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Fundle: Solving for Financial Literacy using Data-Driven Tools

Financial literacy is a critical aspect of achieving financial stability and security. Unfortunately, many people, particularly those in the informal sector, lack access to the financial education and resources they need to make informed financial decisions. This is a significant issue in Africa, where a large proportion of the population falls within the informal sector and has limited access to traditional banking services.

Fundle, a mobile app designed for informal sector workers, is changing this narrative by providing users with a range of data-driven tools to help them manage their finances. Fundle’s tools include the ability to track spending on mobile money, bill reminders, courses on financial literacy, tracking spending with loved ones, and goal setting.

Through these tools, Fundle is tackling the problem of financial illiteracy and promoting financial inclusion in Africa. With the ability to track their spending on mobile money, users can gain a better understanding of their financial habits and identify areas where they can make improvements. The bill reminder feature ensures that users never miss a payment and avoid penalties for late payment, while courses on financial literacy provide valuable insights on budgeting, saving, and investing.

Fundle’s ability to allow users to track their spending with their loved ones ensures that they can collaborate and work towards their financial goals together. Finally, with the goal setting feature, users can set and track their financial objectives, which provides motivation to save and invest.

Since its launch, Fundle has made significant strides in promoting financial literacy in Africa. According to recent data, over 70% of Fundle users report increased financial awareness and improved financial habits since using the app. Moreover, over 80% of users report feeling more confident in making financial decisions.

In conclusion, Fundle is revolutionizing the way informal sector workers access financial services in Africa. With its data-driven tools, Fundle is tackling the problem of financial illiteracy and promoting financial inclusion. By empowering users to take control of their finances, Fundle is making a significant impact on the lives of millions of people in Africa.

Data on the lack of financial literacy and lack of access to financial services in Africa:

  • According to a 2017 survey by the World Bank, only 34% of adults in sub-Saharan Africa had access to formal financial services.
  • Another study found that only 24% of African adults had a bank account, compared to 69% in other developing countries.
  • In a survey of financial literacy in Africa conducted by the African Development Bank, it was found that less than 25% of adults in most African countries could answer basic financial literacy questions correctly.
  • The same survey found that only 30% of African women had a bank account, compared to 40% of African men.

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