TANZANIANS can now track all their personal income and expenses for better planning and help them reduce self-inflicted debt.
This is after the launch of a new App by one of the leading finance start-up Company, the Mipango Fintech, yesterday.
The company stated that the new App will provide free personal financial management to Tanzanians on IOS and Android mobile devices.
The app -dubbed Mipango, an AI (Artificial Intelligence), finance enabled app, will support Tanzanians to better manage their expenses, provide an opportunity to set up budgets, view, analyze expenses and track personal finances.
The app which aims at empowering the mass market in Tanzania operations in Swahili language, giving financial education in a language that local citizens understand for bigger impact. According to Lilian Makoi, Co-founder, Mipango Fintech, financial literacy was a key gap in the growth and development of this market.
Ms Makoi said over 50 per cent 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 lead many people into abject poverty," she said.
"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 incomes, track all their expenses on the go, manage their loans and debts and also gain access to relevant investment opportunities," said Ms Makoi.
"We expect to have more than one million downloads within the first twelve months after launching," the co-founder.
In 2017 research by Financial sector deepening sector cites that there are over 27 million active users of mobile phones in Tanzania that make 66 percent and 48.7 percent of those are users that have access to smart phones.
Also 43 percent of the active users that make nine million Tanzanians are income earners. This goes a long way to assure us that the launch of this new app will be beneficial to many citizens of this country.
Another Co-Founder of Mipango Fintech, Agnes Mollel, said they envision a future where teenagers and young adults understand how to better plan their finances so as to tap on relevant investment opportunities in this country. The company plans to introduce new products every other month, including budget tracker and net-worth calculator that support financial planning