Tanzanian fintech startup Mipango has launched an artificial intelligence (AI)-based app that provides users with free financial advice on iOS and Android devices.

Mipango is a personal finance mobile application that enables users to manage their income, expenses, savings, financial targets and budgets, and access relevant investment opportunities.

The app which uses AI to guide users to better financial management is available in the local Swahili language and aims to empower users with financial education.

“Financial literacy is a key gap in the growth and development of this market. Over 50 percent of Tanzanian adults do not keep track of their expenditure and have no financial goals. This factor leads many citizens to engage in poor debt practices which in turn leads many people into abject poverty,” said Lilian Makoi, co-founder of Mipango.

“We see the launch of this application as an opportunity to change the way our citizens run their everyday lives and better their relationship with money. The app will help the consumer to receive free financial advice, track their various income, track all their expenses on the go, manage their loans and debts and also gain access to relevant investment opportunities.”

Mipango is targeting one million app downloads within 12 months and will introduce a raft of new products over that time, including a budget tracker and net-worth calculator.