Subscribe

Capitec’s Moola chatbot teaches financial literacy

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 13 Mar 2023

Capitec Bank has introduced MoneyUp Chat, a WhatsApp-based financial literacy channel that provides free financial literacy short courses.

According to a statement, the chat platform features an automated financial chatbot called Moola, described as an interactive ‘educator’ that teaches South Africans about all things related to money matters.

The new offering comes after Capitec introduced its online financial education platform,  Live Better Academy in 2020, which offers tips and strategies to help people make smart financial decisions and achieve their goals.

Developed by customer experience innovation firm Helm (previously Praekelt Consulting), Moola guides users through an educational journey with short, interactive courses in the form of a WhatsApp chat, presenting financial concepts in an easy and digestible way.

Complex topics − such as budgeting, compound interest, inflation, savings and retirement − are covered as part of a series of chapters the user can work through in their own time and at their own pace.

The language used is short and conversational, and users are able to reply using buttons and prepopulated options that include emojis.

Daniela Bielski, head of client success at Helm, says many South Africans make everyday money decisions without having had the opportunity to learn about key money concepts and principles that can empower and protect them.

“We worked with Capitec to put the information in the palm of all users’ hands. Anyone with WhatsApp can use MoneyUp Chat by Capitec and can look forward to expanding their knowledge even further as they release more courses through this new and exciting format,” notes Bielski.

The platform also offers quick interactive quizzes, which encourage users to test their understanding, with an opportunity to win data rewards for those who complete the learning programme within a certain time.

According to Bielski, the courses include fraud prevention information and content focused on digital literacy – which is now fundamental to financial literacy and critical in helping South Africans keep their money safe and get the most value from the financial products and services they use.

“We hope the solution will give many South Africans access to useful, simple explanations, and education that can help and protect them in their financial lives.”

Share