Money Talk: Transforming Africa’s Financial Wellbeing
Written By: Renate Engelbrecht
With an ambition to continuously democratise financial topics, Old Mutual is making money matters and talk around the topic more accessible. They have introduced Moneyversity+, their financial edutainment platform, guided by consumer needs.
Why Enrol At Moneyversity+
Much thought has gone into building Old Mutual’s Moneyversity+. It has a dedicated team developing a learning management system – a sub-set of AI. This learns behaviours and recommends content accordingly.
The backend system shows those who created it what works and what doesn’t. It also gives users a more personalised experience. Essentially, it is perfect for whether you’re a tween, teen or adult.
Old Mutual has no plans to monetise the purely educational platform. They just want to give South Africans (and Africans) a means by which they can become more financially literate.
Financial Wellbeing In Africa
According to Old Mutual’s annual research, there is reason to be concerned about the lack of financial literacy in South Africa. And, with financial wellness being a core element to what Old Mutual stands for, they encourage people to seek help on their Moneyversity+ platform.
One of the short-term goals includes offering customers an AI-powered estate planning option. This is something that was in the testing phase when this article was published.
In addition, Old Mutual also plans to roll out two new games: Capital Gambit and Net Gains. The former is essentially Chess, mirroring how you should be planning financially. The latter is a soccer game in which you answer money-related questions and score goals according to your answer accuracy and speed.
Further to this, there are many ideas and concrete plans in motion. Think AI-enabled career planning and education around application and claims processes. Webinars and live events focused on economic content is also a factor. Furthermore, there will be content from the stories users share regarding their financial wellness and personal improvement. Additionally, there are competency-based courses that are packaged to be more challenging and educational in general financial planning.
According to Head of Innovation at Old Mutual Personal Finance, Ajen Mothee, the engagement rate on the platform is about 85.9%, “which shows that there is a definite need for what the platform offers.”
Moneyversity+ is not just for adults, but also teaches children about money from a young age in a fun and engaging way. With three different profiles (6-10-year-olds, 11-17-year-olds and 18+), it’s easy for the whole family to become clued up about money. Of course, parents are still in control, with a pin for the kids’ and their own profiles, each with its own custom content.
“Built on Old Mutual’s foundational commitment to transforming financial wellness in Africa, Moneyversity+ is a strategic investment into people’s future financial wellbeing,” says Mothee.
