Tanzanian Fintech Startup, Mipango App Fintech Ltd., has launched an artificial intelligence (AI)-based mobile app that provides free financial advice to iOS and Android users.
The app, named Mipango, is a personal finance mobile application that helps users to manage their income, expenses, savings, financial targets and budgets, and access relevant investment opportunities.
The app, which applies AI to guide users to better financial management, is available in Tanzania's local Swahili language, and aims to empower users with financial education.
Speaking about the app, Mipango co-founder, Lilian Makoi, said, “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.”.
Mipango targets one million app downloads within the first 12 months of its launch, and will be introducing a raft of new products over that time, including a budget tracker and net-worth calculator.
Tanzania is an East African country known for its vast wilderness areas. Tanzannia has a population of 55.5 million and a GDP per capita of $1,105. Tanzania is one of the world's poorest economies with its GDP per capita ranked as 158th in the world. Life expectancy is 63 years (men), 67 years (women) which is good compared to Nigeria at 54 years.
- Area 945,087 sq km (364,900 sq miles)
- Major languages English, Swahili
- Major religions Christianity, Islam
- Currency Tanzanian shilling