FNB launches Budget Tracker on Mxit for South Africans

One of South Africa’s leading banks, FNB has launched its popular Budget Tracker and Daily Money Management tips on Mxit. In a statement made available to Innovation Village this evening, the bank said it decided to bring the tips to Mxit after it had identified a gap in the market to inform and educate consumers about how and why to save.

“This latest value add is aimed at evolving consumer’s personal finance savvy through making budget tracking and management simple, in real time,” FNB said.

“It is a fun and easy tool to help consumers stay in control of their finances by suggesting set monthly budgets for various categories such as airtime, clothing, education, electricity, groceries, entertainment etc. Then all that is left to do is to simply click on the budget categories and select the amount spent across each section for the day or week.”

Individuals can use the Budget Tracker to calculate the average spend, how much money is left, as well as how many days until the end of the month – alleviating last minute, end of the month financial woes and surprises .

Andrew Kramer, Mxit VP Sales explains, “The bank is reaping returns from advertising and leveraging on Mxit. The brand’s new ‘money tip of the day’ via in-app messages, Budget Tracker and Branch Locator tools have been extremely well received by our user base. The popularity of the brand’s innovation is evidenced by it currently sitting at 12th on the Mxit Brand Index. Thanks to Mxit’s functionality as a platform, we’re able to deliver these smart tools to consumers.”