Local expense tracking smartphone app processes R1bn in transactions in 3 months

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Local expense tracking smartphone app ExpenZa has processed transactions worth more than R1-billion since it rolled out its last update at the beginning of October. According to ExpenZa CEO Gabriel Roux, the app processed more than 450,000 transactions during this time. “We saw an average of 3,200 transactions processed by ExpenZa per day, with obvious spikes in the number of transactions during the high-volume retail period leading up to Christmas. Alarmingly, we saw a substantial difference in the total amount spent compared to the amount earned during the same period, which is indicative of our country’s lack of a proper savings culture.”

ExpenZa aims to address the need for easy financial management. It is a locally developed smartphone application for Google’s Android mobile operating system that helps to organise a user’s income and expenses by using data contained in the transactional SMSs sent by banks. Users can then assign categories to expenses and match total expenditure to predetermined budgets to make financial planning simpler. No sensitive personal banking details are divulged, setting ExpenZa apart as a secure platform for personal financial management.

Roux says certain banks do not send transactional SMSs if the value of the transaction is less than R100. “This means a large number of transactions could go undetected by ExpenZa if a user routinely makes card purchases of less than R100. We are introducing new functionality in our next update to allow users to upload their bank statements to the ExpenZa web portal, which will improve the accuracy of reports generated by the app.”

ExpenZa currently integrates SMSs from all leading banks, including ABSA, Capitec, FNB, Nedbank, Standard Bank, Rand Merchant Bank, Investec, Go Banking and Discovery Card.

According to Roux, the new update is scheduled for an early-February release. “We’ve worked closely with our community of users to identify new functionality and will be releasing a comprehensive update that will address some of the issues identified in the last release. In our continued quest to become a valuable tool not only for personal financial management but also for small business, we will be introducing graphs to help SMEs budget accurately and effectively.”

ExpenZa is available for free on the Google Play Store. For more information, please visit www.expenza.co.za

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