With technology swiftly permeating every aspect of life, the use of online payments and mobile wallets has risen significantly. And parents can now open mobile wallets and bank accounts for their children to teach them how to spend wisely for their future. Keeping up with this trend, EcoCash last week developed an innovative mobile money feature that allows parents to open a mobile wallet for their kids and keep track of their spending habits.
The EcoCash Junior wallet is a parent-controlled, cashless payment solution that provides a safe and reliable digital transaction experience that is fit for the ‘next generation’ of Zimbabweans.
The leading mobile money platform, which is owned by EcoCash Holdings Zimbabwe Limited, said it is committed to providing the best parental control cashless experience that is truly financially inclusive for children, and a nurturing platform that stretches beyond the digitization of payments.
“While there are some solutions available today that enable cashless transactions, EcoCash Junior Wallet is built by parents for parents, is extremely child-friendly and the first in Zimbabwe to enable both a parent and child to co-exist in a single mobile wallet platform,” said EcoCash.
How does EcoCash Junior wallet work?
Following months of intense research and development involving banking, finance, child development and mental wellness experts, the Junior Wallet has been designed to be not only parent-friendly but child friendly too while ensuring it complies with financial regulations.
To register for the wallet, which is targeting students aged between 9 and 18 years, parents simply need to dial:
1. *151# (ZWL wallet) or *153# (USD wallet)
2. Select Option 5 – Junior Wallet
3. Enter Child Information – First Name, Last Name, DOB, ID Number, MSISDN (Econet line)
4. Confirm Registration Details
5. Child will be activated, but parents will be required to attach the Know Your Customer (KYC) documents, such as a birth certificate of the child or any legal adoption papers, on the web portal for the account to remain active.
Tech-savvy parents can also visit www.selfcare.co.zw to complete the registration process.
Registered children can use the Junior Wallet to send and receive money, pay for goods and services, buy airtime and bundles, QR payments, Bureau de Change, pay bills, request money, conduct church payments, and have access to EcoCash App and the popular chatbot Thembie.
The wallet can be funded with either Zimbabwe dollars or United States dollars through cash-in, peer-to-peer transfers, or via bank-to-wallet transfers from the guardian/parent, who are enabled to freely monitor their children’s spending habits.
Although parents can upload unlimited funds into the Junior Wallet, there are transaction limits for payments which are ZW$35 000 per/day and ZW$240 000 per month, and up to US$175/day and US$700/month on the USD wallet.
EcoCash said the new mobile wallet not only gives parents control to reset pins but also makes it easy for them to track their children’s spending and help build their financial knowledge.
“Numerous studies have already confirmed that children as young as 7 years old are able to grasp the concept of money.
“With that in mind, parents need to take the lead on topics regarding savings, budgeting, and clever spending in modern-day society to ensure they raise individuals who are financially literate.
“Parents can impart wisdom to their children on how money should be managed in a consumer-centric era by allowing them to have access to mobile wallets, as children learn best through experience,” added the company.