Verity, a FinTech which works to help younger people earn, save and spend responsibly, has rolled out a new family banking and financial literacy app for the Middle East and North Africa (MENA) region, according to a Monday (Sept. 19) press release.
The app will include Visa prepaid cards, with parents controlling the overall account and children managing a profile within that account. Verity co-founder Dina Shoman said 69% of transactions in the MENA region will likely be cashless by 2023, so it’s important for parents to teach children early.
Parents will be able to top up their digital wallets from their bank accounts, setting an amount for every user in the family via scheduled monthly or weekly allowances or one-off transfers. Kids will also get the option to “earn” money by completing various chores and tasks their parents set up, per the release.
After they’ve received their funds, children will be able to decide how much will go toward various personal or family savings goals, charity or their spending budget. The offering is being developed in partnership with NymCard, a Banking-as-a-Service (BaaS) provider.
Verity co-founder Omar Al Sharif said the app is specifically for families in the region, noting that there’s an “incredibly diverse” audience in the region.
“While it’s been great to see a number of financial institutions begin their transition towards youth banking, which remains an underserved segment, we’re proud to be the first fintech to launch a truly comprehensive product that is ready for our community to download and start using immediately,” Al Sharif said.
There have been other services tailored to introduce children to banking and finance, including one from London-based GoHenry, which provides Visa debit cards and education opportunities for children aged six to 18.
Read more: GoHenry Acquires Pixpay to Strengthen Youth Banking Outreach
PYMNTS wrote that GoHenry has recently acquired Pixpay, which operates a similar service, and the deal will help GoHenry expand its services in Europe.
Pixpay was founded in 2019 and has become a forerunner in teen banking in France and Spain. GoHenry also had a $40 million fundraising round in 2020, which it has been using to expand its work in the U.K. and also enter the U.S.
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