was simpler for him to begin saving and investing.

Financial literacy tool

"By the end of the year, you'll be astounded at your accomplishment, even if you can only save a few shillings each week. Everyone must begin somewhere," he says.

It is due to lack of such information that MOGO a vehicle financing company, has introduced a financial literacy tool in Kenya to educate its clients about managing personal finances and making informed financial choices.

Their tool which is available in both English and Swahili offers consumers a real-time, comprehensive view of their financial status and wellness through a single digital platform.

It also provides financial education and personalized spending management based on individual circumstances.

“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,” said MOGO Kenya country manager Domas Mineikis.

According to MOGO, financial literacy remains a challenge for many people, leading to excessive spending, unreasonable loan commitments, financial stress, and poverty. MOGO aims to work with well-informed customers who understand the principles of money management.

Financial commitments

“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 said.

The tool assesses customers' loan commitments and provides advice on budgeting, debt management, savings, financial hygiene, and more. It is designed to evaluate the feasibility of new financial commitments within a customer's current budget.

MOGO emphasizes responsible lending as one of its core values and sees financial.

“One of our core values as MOGO is responsible lending. This is the only way to promote the development of the industry while ensuring that the interests of consumers are respected,” he concluded during the launch in Nairobi.