Tech Tuesday: South African MoneySmart Innovates Financial Education

Leading this week’s Tech Tuesday is the announcement of a new addition to the South African MoneySmart program.

With rising costs of living and high rates of inflation, much of the South African population is currently in a difficult financial situation. Of the 19 million credit-active South Africans, a startling 68% have impaired credit records. What this means is that nearly 13 million South Africans are drowning in a state of over-indebtedness. For this reason, the MoneySmart program was created as a robust personal finance management platform, in hopes to revolutionize the way South Africans handle their finances.

Currently, the MoneySmart program includes an interactive component allowing users to set budgets and goals, as well as track their spending levels. But with today’s announcement, soon the technology also will include the ability to track credit reports, including to monitor fraudulent activity, manage defaults, and gain advice over keeping a strong credit score. Through the additions of these innovative functions, these new features will allow users to gain an important understanding of many factors that create a strong credit report.

To learn more about MoneySmart or to gain a deeper understanding of what MoneySmart hopes to gain from these developments, please click here.