Managing finances can be challenging even with all the technology available to us through various apps, constant alerts and email notifications, we have not fully mastered how to track finances easily and one way or the other we always tend to lose track. It may just be that night you couldn’t bother with touching your phone or just mentally making a note to do so at a much later date and before you realise it, it’s forgotten and at the end of the month, you’re looking at your finances, baffled, as the figures do not add up. I find myself in this position a lot.
If you can relate to the above scenario, then you may still be trying to figure out how you can properly keep track of your finances. Well there’s an interesting app right now called KliQr which promises to do so.
Launched by Graystatic and E-merge sometime in June, KliQr is a personal finance manager “that truly wants to make it easier for everyone to make better financial decisions, not just on Mondays, but every day.” It is aiming to provide Nigerians with the easiest means of tracking expenses and also making payments.
HERE’S HOW IT WORKS
Once the app has been installed, you sign up using just your phone number. Yeah that’s the only requirement. No emails, no bank account number or even your debit or credit card number is requested upon sign up on the platform. Just your phone number and you’re set to go.
I think that makes it as straightforward as possible to get started with the app. The interface is really simple and basic, with an overview of “Credit”, “Debit” and “Bills” just at a glance. Also available at a glance are upcoming bills due for payment.
To fully utilise the app, it is advisable to use the phone number linked to your bank account so that credit and debit notifications are easily picked up. Once the app automatically detects credit or debits from your account, a notification pops up with the details automatically populated, leaving you to only select a tag for the transaction. You can select from over 60 tags available. The “tag” feature encourages one to keep tracking expenses as it takes almost no time at all.
The “report” feature also allows you to analyse the details of your expenses at one take. With the “report” feature, you can track financial trends over a period of time noting what saps most of your funds and even make lifestyle changes so that you can actually have better control of your finances.
Knowing that there’s a chance of forgetting to track your bills, KliQr has made it possible to schedule one-time or recurring bills so that you’re reminded every time a bill is due. Bills like TV payments, airtime purchase, internet subscription, tithes, donations, uber and a lot more are already preloaded on the app.
Great thing about this is that you’re also able to make payments via the app. Upon selection of the bill, you get a “Pay Now” option. If you’ve found it impossible to remember all the relevant USSD codes (I usually do) for various subscriptions, you’ll definitely want to use this feature. It is only at this point that your debit card details are required. But if you do not have any intentions to pay bills via the app, then you may not have to input your card details ever.
The app is as simple as it can get and best thing about it is – everything is completely free. No in-app purchases are required and all features are accessible. Maybe some sort of payment may be required much later but for now, it is free to use.
The KliQr team are constantly reviewing user feedback and iterating pretty fast so it’s possible that more features may be included to make tracking a whole lot easier. Though the focus is on personal finance, there are still a few functionalities that would be helpful to small businesses such as tracking minor expenses that may be easily forgotten or overlooked.
Though this may not be a big issue, I was wondering what would happen where a dollar/pound account holder is debited as I noticed that the Naira is the only recognised currency on the app. Well, the app just launched recently so I do expect more features to roll out soon.
The app is free and can be downloaded here. It is currently available to only android users but an iOS version is currently in the works.