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GenMo Teams with EFU Life to Drive Financial Wellness in Pakistan
November 22, 2024
GenMo, a FinTech leader in embedded financial literacy and family banking solutions, has joined forces with EFU Life Assurance Limited, a pioneering life insurance company in Pakistan, to elevate financial literacy and introduce financial wellness features on the WIN platform.
With only 19% of adults and 10% of women demonstrating financial literacy in Pakistan (KFIS, 2022), the country faces critical challenges in financial inclusion and empowerment. This partnership addresses these challenges by integrating GenMo’s innovative financial management tools and interactive financial literacy content into EFU Life’s WIN platform. The goal is to enable users to take greater control of their personal finances and improve overall financial well-being.
This collaboration marks a significant milestone, positioning EFU Life as the first insurance company in Pakistan to deliver a comprehensive well-being ecosystem that encompasses mental, physical, and financial wellness.
Leadership Perspectives on the Partnership
Ms. Nilofer Sohail, General Manager - Channel Strategy and Growth Segments at EFU Life, remarked, “At EFU Life, we believe financial literacy has the transformative power to shape a nation’s future. A holistic well-being ecosystem is incomplete without integrating financial wellness. This collaboration with GenMo reaffirms our commitment to empowering individuals, particularly the youth, with essential tools and knowledge for financial security and holistic health.”
Adding to this, Mona Noor, COO of GenMo, highlighted, “Financial literacy is the foundation of financial security and stability. Partnering with EFU Life enables us to embed our expertise into a platform that is redefining wellness in Pakistan. Together, we aim to help millions of Pakistanis make informed financial choices and build a brighter financial future.”
GenMo’s CEO, Mr. Mohsen Siddiqui, emphasized the urgency of addressing financial wellness, stating, “Our mission is to make financial literacy accessible, especially to younger generations. Through this collaboration, we aspire to empower individuals with the confidence to navigate their financial journeys and contribute to a stable and prosperous economy.”
Driving Sustainable Impact Together
This partnership aligns with both organizations commitment to leverage technology to positively impact financial wellbeing of Pakistanis and contribute to United Nations Sustainable Development Goals (SDGs), specifically Goals 1, 4, and 8, which focus on eradicating poverty, ensuring quality education, and fostering sustainable economic growth.
Together, GenMo and EFU Life are breaking new ground in the financial services industry, delivering innovative solutions that empower users to lead financially secure and fulfilling lives.
About GenMo
GenMo Tech is a family fintech company on a mission to empower families with young kids through digital financial literacy and management tools. GenMo enables banks to offer engaging family banking, youth banking, and financial literacy features as a white-labelled solution through an embedded mobile app experience, leveraging GenMo’s product stack to service diverse family and youth financial management needs and deliver gamified financial literacy.
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