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How this App can help you improve your saving habits
According to the 2020 Global findex in SSA, despite an impressive increase in account ownership from 23 to 43 per cent since 2011, the percentage of people who saved money with a formal financial institution stagnated at a low of around 15 per cent. Edward Kirenga, Managing Director and Co-Founder, Uplus Mutual Partners joins CNBC Africa for more.
Fri, 22 Jan 2021 10:10:34 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Uplus Mutual Partners' app serves as a proactive tool, sending reminders to users to enhance their saving habits and facilitate regular contributions to their savings accounts.
- The app simplifies the saving process, aiming to cultivate a culture of financial preparedness and resilience, particularly in times of crises like the COVID-19 pandemic.
- Despite challenges in infrastructure and sector investments, Uplus Mutual Partners remains optimistic about its market position, focusing on self-sufficiency and innovation to drive future growth and impact.
The 2020 Global Findex in Sub-Saharan Africa revealed a concerning trend despite the significant increase in account ownership from 23 to 43% since 2011. The percentage of individuals saving money with a formal financial institution has stagnated at a low of around 15%. CNBC Africa delved into this issue with Edward Kirenga, Managing Director and Co-Founder of Uplus Mutual Partners, to explore how their innovative app is revolutionizing savings habits in the region.
Edward Kirenga highlighted the transformative power of their app in changing people's saving habits. The app serves as a proactive tool, sending users reminders to meet their saving goals. By prompting users to transfer funds into their savings accounts, the app cultivates a habit of regular saving, ultimately leading to improved financial well-being.
Kirenga emphasized that a crucial aspect of the app's efficacy lies in simplifying the saving process. By reducing barriers and facilitating a shift in behavior from spending to saving, Uplus Mutual Partners aims to instill a culture of financial preparedness, particularly important in times of emergencies like the COVID-19 pandemic.
Addressing concerns about infrastructure challenges such as smartphone penetration and internet access, Kirenga underscored ongoing trends of decreasing costs and increasing accessibility. He highlighted the importance of early adoption to leverage evolving tech landscape in driving financial inclusion.
Despite a dip in sector investments amid global uncertainties, Kirenga remains optimistic about the resilience of products like Uplus Mutual Partners. Viewing the situation not as a setback but an opportunity to enhance self-sufficiency and innovation, he expressed confidence in the app's potential to thrive in the post-pandemic recovery.
Uplus Mutual Partners distinguishes itself in the market through its focus on collective financing, offering transparency and control to group savers. By enabling secure and efficient collective saving, the app aims to empower users to achieve long-term financial goals and investment aspirations.
Looking ahead, Kirenga envisions a growth in collective financing groups and available capital, leading to increased financial stability and opportunities for strategic investments. With Uplus Mutual Partners as a reliable financial foundation, users can embark on their wealth-building journey with confidence and clarity.
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