The Riyali mobile application, launched earlier this month by SEDCO Holding Group to further raise financial literacy in the Kingdom, has been ranked as the tenth best financial app in Saudi Arabia on the Apple store, outranking some of the Kingdom’s top banking and financial institutions.
Amr Banaja, VP of Marketing and Corporate Communications at SEDCO Holding Group, stated “The Riyali mobile app’s high ranking in such a short span of time is a testament to the fact that we had launched this application at the right time and targeted an unmet need in the community, a need to help people learn how to save better and make wiser financial decisions. We fully expect this app to receive further recognition due to its necessity in the lives of kids, youth and adults alike.”
The application only requires that users plug in information regarding their income, whether through a set salary or through other allowances. This is then measured against total expenses, which include money used for necessities, shopping and other monthly reoccurring expenses. The easy to use application then analyzes the inserted data and allows users to monitor their monthly savings.
Moreover, the application offers daily tips and tools such as a loan calculator to help users make smarter financial decisions and an investment calculator which helps determine return on investment. Additionally, it offers other surprises for those who subscribe monthly for their daily quizzes.
SEDCO Holding Group’s Riyali Financial Literacy Program was first launched in 2012 and aimed at teaching financial disciplines such as saving, investing and borrowing to Saudi youth across various Saudi universities and colleges. The program was then extended to reach Kids in local Saudi public schools in 2013 after a survey indicated an underlining need for financial literacy for kids. The program now aims to reach a digital audience through its mobile application due to the significant number of smart phone users in the Kingdom which has now reached over 70% of the total Saudi population.