Communally, the antipoverty technology company, announced this morning that for the first time ever, the MyBudgetCoach (MyBC) financial coaching platform will be used internationally. The South African employer-based financial wellness enterprise, Frankly Speaking Financial Coaching will begin using the platform this fall.
“Our entry into South Africa through our partnership with Frankly Speaking demonstrates the universal nature of financial coaching, and the MyBudgetCoach platform,” said Communally Chief Revenue Officer, Peter Rubenstein. “Initially designed as a broad-based financial coaching and education platform, the MyBC service has evolved through the dedicated work of our developers to be customizable and address the particular needs of organizations offering financial coaching to highly-targeted populations.
“We are very pleased to have Frank Magwegwe as our first international partner. Frank’s own life story is an inspiration to us, and we are confident that Frank, through Frankly Speaking, will inspire many South Africans to improve their financial health by working with an employer-based Frankly Speaking coach using the MyBC platform.”
“We are on a mission to build employees’ long-term financial security through providing financial coaching,” said Managing Director of Frankly Speaking, Frank Magwegwe. “By so doing we will contribute to a financially healthy South Africa. We believe that financial coaching, with its emphasis on employee financial behavior, can help employees to acquire the fundamental skills that enable them to achieve long-term financial security.
“To achieve our mission, we need to deliver financial coaching at scale. We went through a rigorous market analysis process, and MyBudgetCoach set itself apart from any other company because of their innovative approach that allows financial coaching engagements to occur exclusively online and evidence from academic research that use of the platform leads to improvements in financial behaviors and outcomes.”
The only online financial coaching platform with an independent evaluation supporting its effectiveness, the MyBC platform helps low- and moderate-income families improve their overall financial health by giving them the tools, knowledge, and skills necessary to make well-informed financial decisions.
Coaches use MyBC to deliver financial education combined with a suite of intuitive budgeting, financial management, and goal tracking tools in regular coaching sessions. The coach-member courses are completed in-person or remotely online.
Communally, owner and operator of MyBC, is excited to bring its services to South Africa, a country where the most recent Organization for Economic Co-operation and Development (OECD) Adult Financial Literacy survey showed that nearly 70% of South Africans surveyed were unable to achieve the OECD’s minimum financial knowledge threshold and only 40% identified themselves as actively saving money, substantially below the savings participation rate average for other participating OECD countries.