IN its bid to simplify financial awareness and management with the use of technology, WagesFinance, a cooperative platform that empowers people to achieve their financial goals has launched app.
At the launch of the app, Peter Adah, the Managing Director and Chief Executive Officer, Wages Finance, explained that aside encouraging saving, the digital cooperative society encourages legal and safe investment choices, by engaging its members in approved and regulated investments and helping members to assess investment risks and suitability, while giving them the privilege of monitoring their investments in real-time.
“Wages Finance enhance economic opportunities for marginalised groups, especially women and youth with focus on rural communities,” Adah said while noting that currently there are members and state coordinators in 11 state including FCT.
Speaking on how Wages Finance contributes to bridging financial institutions in Nigeria, Adah said members on the platform are educated periodically on basic financial management, budgeting and investment while adding that Wages Finance offers small loans to entrepreneurs, farmers and small business owners.
He explained that the app aimes to change the traditional cooperative settings by using technology to modernize it, adding that the mission is to, through the app, transform cooperative into a solutions that foster efficiency, transparency, engagement and accountability through accessible digital records.
“We also want to educate, because one of our goals as an organization is to teach people financial literacy because that is the only way to be financially free. You know, we have seen a lot of persons want to become financially free, but they don’t understand how money works,” he said.
While noting that an end-to-end automation was crucial for cooperative societies to enhance efficiency, productivity and members’ satisfaction, Adah said this will improve members’ engagement and also reduce operational costs.
He said that a fully automated cooperative society will be able to produce real-time reporting and analytics to serve its society better.
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