MoneyMatiX is an RBS Accelerator-based Fintech company that is developing KuzaKash a family financial goal setting app. Kuza means to grow, to nurture or to blossom. The MoneyMatiX founders are passionate about equipping the future generation with healthy money management skills.
KuzaKash is an easy to use financial goal-setting tool that brings parents and children together to talk and learn about money. The parents become financial role models while the children learn the true value of money.
MoneyMatiX currently delivers financial Education via KuzaLearn workshops to children in primary & secondary schools as well as in community groups and their experience from this highlighted the need for young people to see health money habits in practice.
The financial education of children is key for them to become financially empowered adults. Good money management is a skill that many people struggle to pass on to young people both at home and at school. We are extremely excited to provide a first-of-its-kind product that can provide a visual way of showing in practice what healthy money management looks like. The beauty with KuzaKash is that the parent does not have to be excellent at money management themselves because the APP prompts healthy conversations and behaviours making it fun and inclusive for everyone.
Through our KuzaLearn programme, which is filled with fun games and engaging activities, we enable children to establish a strong foundation for life-long financial independence and well-being. BUT THERE HAS BEEN ONE THING MISSING... Learning by doing. Our APP helps to provide continued financial guidance with parental involvement which gives emphasis and continuity. We decided to involve parents as we know children learn lasting habits at home by seeing and doing. KuzaKash presents a platform that allows parents, grandparents, friends and children to set financial goals together and impact a future generation with healthy financial management skills.
Role modelling is a very important aspect for us, we carried out in-depth research, which revealed that many people lack information and skills to deal with daily money decisions or safeguard against emergencies. The same research revealed that 76% of young people turn to family & friends for financial guidance finding no role models to learn from which leads to a vicious cycle of poor financial wellbeing. We are keen to break this cycle and KuzaKash is how we solve the problem.
We are 2 moms with 5 beautiful children and uncountable nieces & nephews between us. We understand first hand the importance of teaching our children the value of money. We started this business first and foremost to help our kids understand the financial cultural differences of how we operated with money versus what the financial norms in Scotland were. Being from Uganda and having been brought up in a cash-based business environment we both default to cash is king, budget and plan then spend. Our firstborn children who were around 8 at the time were starting to question our approach to money as opposed to all the chat in their circles about credit and hire purchase.
We then discovered that the problem was not unique to us, financial illiteracy is, in fact, a global predicament that cuts across culture, race or status. We engaged with, Professor Tina Harrison a financial inclusion expert at the University of Edinburgh whose research backed up our findings. We have since increased our reach by training youth MoneyMatiX champions who deliver KuzaLearn to their peers, we have also been joined by an amazing software development team who have experience building financial software that works.
We are seeking £12,000 to help us complete the alpha phase of KuzaKash and begin software testing.
Why financial goal setting?
- Goals allow you to make realistic plans
- Goals allow you to track progress
- Goals push you to prioritize
- Goals build accountability
- Goals give you a reason to celebrate
Here is some independent feedback carried out by Edinburgh University Business School from parents who have worked with us to date.