UK Teachers Take Financial Education For Kids & Teens to the UAE
Two teachers who trained and started their careers in the UK before moving to the exclusive Rashid School for Boys in Dubai have turned entrepreneurs putting financial literacy of tweens and teens at the centre of their efforts.
Parents themselves Simon Wing and Andrew Toward took their learnings from working with children, and understanding of technology to create Edfundo, an app-based platform to provide youngsetrs with an unrivalled banking experience, helping them to become financially literate and manage their finances from an early age better than has been the case in the past.
Parents can set spending limits and rules, make automatic allowance payments and transfer money in real-time. Edfundo offers a safe spending solution and budgeting tools to encourage financial literacy.
In addition to providing kids and teens with practical tools to become smart with money, Edfundo is built to work with schools to offer workshops, resources, and educational content to help to raise the profile and improve the quality of financial literacy learning.
Drawing on an advisory board that was involved with the creation of the UK-based GoHenry banking for teens platform, they beta launch the UAE equivalent shortly.
It is estimated that around $50 billion globally is spent by kids and young teens each year, and mooted that $1 in every $25 of that is spent in the UAE.
CEO of Edfundo, Simon Wing says, “Accelerated by the pandemic, financial services have digitised and the cashless society is fast becoming a reality. We need to educate future generations in financial literacy much better than we have historically. Edfundo is built to do just that, combining practicalities with responsibility.”
Co-founder and COO, Andrew Toward added, “Marrying Fintech with Edtech is a very logical step. By drawing on our experience Edfundo is a 21st century solution to a 21st century challenge, namely, how to prepare our current tweens and teens for the global financial challenges of the 2030s and 2040s. Edfundo is not only a neobanking model, but a smart training model designed with our teaching knowledge to engage children & youth.”
The Edfundo app and pre-paid debit card will go live during Q1 2022 in the UAE, with plans to expand into other jurisdictions in the region.