Tanzanian fintech startup, Mipango has rolled out an artificial intelligence (AI)-based app that provides users with free financial advice on iOS and Android devices.
Mipango is a personal finance mobile application that allows users to manage their income, expenses, savings, financial targets, and budgets as well as granting access to relevant investment opportunities.
The app leverages AI to guide users to better financial management and deals in the local Swahili language to empower users with financial education.
Co-founder of Mipango, Lilian Makoi said, “Financial literacy is a key gap in the growth and development of this market. Over 50 percent of Tanzanian adults do not keep track of their expenditure 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.”
“We see the launch of this application as an opportunity to change the way our citizens run their everyday lives and better their relationship with money. The app will help the consumer to receive free financial advice, track their various income, track all their expenses on the go, manage their loans and debts, and also gain access to relevant investment opportunities,” Makoi further stated.
Mipango has set a target of one million app downloads within 12 months and also has plans of introducing a set of new products over the period such as a budget tracker and net-worth calculator.
In addition, co-founder of Mipango Chris Rabi said, “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.”
The app will also roll out in other countries in East Africa in their local languages.