We’re barely out of the starting blocks on our SmartWage journey but every moment so far has been a nonstop whirlwind of learning and opportunity as we attempt to end the payday poverty cycle and provide people with the tools they need for better financial control and health! The team is buzzing with excitement at the transformative potential this idea has for millions of South Africans (and Africans!) and we can’t wait to see where it goes.
We thought a good place to start would be to tell you why we’re doing this and some of the problems we’re on a mission to solve. In future posts we’ll elaborate on the many benefits SmartWage provides by addressing these problems and how we hope to achieve these.
- Payday loans and other forms of high-cost credit such as credit card fees, overdraft facilities and sometimes even stokvels are a significant problem in South Africa. Payday lenders are particularly dangerous, exploiting the payday poverty cycle and preying on ordinary, hard-working South Africans with exorbitant fees and interest costs.
- South Africans are, according to a study by the World Bank, the most indebted nation in the world. Our country suffers under an enormous debt burden which, while a problem in itself, exacerbates a host of other societal and economic issues.
We believe that SmartWage has the power to alleviate these problems and create real positive change – stay tuned to see how!
The purpose of this blog is to bring you all along for the ride by providing a window into our discoveries and progress along the way. We would like it to be a platform that prompts discussion, feedback and an open exchange of ideas – we don’t have all the answers and would love to hear from you!