Mipango Fintech just launched a new app that will provide Tanzanians with free personal financial management.

The app is a personal finance mobile application that allows users to monitor and manage their income, expenses, financial targets, help and offerings, and savings. It makes use of Artificial Intelligence to guide users to better financial management towards attaining financial freedom.

The Mipango app operates in Swahili and aims at supporting Tanzanians in managing their expenses and also provides them with the opportunity to set up budgets, analyze their costs, and track their financial life.

In a statement, co-founder of Mipango Fintech, Lilian Makoi said, financial literacy is a crucial gap in the growth of this market. A more significant percentage of Tanzanian adults do not keep track of their expenses and have no financial goals. This leads the majority to abject poverty as they engage in lousy debt practices.

The company aims to change the way the citizens of Tanzania relate to money by launching this application. Apart from the tracking of the user’s income and expenses, the app will also help users manage loans and provide them with access to relevant investment opportunities.

‘’The company expects to have more than 1 million downloads within the first twelve months of launch,’’ Lilian added.

‘’This launch has three features. Create your financial profile, set up your monthly budget, and record your daily to monthly expenses. With swift access to your financial data, you should be in more control of your finances than before,’’ says Chris Rabi, Mipango Fintech co-founder.