MOGO unveils financial literacy tool for Kenyans

NAIROBI, Kenya, Feb 1 – Vehicle financing company MOGO has rolled out a financial literacy tool to teach Kenyans on personal budget planning.

MOGO Manager Domas Mineikis said the solution will let them make informed financial decisions.

Users will also have access to financial education and personalized spending management.

“This platform is part of our long-term strategy, we have made consumer education on financial literacy one of our key focus areas,” Mineikis said.

“Any financial service provider wants to work with well-informed customers who understand the principles of money management and can critically assess the opportunities and risks of financial products,’’ he added.

Although financial literacy has improved in the country, there still exist a large portion in the society lacking basic knowledge on effective money management, according to MOGO.

Financial illiteracy always leads to excessive spending, disproportionate and unreasonable loan commitments, financial stress, and poverty traps.

“Financial literacy is important to consumers at all levels as it provides them with knowledge on valuing money, spending it, keeping track of spending, saving for the future and also critically – investing in productive and sustainable activities which is what we as MOGO are keen about,” Mineikis added.

The tool has been designed to assess the health of customers’ existing loan commitments, evaluate whether new financial commitments would be a wise decision within their current budget, and find bits of advice on budgeting, debt management, savings, financial hygiene, and much more all within five minutes.

MOGO finances vehicles of any age, brand, or model. It has also established partnerships with over 400 local dealers in Kenya.