By Elizabeth Osayande
THE public launch of Little, a money management app, has been described as a means to exposing children to money management, which will in turn make them financially responsible.
The app, developed by an edutech platform, Schoolable, will afford parents the opportunity to send money to their children, especially those in boarding schools, effortlessly via a mobile app, and in addition, eliminate instances of money theft, bullying, among other benefits.
Speaking at the launch, the Chief Executive Officer, Schoolable, Henry Nnalue, explained that it is important for children to be educated in managing money, with the consent of their parents. His words: “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.”
The app, done in partnership with Parkway Limited, Manager of the wallets/ virtual accounts, according to Nnalue: “Allows parents to limit the places where the card can be used and block inappropriate transactions. It also provides convenience for parents with children in boarding schools as they no longer need to travel long distances to provide money for their children. Parents can also stay up-to-date on how much their children are spending as transaction reports are sent directly to them.”
On his part, the business development manager, Parkway Limited, Elvis Oruene, who listed the benefits of using the app, said the app was being used by 80 per cent of Queens College students, and hoped to be used by secondary schools especially unity schools across the country.
“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 children perform all their financial transactions via card and they simply don’t have money to be stolen,” he said.