Fundle is a mobile app that is revolutionizing the way informal sector workers in Africa access financial services. By providing access to financial services, such as loans, credit, and mortgages, Fundle is empowering individuals to take control of their financial futures. However, access to financial services alone is not enough. Financial education is crucial for individuals to make informed financial decisions and improve their financial well-being.
To address this need, Fundle launched its Academy feature, which provides users with financial education through a series of courses. The Academy feature offers courses on various financial concepts, such as budgeting, saving, investing, and managing debt. The courses are designed to be accessible and easy to understand, even for those who have limited financial literacy.
To evaluate the impact of the Academy feature, Fundle conducted a study with a sample of users who completed at least one course. The study found that 80% of users reported an increase in their financial knowledge, and 70% reported an increase in their confidence in managing their finances.
Furthermore, the study found that users who completed more courses were more likely to use other features on the app, such as tracking their spending on mobile money and setting financial goals. This suggests that financial education is a crucial component in improving financial behavior and outcomes.
Overall, the Academy feature has been successful in providing financial education to informal sector workers, and Fundle continues to expand its course offerings to meet the evolving needs of its users. With Fundle’s Academy feature, users can gain the knowledge and skills they need to make informed financial decisions and improve their financial well-being.
Data: According to a survey conducted by the World Bank, only 24% of adults in Sub-Saharan Africa have access to formal financial services, and the majority of the population lacks financial literacy. Additionally, a study by the African Development Bank found that financial literacy rates are particularly low among women and rural populations.