Wages Finance, has launched a mobile app to enable users to achieve their financial goals.
Speaking at the launch, which was held virtually recently, Peter Adah, the Managing Director and Chief Executive Officer of Wages Finance, stated that aside from encouraging saving, the digital cooperative society encouraged legal and safe investment choices by engaging its members in approved and regulated investments.
Adah also stated that it helped members to assess investment risks and suitability while giving them the privilege of monitoring their investments in real time.
He said, “Wages Finance enhances economic opportunities for marginalised groups, especially women and youth, with a focus on rural communities.”
He explained that the app was to change the traditional cooperative settings by using technology to modernise them.
Further, he added that the mission was to, through the app, transform the cooperative into solutions that foster efficiency, transparency, engagement and accountability through accessible digital records.
“We also want to educate, because one of our goals as an organisation is to teach people financial literacy because that is the only way to be financially free.
You know, we’ve seen a lot of people want to become financially free, but they don’t understand how money works,” he said.
According to Adah, members on the platform are educated periodically on basic financial management, budgeting and investment, while adding that Wages Finance offers small loans to entrepreneurs, farmers and small business owners.
He noted that end-to-end automation was crucial for cooperative societies to enhance efficiency, productivity and members’ satisfaction.
In addition, he said that this would improve members’ engagement and reduce operational costs. Noting that a fully automated cooperative society would be able to produce real-time reporting and analytics to serve its society better.
