Budget management can quickly become cumbersome for teenagers living far from their parents. In Nigeria, entrepreneurs have addressed this issue by setting up an interesting alternative.

Sproutly is a Nigerian fintech startup that allows teenagers to open savings accounts with attached debit cards and parental supervision. The startup, founded in 2021, by Pierre Nwoke (photo), Maxwell Agu, and Prince Akachi, is based in the US and Nigeria. 

Pierre Nwoke came up with Sproutly’s idea after he went through hell and high water to open a bank account for his underage brother who was preparing for university admission. “...it was one hell of a journey to open a savings account for him being underaged. We ended up doing so after one year and using one of my banks and my debit card for the entire period he was trying to open an account,” he explains.  

Pierre discovered that it was a challenge faced by many. So, he decided to find a solution for it. “We took about three months researching pre-existing viable options and alternatives people use currently, like digital banks offering something close to what we wanted to build, and it was an amazing, eye-opening journey,” he told Disrupt Africa. 

The startup has an Android and iOS app where teenagers can carry out their banking activities. It also has a mobile app to allow parents to monitor their kids’ spending and take preventive actions if needed. Sproutly also offers financial education and access to child-friendly loans and quick bailouts.  The start-up is also developing additional services like school workshops to train children on financial management.

Adoni Conrad Quenum