From understanding interest and starting a savings plan to managing debt when money is tight, everyday financial questions can be surprisingly difficult to answer. Now, Old Mutual is bringing financial education closer to South Africans with ZakaChat, an interactive, AI-powered tool available through WhatsApp.
Source: Old Mutual.
Launched during Heritage Month, the platform allows users to explore practical money matters in all 11 official South African languages, making financial information more accessible and easier to understand. Users can ask questions, explore topics and receive suggested follow-ups, without downloading another app or navigating lengthy financial resources.
Designed as a starting point rather than a substitute for personalised financial advice, ZakaChat aims to help people build financial confidence, understand their options and take the next step towards making more informed decisions about their money.
Financial literacy, simplified
Old Mutual’s head of financial education, John Manyike, says the idea behind ZakaChat is simple, “financial information should be easier to access, easier to understand and easier to use”.
Instead of working through a financial brochure or searching through websites, users can ask questions, explore topics and receive suggested follow-up questions that help them take the conversation further.
And they can do it in a language that feels familiar.
“Financial matters are already a difficult subject to navigate. We should not make it harder by expecting people to understand financial concepts in a language they are not most comfortable using,” Manyike adds.
“ZakaChat is about meeting people where they are. It allows them to ask questions, learn at their own pace and engage with financial education in a way that feels more natural to them.”
Breaking language barriers
Language is more than a way of communicating. It is part of how people understand the world around them.
As South Africa marks Heritage Month, the importance of the country's many languages is once again in focus. For Old Mutual, that recognition also has a place in financial services.
A financial services industry that wants to serve South Africans needs to recognise that people do not all learn, communicate or make decisions in the same way.
ZakaChat supports South African languages and can automatically match and switch languages during a conversation. It is also available in a lightweight mode designed to work on slower devices and connections, and users can access it without downloading another app.
The tool covers practical financial-education topics including budgeting, saving, debt and other everyday money matters. The aim is not to replace financial advisers or tell people what financial decisions to make.
Rather, ZakaChat is designed to give people a starting point, a place where they can ask the questions they may otherwise be unsure or overwhelmed to ask.
From questions to advice
Financial education often works best when different forms of support complement one another. A digital tool can make information more accessible and help people build their understanding, while a financial adviser can provide guidance that takes into account a person’s individual circumstances, goals and needs.
This is where ZakaChat and financial advice come together. A person might start with a simple question on ZakaChat, use the conversation to better understand their options, and then realise that their situation requires a more personal conversation. Through the WhatsApp channel, they can take that next step and access options to connect with a financial adviser.
In this way, ZakaChat is not the end of the financial-education journey. It can be the beginning of a more informed one.
“Financial education is most useful when people can take what they have learnt and apply it to their own lives. We want ZakaChat to help people take that first step, whether that means understanding a financial term, thinking differently about debt or simply becoming more confident about asking financial questions,” says Manyike.
“Technology can play an important role in widening access to information, but people remain at the heart of good financial advice. When digital tools and professional guidance work together, more South Africans can access the support they need, in a way that is convenient, relevant and easier to understand."
As with any AI tool, responses can contain errors. ZakaChat is therefore intended for financial education and general information, rather than personalised financial advice. However, where a person needs advice specific to their circumstances, they can take the conversation further with a financial adviser through the tool.
