ExpenZa, a smartphone app that enables SMEs and consumers to manage their finances by pulling data from bank SMSes, has been updated with a range of features and is now freely available on the Google Play store.
The app is designed to help small business owners and consumers keep track of their expenses and income, ExpenZa says, adding that the app already has a loyal following of more than 5 000 daily users.
Gabriel Roux, CEO of ExpenZa, says the app's success lies in its ease of use and effortless functionality.
"Unlike similar services that require manual input from users, ExpenZa operates by storing the SMSes you receive from your bank to automatically create a transaction history. Users can then quickly get a snapshot view of their expenses and income and make informed decisions about their finances, with minimal effort."
Incoming SMSes from banks can be categorised, allowing users to keep track of where their money is going to and then compare purchases for similar products between retailers.
"We also have an agreement with certain retailers to offer discount vouchers and coupons on specific products based on a user's purchase history, helping consumers save money on key items."
According to Roux, the app now also offers value to small business owners. "By giving company owners a snapshot view of their finances, ExpenZa empowers them to make informed decisions and do proper forecasting. Our Web-based portal offers additional functionality by enabling users to export their transaction history to CSV or PDF format, which can then be handed over to the accountants for easy processing."
ExpenZa says while other personal financial management apps require users to divulge sensitive details - such as internet banking username and password, ExpenZa uses information already freely available in the incoming transaction SMSs. The app currently integrates SMSs from banks such as ABSA, Capitec, FNB, Nedbank, Standard Bank, Rand Merchant Bank, Investec, Go Banking and Discovery Card.
The company has also signed an agreement with a mobile service provider who will offer the app pre-installed on 200 000 handsets over the next year.
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