This project will implement and evaluate a new app that offers unprecedented access to 0% interest loans and financial management tools, including financial education modules and credit score information. Building on the results of a previous grant from the Rose Foundation, the MyMAF App is designed to provide digital education and financial training tools to help low-income consumers across the nation avoid common financial pitfalls like high-interest rates on credit cards, unnecessary overdraft fees, and high-interest predatory loans. In 2019, Mission Asset Fund will provide ongoing technical assistance and capacity building to support their partners as they adopt and integrate the benefits of the MyMAF App within their program offerings. In addition to tech support, they will track client engagement rates and analyze ongoing changes in financial behaviors based on app usage data.
Mission Asset Fund
Digital Financial Education: Boosting Financial Capability Among Low-Income Consumers with MyMAF App
Consumer Financial Education Fund, 2019