3 FinTech platforms providing personal finance and literacy in Africa

By Delisha Fernandes

Financial technology (Fintech) has transformed how individuals access and manage financial services worldwide. The world bank report states nearly 2 billion individuals still do not have a basic transaction account in Africa. In such a scenario, personal finance has emerged as a key driver of financial inclusion, allowing individuals previously excluded from traditional banking services to access convenient and affordable financial products and services.

April is marked as the financial literacy month. Financial literacy refers to understanding and applying various financial skills, including personal financial management. It helps people become self-sufficient so that financial stability can be accomplished.

Here are 3 FinTech platforms providing financial literacy in Africa:

• Branch

Branch is a digital lending platform that provides loans to individuals and small businesses in Kenya, Nigeria, Tanzania, and Mexico. It uses machine learning algorithms to analyse the creditworthiness of its users and offer them loans within minutes of applying. It also provides financial education resources to its users to improve their financial literacy.

• Piggybank

Piggybank is a platform aimed at offering financial services to individuals. The team consist of professionals and experts from various fields, dedicated to providing informative content to users in different categories such as personal finance, investment, budgeting, savings, and more.

• 22Seven

22Seven is a platform that makes monitoring your income and expenses simple and fun. Individuals receive an automatically personalized budget breakdown and detailed daily, weekly, and monthly spending overview. Users can even invest money in this app at a tax-free rate online.