Zimbabwe’s largest Mobile Money transfer trading platform, Ecocash Chief Operating Officer Munyaradzi Nhamo has said their latest innovation of the junior Wallet will be monitored to avoid any manipulation and abuse of multiple accounts by parents and guardians.
Nhamo was answering the pertinent question on whether the system would not be subjected to abuse by allowing parents to register multiple wallets in children’s names, when he said all transactions undertaken using the service will be monitored to detect any potential manipulation of the service.
“Only parents are able to register a junior account for their children and they are the only ones allowed to deposit finances. The system or network functions in a way that allows parents only to deposit money into the junior wallet. No one else can. Siblings, extended family, friends are unable to do so. The move is meant to train children how to handle money from an early age.”
Ecocash brand new baby’s launch comes at a time when research has shown that imparting financial skills to children at a tender age before college or work will help them grow into adults who can achieve financial security and success.