Financial terms that can often leave citizens confused could soon become easier, as consumers will be able to ask questions about money in their own language on WhatsApp.
Old Mutual is taking financial education to a platform many South Africans already use every day with the launch ZakaChat, and AI-powered tool that allows users to ask questions about money in local languages.
Answering money questions in your language
John Manyike, Old Mutual head of financial education, explained that the tool covers financial issues including budgeting, saving and debt, and allows users to ask finance-related questions such as advice of how to use money.
“Financial matters are already a difficult subject to navigate. We should not make it harder by expecting people to understand financial concepts in a language they are not most comfortable using,” said Manyike.
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“ZakaChat is about meeting people where they are. It allows them to ask questions, learn at their own pace and engage with financial education in a way that feels more natural to them,” he added.
He said the tool is also designed to work on slower devices and connections and does not require users to download another application.
Manyike said the intention is give people a starting point for dealing with financial questions.
“ZakaChat is about meeting people where they are. It allows them to ask questions, learn at their own pace and engage with financial education in a way that feels more natural to them,” he said.
Not a substitute for personalised finance advice
However, it is designed for general financial education and is not intended to replace personalised financial advice.
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Manyike cautioned that AI responses can contain errors. People with more complex financial circumstances could use the WhatsApp channel as a starting point, and explore options for connecting with a financial adviser.
He said the technology can widen access to information, but professional advice remains important when decisions depend on an individual’s circumstances.
- Financial terms that can often leave citizens confused could soon become easier, as consumers will be able to ask questions about money in their own language on WhatsApp.
- Old Mutual is taking financial education to a platform many South Africans already use every day with the launch ZakaChat, and AI-powered tool that allows users to ask questions about money in local languages.
- Answering money questions in your language John Manyike, Old Mutual head of financial education, explained that the tool covers financial issues including budgeting, saving and debt, and allows users to ask finance-related questions such as advice of how to use money.
- We should not make it harder by expecting people to understand financial concepts in a language they are not most comfortable using,” said Manyike.
