If you’re aware of the definition of the mitochondria but not how to submit a tax form, you’re a candidate for Moneyversity+, a new platform from Old Mutual that aims to provide the financially impaired with the information they need to get better at the whole money thing.
A large portion of what the platform does is educate kids, who really don’t know any better, but it’s also targeted at adults who need a hand with their financial literacy. The platform soft-launched in June 2024 but officially became available this week. To date, it has seen more than 60,000 signups but you can expect that number to rocket upward from today.
Admitted to Moneyversity
Moneyversity+ uses edutainment — that is, education disguised as entertainment — to get its point across. Designed for the African market, since its early launch the platform has seen users turn up from the Netherlands, the UK, USA, and Namibia. That suggests a broader need for the educational content Old Mutual is turning out but the initiative is squarely aimed at South Africans. For now.
The platform “demystifies basic financial concepts such as savings, retirement and insurance” and may be used as a tool in South African classrooms. Workplaces too, if the bosses are fine with a spot of class time during office hours.
The chosen name, Moneyversity+, wasn’t an accident. The way the product works is that users sign up for an educational course, presented in video format, supplemented by podcasts, worksheets, and quizzes. Adults can earn Old Mutal Rewards points that can be put toward various purchases but the kiddos don’t get that specific benefit. Their content is age-appropriate and more gamified than the weightier topics the oldsters will tackle. Still, it’s all useful stuff to have.
Ajen Mothee, head of innovation at Old Mutual, said, “Over the past month in particular, [Moneyversity+] has grown exponentially and has received very positive user feedback. It reflects the time and effort put into ensuring the content and technology was aligned with multiple demographics, user needs, and the most common financial topics. The experience had to be built out perfectly and it took us two years to refine the content and the approaches.”