It’s a Saturday morning. A child clears the breakfast dishes, proudly snaps a photo, and taps “done” on a colourful banking app. Seconds later, a notification pops up: task approved. A small reward lands directly in their junior account.

Across Kenyan households, this is becoming a familiar scene as parents turn to digital tools provided by banks to shape how their children perceive money—moving beyond the traditional piggy bank to interactive apps and structured savings products.

Linda Madaga, a mother of three, traces her need for financial inclusion to a gap in her childhood experience.

“Growing up I didn’t have many conversations with my parents on money, and I felt it was important to be intentional with my children about finances. I wanted them to understand how people earn and take care of money,” she says.

Linda has adopted a hands-on approach that blends with everyday experiences.

“We started with piggy banks, the physical one. Additionally, we reward them, through the Busara Banking App, for their accomplishments, for example, when they remove a tooth, they earn Sh1,000 as a reward, just to encourage them.”

Linda and her husband also integrate financial lessons into their routine family activities. “When we go to the supermarket, we give them the shopping list at the counter, and they’re the ones who pay or swipe the prepaid card,” she says.

Through such experiences, she notes that children begin to understand the practical concepts of money. They also have money conversations just to gauge how much the children know about money, debunk myths and cultivate a healthy relationship with money.

As parents, they have also been deliberate about securing their children’s financial needs. “We started early, about six months after they were born, through the insurance, the education policy. For the last four years we have become very intentional about securing our children’s future. We have a joint savings account for their school fees.”

Linda notes that piggy banks have been helpful in getting her children to be comfortable with handling cash.

“I encourage parents to have those conversations early with their children about financial literacy. They need to know why you go out and earn money and how you spend that money.”

Nuturing responsibility

A similar experience is shared by Kevin Dimba, also a father of three. For him, financial literacy is about equipping his children with the ability to make sound decisions independently. Kevin is keen on ensuring that financial responsibility does not become overwhelming later in life.

“I’m looking at situation where money decisions do not come as a shocker as they grow up in life. When money becomes too much when you’re older and you didn’t go through proper financial training and management, then chances of you making sound financial decisions become very difficult,” he says

When it comes to teaching his children, he also uses a reward-based system that is tied to each of his child’s effort and achievement. He also emphasises the need to give children autonomy in financial decisions. “We put money aside on their account so that they can make decisions of what they want. They learn to make decisions, prioritise needs and budget.”

Tailored banking products

Banks are recognising that financial literacy should start early, and many are introducing tailored products for children. These include junior savings accounts, goal-based savings plans and education policies that allow parents to save on behalf of their children.

Most of these offerings are designed to encourage the savings habit and help children learn the value of savings and financial responsibility from an early age.

Read: Teach children all about money and saving early

Recently, SBM Bank Kenya’s Busara Banking App has introduced an interactive financial education. The product is designed as a family-focused platform, with an app that enables children to learn to save, spend and understand money through a structured, everyday experience.

How does it work?

First, a parent and a child are connected through the app and their accounts are linked, but the parent is still in charge.

Next, the parent can give the child a chore. This could be something like cleaning the house, washing dishes, or even helping to wash the car. The exciting part is that the parent also adds a reward for completing the task.

When the chore is sent, the child gets a notification on the app. After finishing the task, the child can send a message back to the parent, either by clicking a button or even sharing a picture as proof.

Afterwards the parent checks if the job was done well. If they are satisfied, they approve it and just like that, the reward is sent to the child’s account. The reward is any amount of money the parent wishes, it could be as low as Sh100. The money goes directly to the child’s account.

The app is also fun, children can choose cool themes like dragons, marshmallows, and other playful designs which makes their experience exciting.

“Financial literacy is one of the most important life skills a child can develop. With the Busara Banking App, we are empowering parents to turn everyday family interactions into practical financial lessons that shape responsible habits early in life,” says Bhartesh Shah, CEO of SBM Bank Kenya.

Children have also been introduced to modern financial systems with features such as prepaid multicurrency cards and app-based monitoring. This are structured in a controlled and secure manner with the integration of digital tools that are significant in the cashless world.

Institutions such as I&M Bank, Co-operative Bank, Equity Bank, Gulf African Bank, Family Bank, and ABC Bank provide structured junior accounts designed to introduce minors to the basics of money management under parental supervision.

For instance, products like I&M Bank’s Young Savers Account and Co-operative Bank’s Jumbo Junior Account encourage the savings habit and help children begin their journey toward financial security.

Children events

Additionally, some banks are incorporating light elements of financial education through initiatives such as financial literacy days, children’s events, and goal-based savings structures.

Consequently, long-term financial planning is also shaping how parents approach their children’s future.

Benedicto Makena, Head of Life and Pensions at Kenya Orient Life Assurance, says families are turning to structured solutions that combine savings with protection. “We offer tailored life and education solutions designed to provide both financial protection and structured savings for families,” he says.

One such product enables parents to systematically save for their child’s future education while still enjoying life cover protection.

The plan guarantees education payouts, provides maturity benefits, annual cash benefits, including a child's birthday reward and includes protections such as accidental death cover, hospitalisation support, and premium waivers in the event of death or permanent disability of the policyholder. It also offers tax relief and access to policy loans for flexibility.

Mr Makena also notes that the uptake of education and life policies has increased post-Covid-19 since parents became more aware of financial security.

→ mrsitawa@ke.nationmedia.com

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