By providing a more accessible e-payment method minus the age and income requirements associated with banks, Spare aims to address the low banking penetration in the MENA region starting with the education sector.
The Spare platform connects between schools, stores on campus, parents, and students.
At Spare-enabled schools, parents can rest assured that their children have arrived at school safely, and are able to buy whatever they want without carrying any cash. Furthermore they can add limits to their child's account to promote healthy spending habits, and can keep track of their child's nutritional intake.
The on-boarding process is simple: parents download an app, pair their child's wristband, and recharge their account using cash at the school or using their credit card in-app.
The platform does not require a credit card nor a bank account, nor does it require any complex sign-up procedures; all you need to get started is a valid phone number and a quick visit to the app store.
On the long run, Spare aims to help drive economic growth and increase fiscal accountability by empowering users with e-payment regardless of their banking status. more