Dubai-based fintech Leap aims to improve youth financial literacy

New fintech start-up Leap has launched in the United Arab Emirates to improve financial literacy among teenagers and children.

New fintech start-up Leap has launched in the UAE

The Dubai-based start-up wants to improve youth financial literacy and money management skills, targeting the unbanked population of under-18s.

The app, which allows children to set savings goals, analyse spending habits and earn rewards, is currently available for children between the ages of six and 18 years old in the UAE, with plans to expand into Saudi Arabia and Egypt. Additional features are in the pipeline.

Leap is designed to incentivise responsible spending and saving habits and has separate portals for parents and their children. Once signed up, parents can transfer pocket money to their kids, track their kid’s spending habits and set tasks for them to complete.

Youngsters will receive a Visa prepaid card linked to their Leap account and the app features a ‘Savings on Autopilot’ function, which automatically rolls over any unspent money at the end of the week directly into the kids’ savings account. This feature is designed to motivate children to spend less during the week and hit their savings goal faster.

Leap co-founder and CEO Ziad Toqan says financial literacy is a “core life skill” which is not often taught to children.

“At Leap, we’re committed to changing this reality and empowering kids as young as six years old to understand, value and manage their money,” Toqan adds.

The Leap app is now available on the Apple and Android app stores, with a 90-day trial period.