Bahrain Islamic Bank launches financial literacy program with Mastercard
By Leandra Monteiro
Bahrain Islamic Bank (BISB) has launched its ‘Future Leaders’ youth program, featuring the market’s first wearable wristband branded by Mastercard. Future Leaders is a prepaid solution for children and teenagers that enables parents to issue children’s allowances digitally, enabling better financial literacy for the children and more financial control for parents.
The digital allowance is stored securely on a wristband, ensuring access to a trendy and convenient wearable for kids from 7 to 18 years old. A prepaid card option is also available. The cashless payment solution allows kids to conduct transactions, manage their finances and track their spending on the go.
“At BisB we are incredibly proud to empower the next generation, enable them to learn key life skills and encourage an independent mindset through Future Leaders. We are delighted to collaborate with Mastercard as an innovative partner that ensures the payment technology is as safe as it is secure, ensuring our customers’ peace of mind. This program is an excellent example of how we can catalyze digital transformation in the financial sector by providing advanced innovations that truly transform our customers’ experience,” said Hassan Jarrar, CEO of Bahrain Islamic Bank.
“Accelerated digitization is all around us and research shows that contactless payments are here to stay. Wearable tech is also a growing segment, and while expecting at the very minimum a fast, secure and safe payment technology, we know that users – especially the young and digitally-savvy generations of tomorrow – will demand a seamless cashless payment experience. At Mastercard, we care greatly about financial literacy and inclusion, and seeing the youth increasingly more included and engaged in the Bahraini digital economy is really fantastic,” said J.K. Khalil, Country Manager, Saudi Arabia, Bahrain & Levant, Mastercard.
A Future Leaders prepaid account can be opened and activated by parents via BisB’s website or mobile app, for children between the ages of seven and 18 years. The solution is online, and NFC enabled, which can then be used to make purchases in stores as well as online via ecommerce. Parents can also receive notifications and transfer funds to children’s accounts.
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