Dubai, UAE : Youngsters in the Middle East and North Africa (MENA) are at risk of being left behind in the region’s digital economy transition due to a lack of financial literacy education, according to co-founders of the Edfundo smart money management app for tweens and teens on schedule for an early 2022 launch in the UAE.
Dubai residents and former teachers Simon Wing and Andrew Toward are preparing to launch the Edfundo app and associated pre-paid debit card with a strong focus on plugging the financial literacy gap among the region’s young and ensure they are money-wise participants in the expanding digital economy.
“We need to ensure that our youth are not left behind in the journey towards the cashless, digital financial society.
“Currently in the UAE young adults cannot open a bank account until they are 18 or even 21, and this limits the financial decision-making of youngsters. Even though financial literacy is part of the national curriculum in much of the region, it is not a dedicated subject rather is embedded into other subjects and often ignored or overshadowed.
“As teachers, and parents, we realised this is serious and can put young people’s mental health at risk by exposing them to the stresses and strains that can come from poor financial decision-making. This is particularly important as the visions of many MENA countries is to migrate to cashless societies by 2030,” explained Wing, Edfundo’s CEO.
Ahead of Edfundo’s planned UAE launch early in the New Year, the app’s co-founders are now starting to collaborate with schools throughout the Emirates to improve financial literacy among pupils through a programme of dedicated activations, workshops and seminars.
Andrew Toward, Edfundo’s COO, believes a regionwide campaign for better financial literacy among it young is pressing and overdue.
“Now’s the time to include our youth in the transformations which are altering the personal financial landscape.
“The digital economy is here and has been accelerated by the COVID-19 pandemic with a huge flight from cash to digital payments, indeed many retailers are no longer accepting cash,” he explained.
“In a recent McKinsey’s survey of payment practitioners, 80% estimated that non-cash payments rose by more than 10% across the region as a result of the pandemic with some countries indicating even higher growth rates.
”And the flight to digital is here to stay with 90% of those surveyed anticipating at least half of new users avoiding cash and the region’s digital transactions rising by more than 50% on 2020 levels over the next five years.”
The co-founders believe that young people learn through “doing,” and have ensured that the Edfundo app will be highly interactive and fun, with gamification elements. The app content will be in constant evolution to carry rich and engaging educational content where users can learn a range of good financial habits, from budgeting to saving.
“The app, which will have rigorous parental control, will educate the young on the value of money – by earning for chores assigned by their parents or by allocating to savings as well as spending. It will give parents and their children a great tracking tool for how and where money is being spent and make youngsters more budget-friendly clarifying the difference between ‘want’ and ‘need,’ added Toward.
On launch, the Edfundo app will be available for download from the App Store and Google Play Store and a waiting list for those wishing to join its money management community is available for registration on www.edfundo.com
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About Us
Edfundo is the world’s first money management app for kids and teens built by teachers and designed to champion a new era of financial literacy, digital inclusion, and mental wellbeing among the 8-18 age group. The smart money app, and its associated pre-paid debit card help ensure youth are stakeholders in the journey towards a responsible, cashless society.
Curated around the principle of ‘doing is learning’ the Edfundo app, which has rigorous parental controls, is highly interactive and fun, with gamification elements and rich and engaging educational content where users can learn good financial habits from budgeting to earning to saving.
In readiness for launch in the UAE in early Q1 2022, the Edfundo wait list is now open to youngsters and parents on www.edfundo.com. The co-founders are also planning further roll outs in 2022, including the Kingdom of Saudi Arabia.
For Media Information:
Veronique Gregorec
veronique@edfundo.com
For Investor Information:
Susan Furness
susan@edfundo.com
© Press Release 2021
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