Mipango Fintech from Tanzania has launched a free personal finance app for Android and iOS. The app is in Swahili and aims to help Tanzanians manage their personal finances.
“Financial literacy is a key gap in the growth and development of this market. Over 50% 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,”Lilian Makoi, co-founder of Mipango Fintech.
Lilian Makoi goes on to say that they want to change the relationship that most people in Tanzania have with money. This app will give free financial advice and will track income, expenses, manage loans debts as well as help people find investment opportunities.
The launch of the apps comes with three features:
- Create a financial profile
- Set up a monthly budget
- Record daily expenses
The thing I most like about this application is that it comes in the local language. It’s less daunting a prospect, I think, when the language is one the user is familiar with
The creators also say that this app will be launching in other countries in Eastern Africa and will be in the local language as well.