Earn While You Learn: Fintech 11Onze Launches Digital Currency “Peles”
Earn while you learn: Fintech platform 11Onze has launched “peles”, its virtual currency which accumulates in an e-wallet when you learn about money, how it works, and how to manage it.
Through its special channel called El Diner, an animated series to learn everything there is to know about money, the economy, and financial mechanisms, 11Onze is working to build a financially literate society.
The chapters can be found in the Learn category, and after watching them, users can answer a short questionnaire to evaluate the knowledge obtained. With the results, they will accumulate ‘Peles’, which can be used in the marketplace that 11Onze is setting up for its community.
One of the strategic goals of the 11Onze project is to empower citizens, offering them as much knowledge as possible about the economy, without traps, so that they can make the right decisions with their savings. The platform has received tremendous response with 98% engagement amongst its users.
Financial literacy is essential, explains James Sène, Founder 11Onze. “One of the strategic goals of the 11Onze is to empower citizens, offering them as much knowledge as possible about the economy, without traps, so that they can make the right decisions with their savings.”
Financial literacy can help people understand and negotiate the financial landscape, manage financial risks effectively, and avoid financial pitfalls. Unfortunately, nations globally, from South Korea to Spain to the UK, are faced with populations that do not understand financial basics. In the UK, a recent survey of 2,000 UK adults by investment app Freetrade found that nearly half of them lacked basic financial literacy and couldn’t answer simple questions about personal finance. In addition, 88% of adults didn’t feel confident in their own financial literacy with more women (91%) acknowledging their lack of confidence. Meanwhile, according to Standard and Poor, in Italy only 37 percent and in Spain, only 49 percent have financial literacy.
“We want to give financial freedom to people with faster access to cash and educating them about what they are buying, for how long, and for how much. To make them understand what money is. After all, money is a ticket to freedom. It offers access to knowledge and privilege”, adds Sène.
In a rapidly changing personal finance sector, people are being forced to make financial decisions such as which credit card or loan works best for them, where to invest their money and which retirement plan they should aim for? To make informed decisions, our communities must become financially literate.
In addition to El Diner, 11Onze TV – a Netflix on banking and finance – offers a masterclass – a collection of over 200 insightful bits of information and intelligence on a range of topics from “5 tips on how to invest in stocks”, “how to improve savings in your household budget”, “how to reduce stress”, to “how to achieve mindfulness”. It has been very popular with users who can “like” comments or share information.
“Every person will need to manage a budget in their lives. All of us have to work out how best to manage the money we earn. Why then are we expected to just know how to do this? It is fundamental. It is central to our lives,” adds Sène.