RCS and Welltec Group join forces to drive better financial well-being
A financially savvy population is one of the cornerstones of a thriving economy. This is particularly vital within the current South African reality of widespread economic uncertainty, where households are facing increasing financial pressures. The key to helping South Africans build their resilience in tough times lies in financial literacy.
Motivated by this pressing need, consumer retail finance provider RCS has partnered with the Welltec Group to provide RCS customers and employees with valuable credit management tools and resources.
A toolkit for financial empowerment
RCS customers now have access to Credit Gateway – a platform owned and managed by the Welltec Group. The portal provides consumers with a full credit report and credit score, free of charge, in under 5 minutes. All that is needed to access this information is a valid South African identity number. Requesting the report will not have any negative impact on the consumer’s credit rating.
In addition to this credit management tool, the platform provides consumers with advice and recommendations on practical steps they can take to improve their credit score. Credit Gateway has been designed to assess each individual’s financial needs and tailor solutions aimed at helping people develop good financial habits. The value of the platform therefore extends beyond credit and touches on topics and insights that pertain to general financial well-being.
For Glenda Eager, product and marketing executive at RCS, this partnership represents an important step toward empowering more South Africans with the tools they need to make informed decisions. “As a business, we remain fully committed to the broader objective of financial inclusion. For us, this means enabling people with solutions that are accessible to any South African, regardless of their background or financial standing.
“The Credit Gateway portal will bridge the knowledge gap that exists among many people who need access to tools and information that is easy to understand and implement in their everyday lives. Having access to these kinds of solutions is essential right now, when so many are experiencing high levels of financial stress and need a roadmap to bounce back financially.”
Adding to this is Gert Jonck, CEO of Welltec Group, who says that: “Access to credit in South Africa isn’t just about facilitating transactions; it’s about fostering economic empowerment and resilience. From fuelling entrepreneurship to providing a safety net during emergencies, credit plays a vital role in in driving both individual well-being and national development, especially within a strained economy.
“The financial wellness platform offers RCS customers and employees a suite of comprehensive tools and tailored financial solutions, thus empowering individuals to transition from financial distress towards wealth-building.”
Toward greater financial literacy for all
The need for greater levels of awareness around financial management is also a national imperative, given that only around 51% of the population is financially literate, according to research conducted by the Financial Sector Conduct Authority in partnership with the Human Sciences Research Council.
Eager concludes, “We need to demonstrate that achieving financial freedom means adopting long-term thinking. This involves showing people how the decisions they make today will impact their lives and livelihoods tomorrow. A recent Baseline survey found that 46% of adults tend to live for today, rather than thinking about their future. At least 44% also stated that they have not been actively saving, and at least one-third of South Africans have no retirement plan. These findings are indicative of a growing need to empower and uplift people with the knowledge they need to make good decisions and really make their money work for them, their families and their communities.”
Image credit: Freepik
