Blog

Why learning and community are critical elements for our Fintech

17 November 2020 | Posted by Abdul Rashidi
speech

At Claro, we’re on a mission to make wealth generation accessible to anyone, by helping to create a new generation of savers and investors who are both ethically and financially informed, inspired and confident. We’re aware that this is a big mission, and that’s why we’re starting with baby steps. We’re starting with the basics.

Everything begins with breaking down the most significant barrier to accessing financial information: jargon. The financial sector is known for communicating in what seems to be code language. This makes it difficult for the regular person to engage with it. Liquidity, maturity rate, compound interest, diversification are just a few examples of essential concepts that, when understood in simple terms, can make a big difference in the confidence with which anyone approaches money-related matters.

Another aspect getting in the way of bringing financial education to everyone is the taboo around talking about money. As one of our team members always says, “we’ll talk about sex before we talk about money!”. That’s the second barrier we want to break by holding the space for honest conversations to happen, for community learning to take place, and, ultimately, for every single person to feel invited, and welcome to ask their simplest or most complicated question about personal finance.

And this leads us to the final barrier (for today!): believing that wealth generation is for us. Because relevant financial information is hard to find, hard to understand, and we don’t talk about it, we don’t really know who is doing what, nor do most people have the role models that can inspire them to take charge of their financial wellbeing. We want to highlight the good examples of great financial educators who understand these challenges and also support others by sharing their story, their hurdles, and their victories.

As part of the mission to bring this vision to life, we’ve run the first edition of our ‘Intro to Saving and Investing’ course. This is a live online course made up of four 90 minute sessions, supported by a facilitator, a WhatsApp group and a set of key resources such as podcasts, videos and ebooks. This experience takes the participants through a journey from reflecting on the life goals that money can help them achieve, understanding different saving and investing options, to what to consider when looking at different options. Participants learn about other people’s financial goals and end the course by developing their saving and investment strategy.

Here’s what our first edition participants said about the course:

“This course was a fantastic way to learn the basics of personal finance and demystify the language and phrases I’ve always seen but never really understood.”
“I loved the friendly and inclusive environment where I felt comfortable to share my story and views.”
“I can say I have now the knowledge, tools and confidence that I can do it!”

Our community strategy underpins the design of this course. We believe that by providing information, inspiration, a place to speak openly about money and get support from a peer group, we will enable people to become confident and competent savers and investors, making their money work for them.

This is a big mission, and we can’t do it alone. We’re currently hiring a head of engineering, a digital product manager, and an investment manager. Check out our Careers pages and reach out if you’d like to know more.


Join our waiting list today