An award-winning Scots Fintech company is joining forces with the Royal Bank of Scotland and other partners to help underrepresented communities tackle the cost of living crisis with a new financial education programme tailored to address the particular needs of these groups. Founded by entrepreneur Tynah Matembe, MoneyMatiX is on a mission to improve the well-being of diverse communities and was set up by Ms Matembe to tackle issues she identified after being headhunted to work in the UK. Ms Matembe found Scotland’s credit-ready economy sharply contrasted with her cash-based experiences in her native Uganda and after failing to find tools to help her model good financial habits, and undertaking research which identified that this was an issue for many other migrants, Tynah setup MoneyMatiX to create the resources she needed.
Through their flagship “Grow Your Money Challenge”, launched in November 2022 at the Royal Bank’s Gogarburn Offices, MoneyMatiX bridges the accessibility gap, using interactive hybrid online and in-person events and activities which create opportunities for mainstream financial organisations to meaningfully engage with migrants and people of colour. This has been done in a thoughtful and inclusive way, producing programmes which are culturally competent, and will help families to manage their money in a positive way which helps them thrive.
Using their “Money Diet Week” model, the #GYMChallenge provides an accountable and practical space for communities to overcome financial barriers and achieve meaningful life goals with MoneyMatiX workshops, events, fireside chats and a podcast series featuring industry experts. These events will review money habits, consumer matters, personal development and money mindset to support the challenge’s participants to achieve their goals, be celebrated for their success and potentially win prizes.
MoneyMatiX Founder and Chief Executive, Tynah Matembe, said: “We recently surveyed over 500 diasporas asking them about their experience of finding available help, support and financial guidance with two-thirds reporting that they felt they had no relatable source of financial guidance and a third sharing that their mental health was impacted by their financial situation.
“These stark findings highlight the critical need to tailor the right support and advice to underrepresented people, to ensure that in the midst of the current cost of living crisis, every member of our communities and society can access high quality, robust financial support and guidance. We firmly believe that a lack of supported cultural integration has contributed to the perception of underrepresented communities being vulnerable. Moreover, we have heard from second and third-generation immigrants who find themselves in a cycle of cultural isolation and financial exclusion.
There is an urgent need for anchor services which make people feel valued and this is the core basis of our platinum partnership with the Royal Bank of Scotland, and working alongside other partners including Giftround, Fair Money Advice and Radiant & Brighter.
We are ambitious to extend our support to more people, particularly as the cost of living crisis bites. Our partnership model, and our work both directly with underrepresented communities and with employers, is our key strength in building financial capability and good money habits.”