Vault22, the new financial wellness platform has been launched to improve the financial fitness of South Africans and the journey begins with over 200,000 pre-registered and linked account users. The new digital solution marks a new era of empowerment for South Africans who are embracing new technology to level up their financial knowledge to make their money work harder for them.

Vault22 is launching in South Africa at a time when economic inequality is stark: As of recent data, the top 10% of earners account for more than half of the nation's income, while the remaining 50% collectively earn less than 8%. This highlights the pressing need for innovative solutions in smart money management and reforms to address the disparity.

According to the 2023 Fin Scope South Africa survey, 36% of South Africans are demonstrating a sound understanding of financial concepts and only 28% feel confident about their financial knowledge and ability to manage their finances effectively. This reveals a significant gap in financial literacy that Vault22 seeks to address through targeted education and accessible resources.

Building Wealth through Wellness and Wisdom

Vault22 is transforming the path to wealth creation in South Africa by enabling access making financial mastery a clear and achievable process – for anyone. Beyond traditional financial literacy, the platform empowers users with sophisticated wealth-building tools and strategies previously reserved for the privileged few. Through its comprehensive financial fitness platform, Vault22 equips users with professional-grade tools to build, grow, and protect their wealth. The Vault22 app features a comprehensive range of financial wellness features, including:

The Vault22 app features a comprehensive range of financial wellness features, including:

• Spending Monitoring – Real-time transaction alerts to help users manage spending

• Encourages discipline – Users can set spending targets and stay accountable

• Insights Generation – Track spending and categorise transactions for better understanding

• Wealth Growth – Opportunities to invest the money saved and grow it for the future

• Knowledge is Power – Access to learning materials designed to enhance users’ net worth

• Prevent late fees, overdrafts and fraud – Automated reminders and military grade security measures to facilitate money management

• Debt Reduction – Vault22 guides users through the most efficient ways to pay off debt

Benito Mable, Founder and CEO of Vault22, said: “The shared visions of SC Ventures and NEXT176, the venture-building and investment arms of Standard Chartered Bank and Old Mutual respectively, have joined forces to create the Vault22 app, launched to enhance the financial fitness of millions of South Africans who need tools to build, grow and protect their wealth. We seek to make an immediate and long-term impact.”

He added: “Wealth management remains largely exclusive to High-Net-Worth Individuals who have access to private banks and advisory networks. Our mission has been to build an inclusive digital platform that empowers users to make informed financial decisions daily, improving their financial well-being and enabling them to plan and invest in their future.”  

NEXT176 has partnered with SC Ventures, the innovation, fintech investment and ventures arm of Standard Chartered. The strategic partnership merges two ventures: SC Ventures' Autumn, a platform for financial goals setting and wealth planning, and NEXT176-backed 22seven, a budget aggregation and tracking app based in South Africa. Launching on 31st October 2024, the inclusive wealth management platform Vault22 will offer accessible, affordable, AI-driven and Shariah-compliant wealth management solutions to users across Africa, the Middle East and beyond - creating a positive impact for future generations in some of the world's most dynamic regions.

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