Fintech newcomer Leap is now up and running in the United Arab Emirates to help kids and teens learn more about money.
The Dubai-based start-up wants to help under-18-year-olds who don’t have bank accounts learn more about money and how to manage it better.
The app lets kids between the ages of 6 and 18 in the UAE set savings goals, look at their spending habits, and earn rewards. There are plans to make it available to kids in Saudi Arabia and Egypt as well. There are plans for more features.
Leap is meant to encourage people to spend and save money in a smart way, and it has separate portals for parents and their kids. Once signed up, parents can give their kids pocket money, keep track of how they spend it, and give them tasks to do.
Kids will get a Visa prepaid card that is linked to their Leap account, and the app has a feature called “Savings on Autopilot” that puts any money left over at the end of the week straight into the kids’ savings account. This feature is meant to encourage kids to spend less money during the week so they can reach their savings goal more quickly.
Ziad Toqan, co-founder and CEO of Leap, says that understanding money is a “core life skill” that isn’t often taught to kids.
“At Leap, we want to change this and give kids as young as six the tools they need to understand, value, and take care of their money,” says Toqan.
The Leap app is now in the app stores for both Apple and Android, and you can try it for free for 90 days.
Source Link Leap, a Dubai-based fintech company, wants to teach young people more about money
