A fintech company, Little, has introduced ‘Little’, an application solution that allows parents and guardians to seamlessly give their children and wards pocket money as well as monitor their spending habits.
The Chief Operating Officer (COO), Little, Angela Essien, said in a statement heralding the launch of the card app in Lagos next week that financial literacy is a combination of awareness, knowledge, skill, attitude and behaviour necessary to make financial decisions and ultimately achieve individual financial independence.
She said one of the most critical components of successful education on financial literacy is hands-on experience.
Essien said Little is catching them young with its offering by “bridging the gap between financial education and financial independence.”
According to her, Little is a solution that allows parents to seamlessly give their children pocket money and it comes with a debit card for children.
Essien said: “Little is essentially a pocket money card. It comes with a personalized debit card with a security pin, for children aged nine and above to use and a mobile app for the parents to send money, monitor and set boundaries.
“Parents with children can deposit money into this wallet and their kids have access to it for needs within and/or outside school premises. With these cards, kids can make tuition payments, buy food and snacks, and withdraw cash.
“Little app allows parents to limit the places where the card can be used and block inappropriate transactions, and 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.
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“Parents can also stay up-to-date on how much their children are spending as transaction reports are sent directly to them.
“Little leverages Parkway’s e-wallets/Virtual accounts infrastructure to verify user information and transaction details.”
Also speaking on the technology, Managing Director, Parkway Limited, Mr Emeka Onwuka, said that the Little app is one way to explore its e-wallet infrastructure.
Onwuka said: “The infrastructure gives Little the ability to handle a limitless number of eWallets, although terms and conditions apply.
“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 card for transactions are that it eliminates problems like bullying and stealing. 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.
“With Little, parents are now able to give their kids some financial access while also being able to monitor, limit, and secure this financial freedom.
“This is a great financial literacy app for children as it gives them early access to money management which is an essential life skill. As children are granted more financial decision-making powers early on in life, they become more independent and financially responsible.”