Old Mutual Is Using AI And WhatsApp To Make Financial Education More Accessible

Financial questions are often simple to ask but surprisingly difficult to answer. What does interest actually mean? How should you start saving? What happens when you miss a payment? And what do you do when there simply is not enough money to cover everything?

Old Mutual is attempting to make those conversations easier to start with the launch of ZakaChat, an AI-powered financial education tool available through WhatsApp. The platform allows South Africans to explore everyday money matters in their home language, bringing financial information into a channel that many people already use.

The launch comes during Heritage Month, putting an additional focus on South Africa's linguistic diversity and the role that language can play in making information more accessible.

ZakaChat is designed around a relatively simple premise: financial education should not require people to navigate complicated websites or work through lengthy financial material before they can get an answer to a basic question.

Users can ask questions through WhatsApp, explore different financial topics and receive suggested follow-up questions that allow them to continue the conversation. The tool can also automatically match and switch languages during a conversation, allowing users to engage in the language they are most comfortable using.

Old Mutual's head of financial education, John Manyike, says the aim is to remove some of the barriers that can make financial information difficult to access.

“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 says.

“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.”

The choice of WhatsApp is significant because the tool does not require users to download another application before they can access it. ZakaChat also includes a lightweight mode intended to work on slower devices and connections.

The platform covers practical topics including budgeting, saving, debt and other everyday financial matters. Rather than positioning the tool as a replacement for professional financial advice, Old Mutual says it is intended to give people a starting point for understanding financial concepts and asking questions they may otherwise feel uncertain about.

That distinction becomes particularly important when dealing with personal finances. General financial education can help someone understand a concept or identify the questions they need to ask, but individual financial decisions often depend on a person's circumstances, goals and needs.

ZakaChat is therefore designed to sit alongside, rather than replace, professional advice. Someone might use the platform to understand a financial term or explore a question about debt, then decide that they need more personalised guidance. Through the WhatsApp channel, users can take the next step and explore options for connecting with a financial adviser.

The wider significance of ZakaChat is less about using AI for its own sake and more about what the technology can do to change how people access financial information.

For someone who is unsure about a financial concept, the barrier is not always a lack of information. There is already an enormous amount of financial content available online. The challenge can be knowing where to start, understanding the terminology and feeling comfortable enough to ask the first question.

A conversational tool creates a different entry point. Instead of searching through information and trying to determine which explanation applies, users can begin with a question in a familiar language and continue from there.

“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-powered tool, ZakaChat's responses may contain errors, and Old Mutual positions the platform as a source of financial education and general information rather than personalised financial advice.

For users who need guidance based on their individual circumstances, the option to connect with a financial adviser provides a route beyond the initial conversation. In that sense, ZakaChat is not intended to be the final destination for a financial question. It is designed to make taking the first step a little easier.