Empowering Financial Literacy in Nigeria through Digital Innovation
Introduction
Introduction
Challenge
Challenge
To create a concept for a financial app, that not only facilitates transactions but also empowers Nigerians with financial literacy. The goal is to bridge the gap in understanding modern financial tools, promoting savings and investments, and ensuring secure navigation of digital transactions.
To create a concept for a financial app, that not only facilitates transactions but also empowers Nigerians with financial literacy. The goal is to bridge the gap in understanding modern financial tools, promoting savings and investments, and ensuring secure navigation of digital transactions.
Results
Results
A comprehensive financial app that integrates education and transactions. The app focuses on user education through interactive tools, personalized financial advice, and secure transaction features. It emphasizes financial empowerment, helping users make informed decisions, save effectively, and invest wisely. The app’s design prioritizes user experience, ensuring accessibility and ease of use for all Nigerians.
A comprehensive financial app that integrates education and transactions. The app focuses on user education through interactive tools, personalized financial advice, and secure transaction features. It emphasizes financial empowerment, helping users make informed decisions, save effectively, and invest wisely. The app’s design prioritizes user experience, ensuring accessibility and ease of use for all Nigerians.
Duration
Duration
6 weeks (2024)
6 weeks (2024)
My Role
My Role
UX/UI Designer, Researcher, and Brand Strategist
UX/UI Designer, Researcher, and Brand Strategist
Contribution
Contribution
User research, UX/UI design, prototyping, brand identity development, and copywriting.
User research, UX/UI design, prototyping, brand identity development, and copywriting.
Team
Team
Self-managed, responsible for all aspects of design and development.
Self-managed, responsible for all aspects of design and development.
Problem Definition
Problem Definition
How might we empower Nigerian users to improve their financial literacy while addressing the complexities of digital finance management, ensuring personalized guidance, and enhancing security, so that they can achieve long-term financial wellness with confidence?
How might we empower Nigerian users to improve their financial literacy while addressing the complexities of digital finance management, ensuring personalized guidance, and enhancing security, so that they can achieve long-term financial wellness with confidence?
Concept development
Concept development
Many individuals manage digital transactions daily but lack the knowledge to optimize their financial well-being. Econest bridges this gap by offering tools that promote comprehensive financial understanding. Econest starts by understanding users' habits and providing tailored advice, enhancing their financial stability and health.
Many individuals manage digital transactions daily but lack the knowledge to optimize their financial well-being. Econest bridges this gap by offering tools that promote comprehensive financial understanding. Econest starts by understanding users' habits and providing tailored advice, enhancing their financial stability and health.
Brand identity and market positioning
Brand identity and market positioning
Brand purpose
Brand purpose
Master Your Money, Secure Your Future
Master Your Money, Secure Your Future
Vision
Vision
Empower every Nigerian to achieve financial literacy and independence.
Empower every Nigerian to achieve financial literacy and independence.
Mission
Mission
Econest transforms financial management by integrating education into daily financial activities, promoting informed decision-making, and fostering long-term well-being.
Econest transforms financial management by integrating education into daily financial activities, promoting informed decision-making, and fostering long-term well-being.
Core Features
Core Features
Innovative Tools: Personalized guidance and practical resources.
Informed Decisions: Education-led financial planning and advice.
Accessible to All: Making financial security and knowledge available to every Nigerian.
Innovative Tools: Personalized guidance and practical resources.
Informed Decisions: Education-led financial planning and advice.
Accessible to All: Making financial security and knowledge available to every Nigerian.
Competitive landscape
Competitive landscape
By analyzing a variety of financial management apps, several aspects stood out: many apps focus heavily on either budgeting or investing but lack comprehensive financial literacy education. Apps like Mint and YNAB excel in budgeting, while Robinhood focuses on investments. However, few integrate personalized financial advice and interactive elements to keep users engaged and motivated.
By analyzing a variety of financial management apps, several aspects stood out: many apps focus heavily on either budgeting or investing but lack comprehensive financial literacy education. Apps like Mint and YNAB excel in budgeting, while Robinhood focuses on investments. However, few integrate personalized financial advice and interactive elements to keep users engaged and motivated.
Mint & YNAB
Mint & YNAB
Primarily focus on budgeting for adults, offering detailed transaction tracking and budgeting tools.
Primarily focus on budgeting for adults, offering detailed transaction tracking and budgeting tools.
Robinhood & Revolut
Robinhood & Revolut
Emphasize investments and digital transactions, appealing to younger, tech-savvy users.
Emphasize investments and digital transactions, appealing to younger, tech-savvy users.
Econest
Econest
Bridges the gap by combining financial literacy with savings tools, digital transactions, and personalized advice, providing a holistic approach to financial management for a broad audience.
Bridges the gap by combining financial literacy with savings tools, digital transactions, and personalized advice, providing a holistic approach to financial management for a broad audience.
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Gilroy Bold
Gilroy Bold
Gilroy Semi Bold
Gilroy Semi Bold
Gilroy Medium
Gilroy Medium
Gilroy Regular
Gilroy Regular
We want to empower your financial journey.
We want to empower your financial journey.
Econest bridges Nigeria's fintech literacy gap. Beyond transactions, Econest offers educational tools for better financial management. Features include monthly savings plans, personalized advice cards, and a rainy day fund, emphasizing overall financial health. Interactive guides promote informed decision-making, transforming how Nigerians engage with their finances for long-term success.
Econest bridges Nigeria's fintech literacy gap. Beyond transactions, Econest offers educational tools for better financial management. Features include monthly savings plans, personalized advice cards, and a rainy day fund, emphasizing overall financial health. Interactive guides promote informed decision-making, transforming how Nigerians engage with their finances for long-term success.
#EconestNigeria
#EconestNigeria
Research & Analysis
Research & Analysis
Qualitative data
Qualitative data
6 interviews revealed opportunities in financial literacy, personalized guidance, and security features.
6 interviews revealed opportunities in financial literacy, personalized guidance, and security features.
"I often feel overwhelmed. There are so many features, but not enough guidance on how to use them effectively"
"I often feel overwhelmed. There are so many features, but not enough guidance on how to use them effectively"
Participants noted that the app offers numerous features, but without clear instructions or guidance, users struggle to make the most out of them, leading to frustration and inefficiency.
Participants noted that the app offers numerous features, but without clear instructions or guidance, users struggle to make the most out of them, leading to frustration and inefficiency.
"I want to understand local investment opportunities and how they fit with my financial goals"
"I want to understand local investment opportunities and how they fit with my financial goals"
Users expressed a desire for more localized financial advice. They want tailored recommendations that align with their specific financial goals and regional investment opportunities, emphasizing the need for personalized content.
Users expressed a desire for more localized financial advice. They want tailored recommendations that align with their specific financial goals and regional investment opportunities, emphasizing the need for personalized content.
"It's my top concern. I've heard stories of scams and I'm always worried about digital theft"
"It's my top concern. I've heard stories of scams and I'm always worried about digital theft"
Security remains a significant worry. Users are apprehensive about the safety of their financial data and the risk of digital fraud. This highlights the importance of robust security features and clear communication about how their data is protected.
Security remains a significant worry. Users are apprehensive about the safety of their financial data and the risk of digital fraud. This highlights the importance of robust security features and clear communication about how their data is protected.
"Managing my finances feels like a chore. I wish the app made it more engaging and less tedious"
"Managing my finances feels like a chore. I wish the app made it more engaging and less tedious"
Participants mentioned that current financial management tools feel laborious and uninspiring. They desire an app that makes managing finances more interactive and enjoyable, reducing the feeling of it being just another task.
Participants mentioned that current financial management tools feel laborious and uninspiring. They desire an app that makes managing finances more interactive and enjoyable, reducing the feeling of it being just another task.
"I'm not sure where to start. The app should have a clear onboarding process"
"I'm not sure where to start. The app should have a clear onboarding process"
Users find it challenging to navigate the app without proper guidance from the beginning. A structured onboarding process is crucial to help them understand the app’s functionalities and how to utilize them effectively from the start.
Users find it challenging to navigate the app without proper guidance from the beginning. A structured onboarding process is crucial to help them understand the app’s functionalities and how to utilize them effectively from the start.
"Tracking my spending habits is difficult. I need clearer insights and visualizations"
"Tracking my spending habits is difficult. I need clearer insights and visualizations"
Participants struggle with understanding their spending patterns due to inadequate tracking tools. They want better insights and visual representations that make it easier to see where their money is going and how they can improve their financial habits.
Participants struggle with understanding their spending patterns due to inadequate tracking tools. They want better insights and visual representations that make it easier to see where their money is going and how they can improve their financial habits.
Overwhelmed by complexity
Overwhelmed by complexity
Users struggled with complex features lacking clear instructions, underutilizing the app.
Users struggled with complex features lacking clear instructions, underutilizing the app.
Desire for localized advice
Desire for localized advice
Participants wanted investment advice aligned with their financial goals and regional opportunities.
Participants wanted investment advice aligned with their financial goals and regional opportunities.
Execution gaps in financial apps
Execution gaps in financial apps
Existing apps have useful tools but fall short in user-friendly guidance, leading to less engagement and trust.
Existing apps have useful tools but fall short in user-friendly guidance, leading to less engagement and trust.
Need for security
Need for security
Security concerns, such as digital fraud, highlighted the need for stronger protection.
Security concerns, such as digital fraud, highlighted the need for stronger protection.
Prioritization of use-cases
Prioritization of use-cases
Econest addresses both Primary and Secondary needs. Primary needs focus on automated goal setting and financial tracking, while secondary needs offer personalized guidance through manual data input. The platform combines Auto-tracking for seamless updates and Manual tracking for tailored financial advice.
Econest addresses both Primary and Secondary needs. Primary needs focus on automated goal setting and financial tracking, while secondary needs offer personalized guidance through manual data input. The platform combines Auto-tracking for seamless updates and Manual tracking for tailored financial advice.
Key features
Key features
Goal setting
Goal setting
Users set financial goals, saving, investing, or budgeting, while Econest provides educational, goal-focused planning.
Users set financial goals, saving, investing, or budgeting, while Econest provides educational, goal-focused planning.
Practical tools
Practical tools
Features like monthly savings plans and a "Rainy Day Fund" to promote good saving habits.
Features like monthly savings plans and a "Rainy Day Fund" to promote good saving habits.
Personalized guidance
Personalized guidance
Interactive tools, personalized tips, and challenges to guide users toward better financial literacy and long-term financial health.
Interactive tools, personalized tips, and challenges to guide users toward better financial literacy and long-term financial health.
Accessible financial management
Accessible financial management
Econest simplifies financial management with intuitive tools that integrate education into everyday financial activities.
Econest simplifies financial management with intuitive tools that integrate education into everyday financial activities.
Wireframe exploration
Wireframe exploration
Translating insights into tangible ideas
Translating insights into tangible ideas
Dive into financial guide
Dive into financial guide
Set up savings plan
Set up savings plan
High-fidelity designs
High-fidelity designs
Integrating practical tools like monthly savings plans and a "Rainy Day Fund" to promote regular saving habits. Interactive guides and quizzes to help users understand their financial behavior and improve literacy.
Intentional and specific, Econest matches financial advice to user needs.
The goal is to make financial management intuitive and accessible, integrating education with everyday activities to help users achieve financial health.
Integrating practical tools like monthly savings plans and a "Rainy Day Fund" to promote regular saving habits. Interactive guides and quizzes to help users understand their financial behavior and improve literacy.
Intentional and specific, Econest matches financial advice to user needs.
The goal is to make financial management intuitive and accessible, integrating education with everyday activities to help users achieve financial health.
Dive into financial guide
Dive into financial guide
Users can explore curated content, from tutorials to local investment insights.
Users can explore curated content, from tutorials to local investment insights.
Set up savings plan
Set up savings plan
With a few taps, users can define their savings goals, set automated contributions, and watch their financial growth in real-time.
With a few taps, users can define their savings goals, set automated contributions, and watch their financial growth in real-time.
Dark-mode
Dark-mode
Wrap up
Wrap up
As a solo project, I am responsible for all aspects, from ideation to design and future iterations. The app is designed with clear headlines, simple copy, and intuitive icons, ensuring accessibility and usability for a diverse user base.
As a solo project, I am responsible for all aspects, from ideation to design and future iterations. The app is designed with clear headlines, simple copy, and intuitive icons, ensuring accessibility and usability for a diverse user base.
Current state
Current state
The MVP is in its design phase, crafted from research insights to address real financial challenges in Nigeria. While no user testing has been conducted yet, the design is prepared for future validation.
The MVP is in its design phase, crafted from research insights to address real financial challenges in Nigeria. While no user testing has been conducted yet, the design is prepared for future validation.
Lessons learned
Lessons learned
Designing an intuitive app requires balancing simplicity with functionality. Creating relatable, clear copy and intuitive icons were crucial for user comprehension.
Designing an intuitive app requires balancing simplicity with functionality. Creating relatable, clear copy and intuitive icons were crucial for user comprehension.
Future work
Future work
Next steps include validating these design solutions through user testing and iterating based on feedback to improve the product's usability and impact.
Next steps include validating these design solutions through user testing and iterating based on feedback to improve the product's usability and impact.
Previous project ←
Challenge
To create a concept for a financial app, that not only facilitates transactions but also empowers Nigerians with financial literacy. The goal is to bridge the gap in understanding modern financial tools, promoting savings and investments, and ensuring secure navigation of digital transactions.
Results
A comprehensive financial app that integrates education and transactions. The app focuses on user education through interactive tools, personalized financial advice, and secure transaction features. It emphasizes financial empowerment, helping users make informed decisions, save effectively, and invest wisely. The app’s design prioritizes user experience, ensuring accessibility and ease of use for all Nigerians.
Duration
1+ month
My Role
UX/UI Designer, Researcher, and Brand Strategist
Contribution
User research, UX/UI design, prototyping, brand identity development, and copywriting.
Team
Self-managed, responsible for all aspects of design and development.
AaBbCcDd123
AaBbCcDd123
AaBbCcDd123
AaBbCcDd123
Gilroy Bold
Gilroy Semi Bold
Gilroy Medium
Gilroy Regular
We want to empower your financial journey.
Econest bridges Nigeria's fintech literacy gap. Beyond transactions, Econest offers educational tools for better financial management. Features include monthly savings plans, personalized advice cards, and a rainy day fund, emphasizing overall financial health. Interactive guides promote informed decision-making, transforming how Nigerians engage with their finances for long-term success.
#EconestNigeria
Introduction
Problem Definition
How might we empower Nigerian users to improve their financial literacy while addressing the complexities of digital finance management, ensuring personalized guidance, and enhancing security, so that they can achieve long-term financial wellness with confidence?
Concept development
Many individuals manage digital transactions daily but lack the knowledge to optimize their financial well-being. Econest bridges this gap by offering tools that promote comprehensive financial understanding. Econest starts by understanding users' habits and providing tailored advice, enhancing their financial stability and health.
Brand identity and market positioning
Brand purpose
Master Your Money, Secure Your Future
Vision
Empower every Nigerian to achieve financial literacy and independence.
Mission
Econest transforms financial management by integrating education into daily financial activities, promoting informed decision-making, and fostering long-term well-being.
Core Features
Innovative Tools: Personalized guidance and practical resources.
Informed Decisions: Education-led financial planning and advice.
Accessible to All: Making financial security and knowledge available to every Nigerian.
Competitive landscape
By analyzing a variety of financial management apps, several aspects stood out: many apps focus heavily on either budgeting or investing but lack comprehensive financial literacy education. Apps like Mint and YNAB excel in budgeting, while Robinhood focuses on investments. However, few integrate personalized financial advice and interactive elements to keep users engaged and motivated.
Mint & YNAB
Primarily focus on budgeting for adults, offering detailed transaction tracking and budgeting tools.
Robinhood & Revolut
Emphasize investments and digital transactions, appealing to younger, tech-savvy users.
Econest
Bridges the gap by combining financial literacy with savings tools, digital transactions, and personalized advice, providing a holistic approach to financial management for a broad audience.
Research & Analysis
Qualitative data
6 interviews revealed opportunities in financial literacy, personalized guidance, and security features.
"I often feel overwhelmed. There are so many features, but not enough guidance on how to use them effectively"
Participants noted that the app offers numerous features, but without clear instructions or guidance, users struggle to make the most out of them, leading to frustration and inefficiency.
"I want to understand local investment opportunities and how they fit with my financial goals"
Users expressed a desire for more localized financial advice. They want tailored recommendations that align with their specific financial goals and regional investment opportunities, emphasizing the need for personalized content.
"It's my top concern. I've heard stories of scams and I'm always worried about digital theft"
Security remains a significant worry. Users are apprehensive about the safety of their financial data and the risk of digital fraud. This highlights the importance of robust security features and clear communication about how their data is protected.
"Managing my finances feels like a chore. I wish the app made it more engaging and less tedious"
Participants mentioned that current financial management tools feel laborious and uninspiring. They desire an app that makes managing finances more interactive and enjoyable, reducing the feeling of it being just another task.
"I'm not sure where to start. The app should have a clear onboarding process"
Users find it challenging to navigate the app without proper guidance from the beginning. A structured onboarding process is crucial to help them understand the app’s functionalities and how to utilize them effectively from the start.
"Tracking my spending habits is difficult. I need clearer insights and visualizations"
Participants struggle with understanding their spending patterns due to inadequate tracking tools. They want better insights and visual representations that make it easier to see where their money is going and how they can improve their financial habits.
Overwhelmed by complexity
Users struggled with complex features lacking clear instructions, underutilizing the app.
Desire for localized advice
Participants wanted investment advice aligned with their financial goals and regional opportunities.
Execution gaps in financial apps
Existing apps have useful tools but fall short in user-friendly guidance, leading to less engagement and trust.
Need for security
Security concerns, such as digital fraud, highlighted the need for stronger protection.
Wireframe exploration
Translating insights into tangible ideas
Dive into financial guide
Set up savings plan
High-fidelity designs
Integrating practical tools like monthly savings plans and a "Rainy Day Fund" to promote regular saving habits. Interactive guides and quizzes to help users understand their financial behavior and improve literacy.
Intentional and specific, Econest matches financial advice to user needs.
The goal is to make financial management intuitive and accessible, integrating education with everyday activities to help users achieve financial health.
Dive into financial guide
Users can explore curated content, from tutorials to local investment insights.
Set up savings plan
With a few taps, users can define their savings goals, set automated contributions, and watch their financial growth in real-time.
Dark-mode
Wrap up
As a solo project, I am responsible for all aspects, from ideation to design and future iterations. The app is designed with clear headlines, simple copy, and intuitive icons, ensuring accessibility and usability for a diverse user base.
Current state
The MVP is in its design phase, crafted from research insights to address real financial challenges in Nigeria. While no user testing has been conducted yet, the design is prepared for future validation.
Lessons learned
Designing an intuitive app requires balancing simplicity with functionality. Creating relatable, clear copy and intuitive icons were crucial for user comprehension.
Future work
Next steps include validating these design solutions through user testing and iterating based on feedback to improve the product's usability and impact.
Previous project ←
Next project →
Prioritization of use-cases
Econest addresses both Primary and Secondary needs. Primary needs focus on automated goal setting and financial tracking, while secondary needs offer personalized guidance through manual data input. The platform combines Auto-tracking for seamless updates and Manual tracking for tailored financial advice.
Key features
Goal setting
Users set financial goals, saving, investing, or budgeting, while Econest provides educational, goal-focused planning.
Practical tools
Features like monthly savings plans and a "Rainy Day Fund" to promote good saving habits.
Personalized guidance
Interactive tools, personalized tips, and challenges to guide users toward better financial literacy and long-term financial health.
Accessible financial management
Econest simplifies financial management with intuitive tools that integrate education into everyday financial activities.
charlesjaja95@gmail.com
charlesjaja95@gmail.com
2024 Charles Jaja
2024 Charles Jaja
Empowering Financial Literacy in Nigeria through Digital Innovation
Empowering Financial Literacy in Nigeria through Digital Innovation