CAPE TOWN, 22nd Jan 2020: Meerkat is proud to announce they are a participant in the latest Catalyst Fund cohort aimed at advancing financial inclusion in emerging markets. Catalyst Fund, managed by BFA Global is a global inclusive fintech accelerator supported by J.P Morgan, UK aid and Rockefeller Philanthropy Advisors. The Fund recently announced a new $15million (USD) commitment from UK aid and J.P. Morgan to advance financial inclusion in emerging markets. “We’re thrilled to enter the next phase of this journey, building on lessons learned over the last four years, to position ourselves as the best partners for innovators building affordable accessible and appropriate solutions designed to improve the financial health of underserved populations in emerging markets,” said Catalyst Fund Director Maelis Carraro. “The additional support from UK aid and continued support from J.P Morgan will enable us to deepen our local footprints and ecosystem development role in each of our key markets, as well as welcome new partners that can support our mission.” Meerkat will receive mentorship from the Fund and global tech consulting firm BFA and will go through a 6-month accelerator program to launch their innovative low-cost savings product to the South African market. David O’Brien, Managing Director & Founder of Meerkat says “We are excited to be part of the latest Catalyst Fund cohort. When we opened our doors in 2016, we had the vision to help consumers do more with their money. The launch of our simple savings product is another step on the journey to assist the South African mass market reduce their reliance on debt and improve their financial health. We use digital technology to reduce the cost to service the customer and then explicitly share the value that is created. This enables us to offer value for money to the consumer while profitable accessing mass market segments. “ Being part of this cohort creates many opportunities for Meerkat. In …
5 Ways to Get Out — and Stay Out — of Debt
To get out of debt, you'll need two things: A strategic plan for saving money, and time. Without winning the lottery (a terrible plan for getting out of debt), getting your way out of your financial sinkhole is going to be a slow-but-steady endeavor. Here are a few ways to help you get out — and stay out — of debt. 1. Budget If you go into debt, it's an indication that you are living beyond your means. Without planning, it can be hard to know just where you're overspending. Drafting a monthly budget allows you to see in black-and-white where your money goes. While you usually can't adjust your fixed costs, such as your car and house payment, you probably have certain areas where you might be able to cut back - such as eating out and entertainment. 2. Use Debit Cards Unlike credit cards, debit cards are tied directly to your bank account. If you don't have money in your account, you can't make a charge on a debit card. Since no credit is extended, you can't go into debt using your debit card. Just be sure to check any overdraft offers your bank might automatically extend you. 3. Pay Off Balances Monthly If you absolutely have to put some debt on your credit card, pay it off as quickly as possible. Interest charges can rapidly increase your debt, and before you know it you might be completely unable to pay down your debt. 4. Get Debt Counselling A debt counsellor will review your budget and assist with reducing your monthly debt repayments. Meaning you will have more money each month. They will also deal with all your creditors on your behalf. Creditors also can’t take action against you when you’re in debt counselling. DON’T FORGET! Contact Meerkat and we’ll get you started on your road to getting out – and staying out- of debt! Call 021 003 4535, email info@meerkat.co.za or visit www.meerkat.co.za 5. Take Action Remaining debt-free and managing debt wisely is ongoing. Keep a diary to document challenges and accomplishments. If you feel the …