Zofi Cash Weekly: Edition XVI

Welcome to the 16th edition of the Zofi Cash Weekly newsletter. In our first article, we discussed the popular 50-30-20 rule of budgeting, which can help Ugandans prioritize their spending and increase their savings. We also shared tips on how to protect yourself from scammers, both when using Zofi Cash and in life in general. In our chart of the week, we highlighted the GSMA State of the Industry Report on Mobile Money, which showed that East Africa still dominates Mobile Money adoption in Africa. Finally, we are excited to announce that Zofi Cash has been nominated for the Global Startup Awards: Eastern Africa 2023, and we encourage you to vote for us. Remember to read, share and subscribe.

In our first article of the week, we continue our personal finance series and we talk about the 50-30-20 rule of budgeting. At Zofi Cash, we are big advocates of personal finance. And one of the basics of personal finance is budgeting. One popular budgeting method is the 50–30–20 rule. This rule recommends dividing your income into three categories: needs, wants, and savings. By using the 50–30–20 rule, Ugandans can prioritize their spending, reduce debt, and increase their savings. Read more about the rule here.

Ugandans have lost money to so many scams in the past and many will fall to the same tricks in the future. As a fintech, Zofi Cash is also a prime target of scammers that would want to pry on our customers. We have put so many security systems in place to make sure this never happens. But in this article, we talk about the ways anyone can protect themselves from scammers, not just when using Zofi Cash, but in life in general. Read more here.

Chart of the Week.

GSMA released the State of the Industry Report on Mobile Money 2023, last week. The report talks about the global Mobile Money trends with a keen focus on Africa which is the biggest playground for Mobile Money operators. In this report, it shows that East Africa with players like M-Pesa in Kenya, MTN Mobile Money and Airtel Money in Uganda, and Tigo Pesa in Tanzania among others is still the leading region in terms of Mobbile Moeny adoption in Africa. East Africa has 390m registered accounts, which is 100m more than its next competitor West Africa. It also has 115m active (30-day) accounts, 39m more than West Africa. It also has twice the transaction volume of West Africa.

What Else?

Zofi Cash has been nominated for the?Global Startup Awards: Eastern Africa 2023! We want you to help us take the trophy home. Interested in how you can help us to do this? Simple. Cast your vote here;

Commerce Tech Africa:?https://bit.ly/3GSi6zi

We are grateful for any support. So go and vote.

About Zofi Cash

Zofi Cash is a digital financial platform that takes care of employees’ financial emergencies before payday by providing instant salary advances. Download our app from the Google Play store and Apple Store to get started or visit our website?here.?Follow our blog for articles about personal finance news and the work that we do