Vehicle financing company MOGO has launched a financial literacy tool in a bid to educate its Kenyan clients about personal budget planning and making informed financial decisions.

The tool is meant to give consumers a complete real-time overview of their financial lives and wellness through a single digital platform. 

Users will have access to financial education and personalized spending management through the tool based on their actual situation.

“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," said MOGO Kenya country manager Domas Mineikis.

"Financial literacy should not rest solely on the shoulders of consumers as it is also the responsibility of everyone involved in the field.”

According to MOGO, even though people’s understanding of financial issues has been improving, a large part of society still lacks basic knowledge about effective money management.

This often 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 said.

The tool is 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.

“One of our core values as MOGO is responsible lending. This is the only way to promote the development of the industry while ensuring that the interests of consumers are respected,” he concluded during the launch in Nairobi.

The platform is now live on the company’s website and is available in English and Swahili.