SEDCO Holding Group has launched the Riyali mobile application to complement its Riyali financial literacy education program to further enhance consumers' financial skills and help them keep track of their income and expenses. The application reinforces the program's goal of instilling the necessary financial knowledge in the citizens to achieve a desirable standard of living. The launch takes advantage of the phenomenal increase in the Saudi population using mobiles to access various social media accounts and applications, with social media users in the Kingdom being amongst “the highest in the world”. Amr Banaja, VP of Marketing and Corporate Communications at SEDCO Holding Group, said that the popularity and spread of telecom technology and spread of tablets and smartphones created an opportunity for service programs. He pointed out that these devices have become the gadgets of choice for beneficiaries due to their innovative technologies and applications. Facebook's recent acquisition of WhatsApp further demonstrates the future potential of mobiles. The Riyali application works on smartphones with either the iOS or Android mobile operating systems. It's a user-friendly financial tool which only needs the entry of sources of income such as salary and allowances and expenses such as those on food, clothes and necessities. Once all information is inserted, users can then monitor their monthly savings. Moreover, the application offers other tools such as a loan calculator to help users make smarter financial decisions and tips on investment opportunities. Additionally, it offers other surprises for those who subscribe monthly for their daily quizzes. “The application does not only allow users to keep track of their income and expenses, but also allows them to collect “stars” and compete among friends. The first user to collect 100 stars per month is deemed the winner,” he added. Consumer interaction and response to the application will be measured at a later stage to determine the financial literacy advancement of the users. Through this application, the Riyali program will have a positive influence on the community in areas such as spending, saving and investment. — SG
