Mumbai, 12 May 2023: A penny saved is a penny earned. Parents would do well to explain the meaning of this phrase and inculcate the habit of savings in their children at a very young age. For that banking needs to be made fun-filled for kids. While having a minor savings account is a great way to begin with, children need be engaged.
In this context, Fino Payments Bank (“Fino Bank”, “The Bank”) today announced that it has joined hands with BrainGymJr, an Edtech focused on brain development activities for kids. The association aims to help the Bank’s Bhavishya minor savings account holders improve Math, English, and real-world skills using BrainGymJr’s puzzles and audio stories.
BrainGymJr, a subscription-based EdTech platform through an online application is a child development initiative. It supplements academia by helping children of any age group sharpen their logic, reasoning, language, and maths skills with simple real-life examples.
Fino Bank’s Bhavishya, a subscription-based savings account for minors aged between 10 to 18 years is aimed at making children banking ready by inculcating the habit of savings from a young age. Introduced in 2020, Bhavishya accounts comprise almost 9% (over 6.5 lakhs) of the Bank’s total CASA base of 75 lakhs as of 31 March 2023.
The association with BrainGymJr is expected to boost the minor account base of the Bank, both through new customers as well as renewal of existing subscriptions.
Major Ashish Ahuja, Chief Operating Officer, of Fino Payments Bank said, “India has one of youngest populations globally with an average age of around 30 years. With over 74% of the 444 million children aged between 0-18 years, estimated to be residing in villages, our strong reach in rural India is aptly suited to introduce banking to this young segment. Increasing smartphone usage and improved connectivity in rural areas is an added advantage to tap this segment. With improved engagement through initiatives like our partnership with BrainGymJr, we expect to double our minor account base in the next 12-18 months. We believe our joint efforts with BrainGymJr will go a long way in making children financially well-aware and responsible citizens.”
“Very few institutions understand the scale, diversity, and depth of India like Fino Payments Bank does. We, at BrainGymJr, admire their ability to give best-in-class solutions to every Indian and are excited to be attached to Fino Bhavishya Savings Account for children. With BrainGymJr, every child who has the Bank’s Bhavishya account has an opportunity to access customized puzzles and audio stories to build Math, English, and Real-World Skills on a daily basis. These brain development exercises are aimed at strengthening their aptitude and making them future-ready” said Ms. Sonia Notani, Co-founder & CEO, BrainGymJr.
Fino Bank understands the importance of keeping children engaged that helps them develop a liking for banking. The BrainGymJr initiative ensures the Bank’s minor account holders fresh exercises to be solved daily, thereby making it a habit. This is positively reinforced through timers, badges, leader boards, and overall progress across levels keeping the engagement and excitement on.
The Bhavishya account can be opened only through the eKYC mode. With this association the new to banking (NTB) minor savings account holders’ get 3-month free access to BrainGymJr’s range of brain development activities on a daily basis. The existing Bhavishya customers on renewal of their accounts will get one-month free access.