A South African FinTech startup wants ro make saving money fun for millenials through its newly launched app. Named Akiba Digital (Akiba), the startup has developed a "gamified savings tool (mobile app) that allows users to save towards their lifestyle goals and get rewarded for it."
Akiba says that in the near future it will also be launching a web-based financial literacy platform that repurposes existing content created by financial service providers.
"We want to be the movers and shakers in making financial wellbeing as sexy as selfies for our generation. For that, we’ve taken the mission to empower millennials through interactive access to financial literacy with the right personalised financial tools. We believe that once people have a better understanding of their finances, they will be better equipped to make informed and effective decisions,” said Tebogo Mokwena, Co-founder and CTO of Akiba.
FinTech should be much more than credit
If you look around in any Afrikan country with a vibrant technology startup ecosystem, when FinTech is mentioned, it is typically a credit related service. Thus, it is refreshing to hear of a startup that is looking to use digital technology in a different way in the financial services sector.
Interestingly, the app also has an Artificial Intelligence powered bot known as Gugu. Gugu's aim is to be a user's financial coach and to make sure that everything they learn is relevant. As a result, the financial content a user will see on Akiba's literacy platform will be personalized to their particular money personality, coupled with a rewards programme as part of the engagement incentive for users.
Akiba has made some strides in 2018 having been selected top 10 from a pool of 1004 applicants to participate in the Startupbootcamp AfriTech 2018 Accelerator Programme. Other achievements for the team in 2018 include being chosen in the Top 10 for MTN Solution Space, being selected for the Top 12 of the Luxembourg House of Financial Technologyand recently selected as one of eight FinTech startups awarded a R2 million funding package from AlphaCode Incubate.
Beyond this being a refreshing solution that departs from the usual credit offerings that we've started to associate Afrikan FinTech with, it is also possibly a good way to gain a long term customer as they start seeing the value that brings to their lives.Cover image credit: Akiba Digital website.