Old Mutual’s Moneyversity+ revolutionises financial literacy in Africa

With only 51% of South Africans being financially literate, Old Mutual has committed itself to playing an active role in turning this statistic around by prioritising cutting-edge innovations and strategies. Designed to future-proof Africa and its people, this goal defines Old Mutual’s unique financial edutainment platform: Moneyversity+.

Since its ‘soft’ go-live date in June 2024, the Moneyversity+ platform has already garnered more than 60 000 users and 8.8 million views. It has also expanded well beyond its South Africa footprint with users from the Netherlands, United Kingdom, United States and Namibia. The platform was designed with the local market in mind, with plans to grow into other markets in Africa in the near future, so its immediate global relevance points to the potential need for financial education well beyond the continent.

“Built on Old Mutual’s foundational commitment to transforming financial wellness in Africa, Moneyversity+ is a strategic investment into people’s future financial well-being. The platform aligns with the company’s commitment to innovation and emerging technologies, enriching our Integrated Financial Service strategy with a space that’s entirely dedicated to improving financial inclusion,” says Ajen Mothee, head of innovation at Old Mutual Personal Finance.

The interactive site has mainly gathered significant traction thanks to its accessible range of educational resources including downloads, quizzes and innovative rewards. As users consume content and complete financial literacy tasks, they earn Old Mutual Rewards points that translate into money that can be redeemed with over 50 rewards partners.

For younger children, the rewards – such as Skip Chores – are tailored to their age groups and can be printed out to redeem at home while content for teenagers focuses on topics such as online safety, entrepreneurship and the benefits of studying further.

Offering a holistic space within which users can explore complex financial topics, Moneyversity+ demystifies basic financial concepts such as savings, retirement and insurance. It can also be used by educators and their institutions to provide learners with essential tools to support their financial literacy in the future.

The Moneyversity+ platform has a simple registration process and combines financial education with streaming entertainment that makes it easy for people to consume informative content. The AI-powered recommendation engine provides each user with a personalised learning experience that is both educational and rewarding at the same time.

“Trust and authenticity are the cornerstones of our business; we believe that if we are going to offer customers a suite of services, they should also have access to expertise that shapes those offerings,” says Mothee. “Our Integrated Financial Services strategy prioritises empowering people with the tools they need to make sound financial decisions, for themselves.”

In an industry often perceived as complex, Old Mutual aims to equip people with the understanding required to take control of their finances and make the right decisions. The company believes it is the responsibility of the financial sector to ensure South Africans understand the impact of financial decision-making and protect their assets to thrive in challenging times.

“As we strive to create a financially inclusive society, initiatives like Moneyversity+ are crucial in empowering individuals with the knowledge they need to make informed financial decisions. Our commitment to sustainability extends beyond environmental concerns; it encompasses fostering financial well-being across the communities we serve,” says Celiwe Ross, director for Strategy, Sustainability, People, Public Affairs at Old Mutual.

The content available on the site includes podcasts, videos, budgeting worksheets, 101 guides, quizzes and short courses available in video-on-demand and gamified formats. The average user time spent on the site is 35 minutes, with some users spending as long as 48 minutes at a time engaging with the content, tangibly demonstrating there is both an interest and need for this type of content.

“The platform is outperforming our expectations,” says Mothee. “Over the past month in particular, it has grown exponentially and has received very positive user feedback. It reflects the time and effort put into ensuring the content and technology was aligned with multiple demographics, user needs and the most common financial topics. The experience had to be built out perfectly, and it took us two years to refine the content and the approaches.”

Moneyversity+ offers training and resources for users of all ages and stages of life, from six years of age to buying a new home to opening the first credit card and planning for retirement. It encourages responsible investment and planning while providing people with the tools they need to enhance their own sense of financial wellness and security.

“We are very excited to introduce Moneyversity+ in the lead-up to the SingularityU Summit South Africa 2024 later this month, which Old Mutual is proud to be sponsoring. This forms part of our broader journey and commitment to channel the power of innovation and technology to enhance financial wellness among Africa’s people,” concludes Mothee.