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FinTech , Ofin , tackles behavioural changes needed to address financial inclusion
It is a common belief that financial access should lead to financial prosperity . According to the World Bank , financial inclusion is defined as all people and businesses having access to useful and affordable financial products and services that meet their needs . Sakhile Mabena , CEO , Ofin , a venture-backed FinTech start-up specialising in behavioural data analytics , financial process automation , behaviourbased financing and SME behaviour nudges , said that to successfully address financial inclusion in Africa it is important to address
THE OFIN APP FOCUSES ON THREE ASPECTS FOR THE DRIVER : TO SAVE ON EXPENSES , TO MAKE THE PARTICIPANT LENDABLE AND TO AUTOMATE AND IMPROVE ON COST CUTTING SUCH AS FUEL AND TYRES .
The app looks to automate financial health based on behavioural changes .”
Two years in the making , Mabena said that the app uses an online marketing technique called gamification , which encourages engagement with a product or service . By gamifying financial spend , he said they hope to encourage usage and a better understanding of the plight of the financial excluded : “ While Ofin is ultimately a financial inclusion app , its aim is to not only assist logistics business to run more profitably , but more importantly its intention is to uplift and educate drivers to better manage the truck , and ultimately create a business where there was once just a single truck .”
In simple terms , Mabena said that Ofin is the difference between just driving the truck versus owning it and ultimately building a fleet : “ The Ofin app focuses on three aspects for the driver : to save on expenses , to make the participant lendable and to automate and improve on cost cutting such as fuel and tyres .”
Ofin is collaborating with oil company and tyre manufacturers to offer incentives , fuel rebates and loyalty programmes . It is also building a peer-to-peer network between the registered users and encouraging enough interaction to eventually develop a fruitful ecosystem for all involved .
“ We also work with large enterprises who want to reduce risk , lower costs and increase demand flexibility with or for transport operators who form part of their supply chain . Currently , we have trials running with two leading breweries to fine-tune the mechanics of the app ,” he said .
This clever use of technology is rapidly becoming a key driver of financial inclusion . Based on the rapid expansion of mobile phone usage among people of all income levels , FinTechs such as Ofin are able to reach and deliver services to the underbanked more efficiently and costeffectively than ever before . x the financial behaviours and leverage technology to better enable users to become more bankable .
Mabena , previously a World Economic Forum Global Shaper , has together with his team , developed an app that focuses on changing financial behaviour , which will ultimately and more effectively address financial inclusion : “ OFIN is a first of its kind mobile app aimed at South African distribution operators , trucks and drivers .
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