South African startup, Cumulate, has entered into a partnership with Discovery Bank to launch Worth, an online financial education platform. According to Discovery Bank, the platform will “seek to transform lives through dynamic online learning.”
As with Discovery Vitality, members who can go to the gym for a reduced rate and also earn fitness points, Discovery Bank clients with Vitality Money will be able to access Worth online courses - Wealthy Me™ or Wealthy Couples™ - at a heavily discounted rate (Discovery Bank clients pay R399 and non-Discovery Bank clients pay R4 999), whilst simultaneously improving their financial fitness.
“Worth is Discovery Bank’s financial education partner, and we’ve relished working with the Discovery team as they build the world’s first shared-value bank. We have witnessed first-hand how compelling financial education can radically change lives for the better. We boost financial knowledge and build wealth that lasts,” said Gary Kayle, CEO at Worth.
Negative financial impact of the COVID-19 pandemic
According to a recently conducted survey, slightly over four out of five (82%) South African consumers indicated that their household income has been negatively impacted by the COVID-19 pandemic. Added to that, 84% of the same consumers who participated in the survey are concerned about their ability to pay bills and loans, while 31% expect to run short within one month.
This is partly what makes the partnership between Discovery Bank and South African fintech startup, Worth, useful.
Worth is a gold member of AlphaCode, Rand Merchant Investments’ (RMI) incubation, acceleration and investment initiative that identifies, partners and grows early-stage financial service ventures.
How the financial literacy courses work
Worth offers online courses that teach individuals how to regain control and to manage their money more effectively. The courses are said to provide practical ways of helping people to master their personal finances and tackle debt.
With a time investment of six hours over 60 days, learners will be able to alter their financial future and begin to plan for a more prosperous and peaceful way of life, according to Discovery Bank.
“We know that many South Africans have struggled to take care of their financial wellness because of the pandemic. The courses we offer help to improve cashflow, get debt under control, and build lasting wealth regardless of your starting point. We are confident that Worth can empower South Africans to change their approach to finances which has historically been characterised by an absence of accessible financial education. Through the courses offered by Worth and the strategic incentives provided through Discovery, we look forward to seeing individuals and families embracing financial knowledge and ultimately financial wellbeing," said Hayley Parry, co-founder and chief education officer at Worth.
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