Vault22, a new financial wellness platform, has been launched in South Africa, aiming to enhance the financial fitness of over 200,000 pre-registered and linked account users.
Launched on November 5, 2024, the inclusive wealth management platform Vault22 will offer accessible, affordable, and intelligent solutions to users across Africa, the Middle East, and beyond, creating a positive impact for future generations in some of the world’s most dynamic regions.
The digital solution represents a new era of empowerment, empowering South Africans to enhance their financial knowledge and make their money work harder.
According to IMF data, the wealthiest 20% of South Africans earn over 68% of the country’s employment income at a time when economic inequality is stark. This highlights the pressing need for innovative solutions and prudent money management reforms to address the imbalance.
The 2023 FinScope South Africa survey found that 24% of South Africans believe they are financially healthy, 43% are coping, and 33% feel vulnerable due to their lack of financial knowledge and skill. This highlights a serious lack of financial literacy, which Vault22 aims to fill with focused instruction and easily available materials.
Building Wealth through Wellness and Wisdom Vault22 is redefining the path to wealth development in South Africa by providing access and making financial mastery a clear and achievable goal for anybody. Beyond typical financial literacy, the platform provides users with sophisticated wealth-building tools and methods previously reserved for the elite few. Vault22’s comprehensive financial fitness platform provides customers with professional-grade tools for building, growing, and protecting their wealth.
Benito Mable: Founder and CEO_Vault22 Benito Mable, Founder and CEO of Vault22, said: “The shared visions of SC Ventures and NEXT176, the venture-building and investment arms of Standard Chartered (LON:STAN) Bank and Old Mutual (JO:OMUJ) respectively, have joined forces to create the Vault22 app, launched to enhance the financial fitness of millions of South Africans who need tools to build, grow and protect their wealth. We seek to make an immediate and long-term impact.”
He added: “Wealth management remains largely exclusive to High-Net-Worth Individuals who have access to private banks and advisory networks. Our mission has been to build an inclusive digital platform that empowers users to make informed financial decisions daily, improving their financial well-being and enabling them to plan and invest in their future.”
SC Ventures and NEXT176 are co-investors in Vault22, which merges the businesses of two ventures: Autumn, a platform for financial goals setting and wealth planning, and NEXT176-backed 22seven, a budget aggregation and tracking app based in South Africa.
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