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Tanzanian Fintech Startup Offers Free Financial Advice through App

Mipango has launched an artificial intelligence (AI)-based app that provides users with free financial advice on iOS and Android devices. Mipango is a personal finance mobile application that enables users to manage their income, expenses, savings, financial targets and budgets, and access relevant investment opportunities. The app, which uses AI to guide users to better financial management, is available in the local Swahili language, and aims to empower users with financial education. “Financial literacy is a key gap in the growth and development of this market. Over 50 per cent of Tanzanian adults do not keep track of their expenditure and have no financial goals. This factor leads many citizens to engage in bad debt practices which in turn leads many people into abject poverty,” said Lilian Makoi, co-founder of Mipango. Mipango is targeting one million app downloads within 12 months, and will be introducing a raft of new products over that time, including a budget tracker and net-worth calculator.