Nigerian fintech startup Sproutly is a virtual banking app for children under the age of 17, providing digital savings products and a debit card with built-in parental control. Parents can also apply for overdrafts to serve kids immediate needs through the Sproutly Overdraft feature, with Sproutly also offering a tuition fee collection service called Bursary. “He was done with secondary school and preparing for university admissions, and I must say it was one hell of a journey to open a savings account for him being underaged. We ended up doing so after one year and using one of my banks and my debit card for the entire period he was trying to open an account,” Nwoke said. The startup has been operating in extensive private beta, and has over 7,000 kids and 3,000 parents on its waitlist.

Source: The North Africa Journal June 01, 2022 09:05 UTC