Importance of colors in a mobile application?

I am software + hardware engineer who possibly does a same common job as others with a similar qualification.

I am under the process of designing, developing and publishing a mobile application where a user can manage their money related data (precisely a finance related application). I aim to target all mobile devices (phones, tablets and whatever might come up next).

Currently I plan to make the design as simple as possible and as far as I have developed mobile apps in past, I prefer to avoid more colors from the app.

Hence, should it be a good idea to make use of only black and white (of course with some shades of the both, plus a few colors to show errors, warning etc) in my application?