• Old Mutual, a South African insurance company, has launched Moneyversity Plus, a financial education platform that aims to boost financial literacy.

• The platform, soft-launched in June 2024, has already received over 60,000 users and 8.8 million views. It has also expanded beyond South Africa, with users from the Netherlands, UK, USA and Namibia. 

• Moneyversity combines financial education with streaming entertainment, simplifying access to informative content. Its AI-powered recommendation engine provides users with a personalised learning experience that is both educational and rewarding.

Per the company, the platform was designed for the local market, and there are plans to expand into other African markets soon. Its immediate global relevance highlights the potential need for financial education beyond the continent.

With only 51% of adults in South Africa being financially literate, the company believes it is the financial sector’s responsibility to help citizens understand the impact of their financial decisions and protect their assets to succeed during challenging times.

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

The platform simplifies basic financial concepts like savings, retirement and insurance, and can also be used by educators and institutions to provide learners with essential tools to improve their financial literacy.

As users consume content and complete financial literacy tasks, they earn Old Mutual Rewards points, which can be redeemed for money at over 50 reward partners. Rewards for younger children, such as “Skip Chores,” are age-appropriate and can be printed to redeem at home, whereas content for teenagers covers topics such as online safety, entrepreneurship, and the benefits of furthering one’s education.

Old Mutual has been expanding its services in Africa. Two days ago, the company launched a Mobile Virtual Network Operator (MVNO) on Cell C to provide competitive mobile services that will improve connectivity in the lower-income market while offering customers “unrivalled value” in data packages.