A groundbreaking app in the UAE is transforming how parents teach their children about financial responsibility while also addressing financial exclusion for the unbanked population. Botim Money, a platform already popular for money management, has introduced customizable controls that allow parents to set spending limits, restrict purchase categories, and provide access to prepaid, multi-currency wallets for their children. This innovative feature turns everyday transactions into valuable lessons in financial literacy. Dr. Tariq Bin Hendi, CEO of Astra Tech, Botim’s parent company, emphasized that the app empowers parents to monitor and guide their children’s spending habits, fostering long-term financial discipline. Additionally, the app enables parents to build a credit history for their children, a feature set to roll out in future updates. This is particularly significant as many young adults struggle to access banking services due to a lack of credit history. Beyond family use, Botim is also tackling financial exclusion among the UAE’s blue-collar workforce. By offering virtual IBANs, remittance services, and borrowing options, the app provides millions of unbanked individuals with access to essential financial tools. Dr. Tariq highlighted that over 4 million people in the UAE are unbanked or underbanked, and Botim aims to integrate them into the financial ecosystem. The app’s long-term vision includes embedding AI-powered financial education directly into the platform, offering interactive lessons in multiple languages to enhance users’ understanding of budgeting, savings, and responsible borrowing. Botim is shifting its focus from being a super app to specializing in consumer finance, a strategy that has already tripled user engagement. With plans for international expansion, the company remains committed to making financial access and education more accessible, safer, and smarter for underserved populations.
UAE: Parents can set kids’ spending limit, restrict buying categories via new app
