JazzCash has developed the ‘JazzCash NextGen Account,’ which is the country’s first digital account for teenagers. Adolescents between the ages of 12 and 17 will be able to get their pocket money and make all of their payments digitally using this account.
Young account holders will be able to use the digital wallet for online payments, QR payments, topping up their mobile balance, and many other JazzCash services with the JazzCash NextGen account.
Unlike the time-consuming process of opening a bank account, which requires multiple documents and visits to bank branches, the JazzCash NextGen Account activation process will only require a single visit to any JazzCash biometric agent, along with the minor’s parent/guardian and their B-form details.
JazzCash thinks that its NextGen effort advances the National Financial Inclusion mission by building on its existing cooperation with the State Bank of Pakistan (SBP) in fostering financial awareness among the youth through its PomPak programme.
“The younger generation accounts for a large share of the local population and is well-versed in technology and electronics. JazzCash is Pakistan’s No. 1 fintech, and we’re happy to offer a pre-teen banking solution that teaches financial literacy and responsibility firsthand – a critical life skill in today’s world,” said Erwan Gelebart, CEO of JazzCash.
This generation of high school and college students are digital natives, and exposing them to digital financial services at a young age not only provides them with financial literacy, but also allows them to learn and practise fiscal management and prudent purchasing.
