Miniemoney, a hybrid FinTech company, has emphasized the need to bridge the financial literacy gaps of children and minors to develop financial literacy through a supervised digital channel that offers parents a platform to invest and save for their children’s future .
The move, he added, would foster a culture of financial literacy among children while promising to improve cybersecurity and infrastructure to secure funds and data for families working under the finance app.
Regarding the development, Miniemoney CEO and Founder Mr. Gbolahan Faniran assured that Miniemoney’s digital platform is built with a cyber security infrastructure to safeguard funds and protect data while understanding the need for inclusion for families at all levels stressed.
Faniran expressed his excitement about working on the Miniemoney project and providing solutions for parents and their children, adding: “This is more than just a passion project for me; It’s a vision that will carry the average Nigerian family into the future.’
Hinting that the product is backed by two commercial banks in Nigeria, he added that the deposits reside with the banks and the app is just an interface to make it easier for parents to use the platform to educate their kids about savings culture and financial investments to clear up.
He noted that the app teaches how to save money and invest in priorities, while stressing that this would enable the culture of financial literacy in children to drive more inclusion.
Furthermore, he said that through the app, parents could set tasks and chores for their children while rewarding them for earning a certain amount of money, reiterating that it would boost savings awareness and financial independence among young people.
“The app is divided into two journeys; the parent journey and the youth journey. Youth accounts must be verified by a parent or legal guardian before certain features can be accessed. However, in-app learning is available to any youngster with or without parental verification,” he stressed.