Home News UAE’s Verity rolls out banking app to assist households with monetary literacy

UAE’s Verity rolls out banking app to assist households with monetary literacy

by Dubai Forum
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Dubai-based FinTech start-up Verity has rolled out a household banking and monetary literacy app that goals to supply kids aged 8 to 18 with the instruments they should earn, save, give to charity and spend responsibly in a real-life atmosphere.

The platform helps to construct a basis of cash administration abilities and permits dad and mom to manage the general household account, Verity’s founders mentioned on Monday.

“We’re witnessing an actual digital transformation right here within the area and monetary providers are taking the lead, with 69 per cent of Mena transactions anticipated to be cashless by 2023,” mentioned Dina Shoman, co-founder of Verity.

“Realistically, the following era will not often work together with banknotes or cash, which suggests it’s important that folks get a head begin on serving to them admire the worth of cash.”

Monetary literacy is a key social precedence within the UAE, which was recognized by the Division of Neighborhood Improvement — Abu Dhabi by its High quality of Life survey.

The UAE has launched quite a few monetary literacy programmes over the previous 4 years to deal with the rise of non-public debt within the nation.

In 2019, the Central Financial institution of the UAE signed an settlement with Emirates Basis to launch a monetary literacy programme by the Esref Sah scheme.

The Authority of Social Contribution — Ma’an has additionally rolled out the Ghaya monetary literacy programme that goals to empower Emiratis with sensible cash abilities to assist them to contribute to Abu Dhabi’s long-term financial development.

In the meantime, a 2019 monetary literacy survey by Visa discovered that 43 per cent of respondents within the UAE aged between 16 and 24 felt they weren’t able to handle their very own cash. The survey discovered that 53 per cent mentioned colleges didn’t put together them sufficient to handle their funds.

Mother and father who join the Verity app can high up their kids’s digital wallets straight from their financial institution accounts. They’ll then allocate a set quantity to every consumer within the household by pre-scheduled month-to-month or weekly allowances or one-off transfers.

Kids even have the choice to earn cash by finishing chores and duties set by their dad and mom.

As soon as they’ve obtained their funds, kids are prompted to resolve how a lot they wish to contribute to private or household financial savings objectives, charities, or their very own spending funds.

“Whereas it’s been nice to see quite a few monetary establishments start their transition in the direction of youth banking, which stays an underserved section … the Verity app has been constructed particularly for households within the area,” mentioned Omar Al Sharif, co-founder of Verity.

“With greater than 200 nationalities with extremely diversified life residing within the UAE alone, that has meant accommodating an extremely various viewers.”

Verity was based in Could 2021 by Mr Al Sharif, Ms Shoman and Kamal Al-Samarrai, who initially bootstrapped the corporate.

They closed their first pre-seed spherical of $800,000 final yr, with traders together with Wamda, VentureSouq, Past Capital and regional angel traders.

The corporate not too long ago closed its newest bridge spherical — backed by world traders and enterprise capital firms — bringing the entire quantity raised to $1.2 million.

The brand new funding will likely be used to increase Verity, which might be downloaded on Google Play and the Apple App Retailer, in markets throughout the Mena area.

Up to date: September 19, 2022, 8:59 AM


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