SBM Bank Kenya unveils platform to promote financial literacy among children

The app provides parents with a structured and secure way to introduce financial literacy through everyday activities. By linking chores and tasks to rewards or allowances, children can earn and manage money within a supervised environment, reinforcing the connection between effort, reward, and responsible spending.

According to CEO Bhartesh Shah, the initiative aligns with the bank’s long-term vision of strengthening financial capability among families. He emphasized that early exposure to financial concepts can help build responsible habits and contribute to broader economic resilience.

The platform also integrates with the bank’s digital ecosystem, including the Mfukoni mobile platform, allowing parents to load funds onto a prepaid multicurrency card issued in the child’s name. This enables controlled online transactions while giving parents oversight of spending and account activity.

The solution is supported through a partnership with Mastercard, which provides the prepaid card infrastructure. The collaboration reflects a growing trend toward using digital tools to build financial literacy and promote responsible use of electronic payments among younger users.

In addition to its task-and-reward features, the app includes age-appropriate educational content covering saving, budgeting, and goal setting, aimed at encouraging meaningful financial conversations within families.