Schoolable, an edutech platform founded in 2019, has launched the Little App to inculcate financial discipline among school children and track their spending habits.
The app developed in partnership with ParkWay Limited, a financial technology company, according to the platform was for children to have secured and monitored access to money (Pocket money), while encouraging their financial growth.
Henry Nnalue, chief executive officer of Schoolable, during the launch event said, “We want kids to have an early start with money and once they do, you are guaranteed that they are going to have a responsible adulthood. Adulthood is all about managing the resources you have, be it money or other resources. We believe that little is a tool for young children to be able to learn those core skills that they need, to which one of them is really money.”
According to Nnalue, the app is controlled by the parents who ascertain the level and limit of transaction while the children hold the personalised debit card for purchases and withdrawal.
Ruth Ozigbo, financial expert, who was a guest speaker at the event speaking on the topic ‘becoming intentional on the financial future of the African child’ said there is a need to impact in children the culture of saving, managing, preserving and multiplying money. She added that the little app is a great move toward achieving the above.
She said, “If you are not taught how to manage and multiply money, you are not going to be successful financially. We are the major influencers of our children.”
Citing a survey carried out on Nigerian adults, which shows that only 27 percent of Nigerian adults are financially stable, she explained that the implication remains that Nigerians are having poor financial habits and falling for financial scams like ‘MMM’ and others.
“This is because most people are not literate enough to make wise decisions. So we need to give our children a tool to make the right decision when they start making money and that is while we are all here for the Little App,” Ozigbo said.
The platform stated that the app was co-created with Queens College School and 80 percent of the school children have started using the app.
Similarly, Angela Essien, COO, Schoolable in her presentation stated that the app is set to bridge the gap between financial education and financial independence.
Meanwhile Nnalue said the app charges a transaction fee of N5 to N10 while the card costs N2000 to get.
Elvis Oruene, from Parkway Ltd, stated that Little is currently being used by top-of-the-crop schools across Nigeria and more schools are looking to get onboard.
“Other benefits of using the Little card for transactions are that it eliminates problems like bullying and stealing in schools. 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,” he said
