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UAE – Simon Wing, UAE co-founder of the world’s first home financial education and money management app, said the Edfundo Visa prepaid card is now live and used by early adopters in the UAE.
Built by teachers with education at its core, the app is live-trading following a successful beta launch, and the Edfundo waitlist community will continue to join in the coming weeks ahead of its imminent full market launch.
“The first child recently made an on-site purchase over the summer, marking more than 18 months of work under the tutelage of partners like Visa and Nymcard,” said Wing, who is also Edfundo’s CEO.
The future of banking for young people
Banking-as-a-Service (BaaS) provider NymCard was an obvious choice for Edfundo, he said, as it was the only MENA-based BaaS backer to have a strategic partnership with Visa’s fintech enablement program.
“By integrating Edfundo with Nymcard’s nCore platform, we are bringing the future of banking to young people in the UAE, and then the entire MENA region,” Wing said.
Meanwhile, NymCard founder and CEO Omar Onsi pointed to Edfundo as an example of a fintech startup positioned to provide families with authentic financial experience and education.
“We are delighted to see Edfundo as the first to use NymCard’s modern BaaS platform to provide financial EdTech’s money management application to young people in the region.”
Open an account
Wing confirmed that Edfundo has begun opening accounts for waitlist applicants and issuing Visa prepaid cards for teens to use at any of Visa’s more than 100 million merchants worldwide or online.
Andrew Toward, co-founder and COO of Edfundo, encouraged new parents to join the waiting list as soon as possible: “Parents in the UAE are now able to provide their children with personal finance services, enabling them from early years. This is an exciting time and we welcome Parents join us through our website, Edfundo.com.”
Toward and Wing are teacher-turned-entrepreneurs committed to “prioritizing financial education” and shifting the bar from financial illiteracy to financial literacy.
EdTech and FinTech
“We built Edfundo at the intersection of edtech and fintech because we believed it was critical to give kids and teens hands-on experience with money management and ‘learning by doing,'” Toward said.
“We are delighted to support Edfundo’s mission to provide payments solutions and financial education to young people in the region,” said Alex McCrea, Vice President and Head of Strategic Partnerships and Venture Capital, Central EMEA, Visa. “We believe this is especially important in the Middle East and North Africa. In regions, a cashless society is fast becoming the norm.
“As young people take responsibility for their transactions and begin to enter the workforce, it is imperative that they have the knowledge and tools to make sound financial decisions. We are delighted that Edfundo is live and we are proud to be part of the Edfundo story, from card issuance to Support the Edfundo for Schools program.”
Edfundo’s bespoke education programme, Edfundo for Schools, has been distributed to several schools in Dubai, and Visa plans to roll out more activities in schools next school year.
Copyright 2022 Al Hilal Publishing and Marketing Group Courtesy of SyndiGate Media Inc. (Syndicate information).
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