To inculcate financial literacy in children and prepare the next generation of young Nigerians to actively have control over their finances, Schoolable, a Fintech company in collaboration with Parkway, a financial technology provider, has formally unveiled Little, a digital wallet.
Little is 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.
At the unveiling in Lagos, Chief Operating Officer, Schoolable, Angela Essien, said Little is unveiled to help parents and their wards have financial discipline as the app helps to check spending habits.
Essien said financial literacy is critical to enthroning a better and more reliable future as all problems or challenges are associated with finances.
She further mentioned that the majority of adults struggle with their finances, spend extravagantly, face loan challenges, gambling and many more, adding that to mitigate these challenges, “we have to educate our children and young ones on good money habits because the future starts today.”
She explained that with ‘Little’ application, parents can regulate how much their children spend on a daily, weekly or monthly basis, and get notified when their children spend and exactly what they are spending.
Speaking at the event, the Principal of Igbobi college, Reverend Adedotun Akanbi, said: “Little is the solution to our problems. We live in a world where we have a series of complaints and they seem to be the same thing, which is money. Students don’t want to keep money with their teachers or anybody, people are not faithful with money either and parents don’t even trust their children’s guardians with money.
But I strongly believe that this digital wallet, it is a boost to the Federal Government’s cash-less policy and it would help children from getting bullied to submit their money or the funds stolen from them.”
It was revealed at the launch that several colleges in Lagos, including Queens College, and Igbobi College, among others have adopted it.
Speaking on the benefits of Little, Co-founder of Schoolable, Henry Nnalue, added that Little is a financial literacy app for children that would give them early access to money management, which is an essential life skill.