Sundaymail Editor
Sunday Mail Correspondent
ZIMBABWE’s largest mobile money trading platform EcoCash has launched a mobile wallet for young people aged nine to 18 years.
In a statement at the launch of the new service in Harare on Friday, EcoCash Holdings chief executive officer, Mr Eddie Chibi, said only parents and guardians are allowed to register and fund the EcoCash Junior Wallet on behalf of children.
“This way, parents have control of re-setting pins and keep track of transactions made by the child. The idea is to enable children to take charge of their own pocket money and savings with the help of their parents and, in the process, nurture in them financial stewardship and discipline at an early age,” he said.
EcoCash is already compliant with privacy-protection laws related to children and minors, and with general data-protection regulations. These certifications ensure children and adults can safely and securely participate in the digital economy.
Mr Chibi said with the EcoCash Junior Wallet, teens and younger children can use the wallet to purchase goods online and in-store, buy airtime, as well as conduct peer-to-peer transfers.
EcoCash chief operating officer Munyaradzi Nhamo said Junior Wallet transaction limits for payments have been initially pegged at $35,000 per day and $240,000 per month as well as US$175 daily and US$700 monthly on the US dollar wallet.
“Our aim is to meet the needs of young digital natives who are inclined towards a cash-free world. We believe children should be taught financial education at an early age. This can empower them to learn skills that can have a positive impact on their lives. The current global trends, as well as the pandemic and its impact on families, has highlighted the need for personal financial skills,” said Mr Nhamo.
The launch of the Junior wallet comes at a time when various studies have revealed that teaching financial skills to children before they enter college, or join the workforce, is crucial to helping them grow into adults who can achieve financial security and success.
Asked if the system would not be subjected to abuse by allowing parents to register multiple wallets in children’s names, Mr Nhamo said all transactions undertaken using the service will be monitored to detect any potential manipulation.
“Only parents are able to register a junior account for their children and they are the only ones allowed to deposit finances. The system or network functions in a way that allows parents only to deposit money into the junior wallet. No one else can. Siblings, extended family, friends are unable to do so. The move is meant to train children how to handle money from an early age.”
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