Savii, the financial platform designed for teens and young adults, has announced its official product launch in the UAE. The Savii banking app and Visa prepaid card allows teenagers and young adults to make payments independently. Additionally, it relieves parents of the anxiety of giving them premature access to their own credit card.
Jane Harvey, co-founder and CEO of Savii commented: “If you are a parent, giving your teens some financial responsibility early on is a smart move. They’ll get to flex their money management skills, like budgeting and saving. This will be in addition to learning the value of a dirham and begin to appreciate the consequences of overspending.
“And yes, they may make small mistakes along the way, but that’s all part of the journey, right? By the time they’re adults, they’ll be more confident with their finances which will boost their overall confidence and independence.”
With the newly launched Savii app, parents can now send money to their teens instantly. This will make the distribution of monthly allowances a lot easier. Savii allows parents to view all the transactions made by their children giving them further peace of mind.
The app is accompanied by the Savii card. This is a numberless Visa payment instrument which means all card details are stored securely in the Savii app. Furthermore, the numberless card feature eliminates the risk of personal card information getting disclosed if the card gets lost or stolen, and the card can be paused or blocked at the click of a button in the app.
Nichola Collinson, co-founder of Savii added: “We have designed a product with the worries and concerns of the parents in mind. We managed to bring to the market a product that will bring financial independence to the teenagers. Meanwhile, parents can be at peace that the systems in place are designed to protect the identity and financial security of their kids. We partnered with the best in the market at Visa to create a truly secure card.”
Alex McCrea, Visa’s vice president, head of strategic partnerships and ventures for Central Europe, Middle East and Africa, said: “At Visa, we understand the importance of empowering the next generation with the tools they need to independently manage their finances. Our partnership with Savii will provide young adults in the UAE with the freedom and flexibility to make purchases. Additionally, they can build their credit history, and take control of their financial future.
“We are delighted to partner with Savii as part of our pledge to enabling financial inclusion for everyone, everywhere. Consequently, we are confident that this partnership will make a positive impact on the lives of young people in the region.“
Savii’s product roll-out in the UAE is the first of a series of regional launches. The rest are set to be announced in the coming months.