Little, a solution that allows parents to give their children pocket money seamlessly, comes with a debit card for the children and a mobile app for the parents to monitor their children’s spending habits.
According to the company, eWallets/Virtual accounts are created for every child which is made possible via an e-wallet infrastructure by Parkway that allows every child access to the money given to them. Little is currently used by top-of-the-crop schools across Nigeria and more schools are looking to get on board.
Emeka Onwuka, Managing Director of Parkway Limited mentioned that “the Little app is one way to explore its e-wallet infrastructure”. Parkway’s e-wallets/Virtual accounts infrastructure enables Little to verify user information and transaction details as they send, receive, and manage their money. The infrastructure gives Little the ability to handle the limitless number of eWallets, although terms and conditions apply.”
The app allows parents to limit the places where the card can be used, parents can block inappropriate online transactions with their children. He stated that parents with children in boarding schools no longer need to travel long distances to provide money for their children knowing their children are taken care of financially regardless of the location. Parents can also stay up-to-date on how much their children spend as transaction reports are sent directly to them.
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Other benefits of using a card for transactions are eliminating problems like bullying and stealing. Sometimes children are scared to speak up, so you may know that your child’s lunch money is being taken by a senior student. When you can see your child’s spending pattern, you can know when something is off about their habits. Parents can limit the daily amount spent on the card and because it’s secured with a pin, older or stronger children can no longer bully their children for their pocket money.
However, these children become bolder because parents trust them to be in charge of themselves and they no longer have to shrink themselves to avoid being bullied. These cards also eliminate the need for cash and therefore stealing as your child performs all their financial transactions via card and they simply don’t have money to be stolen. Now children can go to the mall with friends or buy a midday snack without losing their cash either accidentally or to thieves.
Little is catching children young and helping them develop better money habits, from little steps to becoming financially responsible adults. This is a great financial literacy app for children as it gives them early access to money management, an essential life skill. As children are granted more financial decision-making powers early on in life, they become more independent and financially responsible.
Angela Essien, COO, and co-founder of Schoolable stated, “We hope to create a generation of children that know how to manage money. A generation of children that have financial literacy from a practical standpoint, not a theoretical one, who grow up to become financially responsible adults”.
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