ADIDAS AND NEW ZEALAND RUGBY CELEBRATE 25 YEARS OF RUGBY’S MOST…The most powerful thing a fintech can do is enable its customers to educate themselves, says Mukuru CEO, Andy Jury. He says formalised financial education obviously plays a crucial role in a fintech’s business, but customers that trust and repeatedly use a new product or service, such as a digital store of money, go through a natural learning process and are then more comfortable being exposed to more sophisticated products.
“I vividly remember logging onto internet banking for the first time two decades ago. There was a genuine sense of trepidation, especially because I was doing something new with my hard-earned money. Seen this way, it is evident that no matter how financially sophisticated we may be, we are all on a journey of continuous education,” explains Jury.
Jury explains that there are two main streams in every fintech’s education strategy – the base layer of formal education and then the education that happens when customers use its products and services. “South Africa is a more financially digitised market for us than Malawi, for example. This means that the things we focus on change a little depending on the market.
He says that fintechs have a duty of care to ensure they provide customers with appropriate information. “In our case, we train the staff on all our channels, our contact centres are constantly going through training. We train the field ambassadors to make sure they can educate customers about the product.