Through the constant reminders and engagement with the Kaelo Money platform, whether this be through the financial coach reminders upon every extension request (through the Emergency Wallet, Earned Wage Access Platform and Marketplace), the lending pattern identifier or the on platform financial coach request, Kaelo Money has significantly driven financial coach utilisation.
No financial wellness platform can be considered complete without a comprehensive approach to assisting employees’ financial needs.
As much as employees understood the need to budget, the importance of saving and how detrimental loan shark usage is, they still had shortfalls that needed to be supplemented with credit. Due to their credit records, they were unable to access regulated credit and as such had no choice but to turn to loan sharks. Kaelo Money completed the missing puzzle piece by providing employees with affordable access to regulated funds through both an Emergency Wallet and Earned Wage Access as well as driving financial wellness and education through the platform.
- Kaelo Money, through the combination of its Emergency Wallets, Earned Wage Access platform, Financial wellness tool and personalised financial coaching, affords employees the ability to escape the perpetual debt trap by consolidating their debt.
- Through their consolidation of loan shark debts, employees no longer have to avoid loan sharks waiting on their doorsteps on payday and are therefore no longer absent on payday.
- Through efficient use of the Kaelo Money platform, they can achieve financial stability, which means they are more present at work and more productive.
- They no longer are looking for jobs with a marginally higher income, they can use the wallets as and when they are required, thereby decreasing employee turnover and fraudulent activities bred out of desperation
- They are no longer irresponsible borrowers; they become responsible savers, with manageable levels of financial stress that are no longer acute, meaning they are not constantly anxious because of their financial instability.