The alarming truth

…Why 7 out of 10 can’t afford a CedisPay Loan and how CedisPay Budget App can change that

A recent discovery by CedisPay  has revealed that 7 out of 10 or 70 per cent of Ghanaians are unable to afford a loan due to financial constraints.

According to the research, poor expense tracking, lack of financial literacy, and inaccessible financial tools are the primary culprits. This alarming truth has prompted CedisPay to take action, developing the Financial Wellbeing Budget App to empower individuals to take control of their finances and improve their financial health.

The CedisPay Financial Wellbeing Budget App addresses these issues by providing a personalized dashboard, budget management features, insights and learning tools, and a financial wellbeing calculator.

“This is about a significant challenge we’ve identified: the inability of 70% of Ghanaians to afford a CedisPay loan due to financial constraints. But it’s also about the solution we’ve created to help you overcome this challenge—the CedisPay Financial Wellbeing Budget App. This powerful tool is designed to address the root causes of financial vulnerability and provide you with the resources you need to achieve financial stability and freedom,” the research revealed.

By using the app, individuals can break the cycle of debt, build financial resilience, achieve financial independence, and access loans with confidence. A 10-step personal finance blueprint is also provided to help users maximize the benefits of the app.

According to the CedisPay team, they embarked on a journey to understand why so many Ghanaians are financially vulnerable and they discovered that many Ghanaians struggle with tracking their expenses, leading to overspending and financial stress. Also, the absence of financial planning skills prevents individuals from reaching their long-term goals.

They also uncovered that existing financial management tools are often too complex, expensive, or simply out of reach for the average Ghanaian.

About the CedisPay App

The app provides a Personalized Dashboard that helps you visualize your financial health, allowing you to see exactly where your money is going. With Budget Management features, you can easily create, track, and manage your budget. This ensures you stay within your limits and avoid unnecessary overspending.

It Improves financial literacy where the app includes insights and learning tools that provide valuable budgeting tips and financial advice, helping users to build the skills needed for long-term financial stability.

The app’s Financial Wellbeing Goals feature allows users to set clear targets whether it’s saving for an emergency fund, paying off debt, or planning for a major purchase and track their progress towards achieving them. Also, the Financial Wellbeing Calculator gives users tailored recommendations based on their financial situation, helping them make informed decisions that align with their goals.

Key alerts and notifications keep users on top of essential tasks, such as bill payments and goal milestones, reducing the likelihood of financial missteps. The Ask CedisPay Financial Coach feature offers expert advice tailored to user’s needs, providing guidance when they need it most.

The app also allows users to earn rewards as they use the app to improve their financial habits making their journey to financial wellbeing both practical and enjoyable.

According to the team, the CedisPay Financial Wellbeing Budget App has been available from September 1, 2024. Users can access the app by visiting the CedisPay website [https://cedispay.com.gh/budget] and following the prompts.

By taking advantage of the app’s comprehensive features, users can break the cycle of debt with better budgeting and debt management tools. Also, by setting up an emergency fund and tracking their spending, users can protect themselves from financial shocks.

With clear goals and a roadmap to follow, users can move from surviving to thriving, gaining the financial freedom to pursue their dreams. Users can improve their financial health, increase their chances of qualifying for a CedisPay loan, enabling them to take advantage of opportunities that require financial support.

The CedisPay Team added that users can maximize the benefits of the app, using their designed logical and easy-to-follow 10-step which includes assess one’s financial health, setting clear financial targets, creating an effective budget, building an emergency fund, managing debt wisely, investing for the future, protecting what one has built, reviewing and adjusting regularly, continue learning and plan for the Long-Term.

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