Background: Access to financial services has long been a challenge for the informal sector in Africa. According to a report by the World Bank, only 34% of sub-Saharan Africans have a bank account. The lack of access to formal financial services has contributed to low financial literacy rates among the population, with many relying on informal and often risky means of managing their finances.
Solution: Fundle, a mobile app that empowers informal sector workers by providing access to financial services, has a feature that allows users to track their spending on mobile money transactions. By analyzing transaction data, the app provides users with a clear view of their spending habits, enabling them to make more informed financial decisions.
Case Study: Mary, a small business owner in Kigali, was struggling to keep track of her mobile money transactions. She often forgot where she spent her money, which made it challenging for her to create an accurate budget. She downloaded Fundle and started using the mobile money tracking feature. Within a week, she realized that she was spending more money than she thought on transport. She adjusted her budget accordingly and saved money on her next transaction.
Another user, James, a freelance electrician, had a habit of overspending on airtime. With the help of Fundle’s mobile money transaction tracking feature, he was able to identify this habit and work on reducing his airtime expenses. He set a weekly budget for airtime and received reminders when he was approaching his limit.
Impact: Fundle’s mobile money transaction tracking feature has empowered informal sector workers like Mary and James to take control of their finances. By providing users with a clear view of their spending habits, the app is helping to increase financial literacy rates among the population. It is also enabling users to make more informed financial decisions, which could lead to greater financial stability and prosperity in the long run.
Conclusion: Fundle’s mobile money transaction tracking feature is just one of the many tools that the app provides to help users manage their finances. By offering features such as bill reminders, courses on financial management, and goal setting, Fundle is revolutionizing the way informal sector workers access financial services.