Earlybean

We are solving the critical issue of widespread and escalating financial illiteracy in Africa. In key African nations like South Africa, Tanzania, Kenya, and Nigeria, financial literacy rates are alarmingly low, with recorded percentages standing at 42%, 40%, 38%, and 26% respectively. This is in stark contrast to European countries where financial literacy rates range between 65% to 75%. This lack of financial knowledge and poor money management habits are frequently passed down from generation to generation, creating a cycle of financial vulnerability and exposing individuals to financial difficulties in adulthood. 

Consequently, individuals in developing countries frequently find themselves ill-equipped to handle financial challenges. Lacking resources and financial literacy, they often resort to detrimental tactics such as borrowing at exorbitant interest rates, engaging in gambling, falling prey to Ponzi schemes, and participating in fraudulent activities. These actions not only intensify their own financial strain but also pose risks to the stability of the broader economy. Given Africa's sizable youth population, which accounts for 60% of the total population, combined with a rapidly expanding child population expected to reach 400 million by 2026, and the widespread financial illiteracy and economic instabilities, prioritizing financial literacy has become critical, as it forms the bedrock of the journey to financial security and economic prosperity. 

We’ve created a solution that combines abstract learning, game-based learning and practical application of money management skills, for kids. 

While most Fintechs seem to be focusing on savings and wealth management apps for adults, in a bid to solve the problem, we believe a more sustainable solution is to start from the grassroot, through financial literacy for kids. So, we built Earlybean, a learning - focused finance app that helps kids and teens learn smart money skills through hands-on money management, interactive courses, quizzes and games - while providing their parents and guardians with tools to guide and monitor their kids' financial journey. 

The app allows parents to save on behalf of their kids, automate allowances, set and reward their kids for tasks, and assign financial lessons to their kids, while letting kids earn from tasks/chores, save towards goals, engage in financial games and complete financial lessons. 

By combining an engaging mix of educational content, games, we are not only imparting financial knowledge, but also ensuring increased understanding and assimilation.

Our solution targets floating-middle to upper-middle class families in Africa, starting with Nigeria. 

More specifically, we are targeting intentional parents and guardians who are proactive about their children's education and holistic development. Parents that are actively seeking tools and resources to supplement traditional education with practical life skills. 

For our younger segment, we are targeting children in their tween and teen years, particularly those who have access to a device and internet at home. By targeting this age group, we acknowledge the significance of reaching kids during their formative years, where they are not only receptive to learning but also beginning to make decisions that will shape their future habits.

Our deep understanding of the challenges faced by African communities stems from our personal connection – we, the co-founders of Earlybean, all grew up in Nigeria. Witnessing firsthand the struggles of financial illiteracy, particularly during economic hardships, fueled our passion to empower the next generation. These lived experiences equip us with an intimate grasp of the cultural, social, and economic factors shaping financial behavior.

Earlybean isn't just an app for these communities; it's built with them. From the beginning, we've fostered an ongoing dialogue with parents, educators, and children - starting with our very first set of users who literally joined us after seeing a crude product demo and completing a short survey highlighting the biggest needs they would want an app like Earlybean to solve. Their valuable insights shape everything from the user-friendly interface to the engaging content, ensuring the app's relevance and accessibility.

Beyond our shared background, Earlybean boasts a diverse team: Biobele, driven by her own career transitions, champions education and financial literacy. Tomiwa, with a design background informed by his work in low-income communities, crafts user-centric functionality and experience. Ari's relentless problem-solving and technical expertise helps Earlybean offer a safe and secure learning environment.

This commitment to the community extends beyond our founding team. We've assembled a team with expertise in education, finance, and technology, ensuring a holistic approach. Schools and local organizations like Chess in Slums and Dream Catchers Academy are our invaluable partners. Their continuous feedback directly influences app updates and features, allowing us to tailor Earlybean to the specific needs of children and families.

Through our collective experiences, cultural connections, and unwavering community focus, Earlybean is uniquely positioned to break the cycle of financial illiteracy. We empower children from the ground up, fostering financial literacy and building a brighter future for African communities.

We currently have a live product, which we launched in public beta in October 2023, after testing in private beta for around 6 months.  So far, we have over about 2000 signups, 800 active users, with at least 30% of them paying us by virtue of deposits held in their accounts and an 85% 3-month user retention rate. Our financial literacy courses have been streamed for around 50k mins, with an average completion rate of 38%, we’ve educated around 1,800 kids and worked with more than 20 institutions. While we are still iterating and working to gain more traction, this is evident market need and availability for us. 

We believe very strongly that we are on to a blue ocean with our solution, seeing it as a unique opportunity in an untapped market - with huge potential. However, we are currently operating on a lean scale, which we believe is the reason for our modest growth. Joining Solve will give us the opportunity to scale rapidly, by giving us access to network, community, industry and enablers that can help us grow. Additionally, for us, impact is key - as such, we are keen to leverage Solve’s support in building an impact measurement practice.

Presently, conventional methods for instilling financial literacy in children primarily revolve around physical piggy banks, cash allowances, and reliance on the informal bank of mum and dad - who disburse and keep money for their children on a need-to basis. However, these approaches often lack lasting impact and educational depth. Earlybean disrupts this current reality by introducing a comprehensive financial literacy platform tailored specifically for kids and teens. Our solution seamlessly integrates into their daily routines, transforming mundane activities into valuable learning experiences.

By employing interactive spending exercises, quizzes, games, and user-friendly courses, Earlybean offers an immersive learning environment that equips young individuals with practical financial skills. Unlike traditional methods, our platform goes beyond basic money management, fostering a deep understanding of financial principles essential for navigating the complexities of the modern world.

For decades, various stakeholders across educational, governmental, and private sectors have emphasized the significance of financial education for youth. However, despite widespread acknowledgment of its importance, effective implementation has often been lacking. Earlybean represents a pivotal shift in addressing this gap, serving as a catalyst for increased attention and proactive engagement from stakeholders.

By spotlighting the problem and showcasing a viable solution, startups like Earlybean play a crucial role in driving broader positive impacts within the sector. Through collaborative efforts and innovative approaches, we have the potential to reshape the landscape of financial education, empowering future generations with the knowledge and skills necessary for financial success.

At Earlybean, our mission is clear: to equip kids and teens with vital financial literacy skills while providing parents and guardians with the necessary tools to guide and monitor their children's financial journey. We firmly believe that by offering a learning-focused finance app, we can instill smart money habits in young individuals, effectively combating the issue of financial illiteracy among the youth, and financial difficulties later in life. 

Our approach includes providing hands-on money management experiences tailored for children and teenagers. Through a combination of interactive courses, quizzes, and games, we engage users in practical learning exercises aimed at promoting financial responsibility and decision-making skills. By making finance education enjoyable and accessible, we aim to foster a positive attitude towards money management from an early age.

The immediate outcomes we expect include increased engagement with financial concepts, enhanced understanding of money management principles, and the cultivation of critical thinking skills related to financial decision-making. These outcomes serve as the foundation for our broader objective of nurturing financial literacy among our target demographic.

Looking ahead, we anticipate substantial and lasting impacts from our solution in combating financial illiteracy. By arming young individuals with smart money habits and a solid foundation in financial literacy, we aim to empower them to make informed financial decisions throughout their lives. This, in turn, can lead to favorable outcomes such as improved financial well-being, reduced debt burdens, and increased economic stability for future generations.

Our approach is backed by research demonstrating the significance of early financial education in shaping long-term financial behavior. Studies indicate that individuals who receive financial education at a young age are more likely to exhibit responsible financial habits later in life. Additionally, ongoing evaluation of our app's effectiveness and feedback from our target demographic provide further evidence of our impact on enhancing financial literacy among children and teenagers.

In essence, our efforts at Earlybean are geared towards bridging the gap in financial literacy, starting from the grassroots, kids and teens. Through engaging and effective financial education, we are confident in our ability to make a meaningful and enduring contribution to the financial well-being of future generations.

We aim to become a pivotal force in transforming financial education for children and teens in Africa. We aim to become the go-to ecosystem for families, looking to boost their kids' financial know-how; schools, educators and communities looking to integrate financial education into their program; and financial institutions looking to enhance their finance products for kids and families. 

Our goal is to impact 2 million kids and parents, across 500,000 households in Africa, with the tools they need to develop smart money habits, and drive better personal and family financial management. 

Currently, we track this impact through app engagement, number of kids we have taught beyond our mobile app. More specifically, we track the number of minutes streamed in financial courses, course completion rate, quiz pass rate and user retention rate. We also track the number of kids we directly go out to teach our curriculum in both schools and communities. 

Our solution's foundation lies in strategically incorporating principles of learning science into product development. We meticulously integrate established learning methodologies, including abstract, experiential, and game-based approaches, to facilitate knowledge acquisition, skill enhancement, and long-term retention. This ensures both the efficacy and impact of our solution.

Cognitive development considerations play a crucial role in shaping the structure of our courses. We understand that different age groups have varying cognitive abilities. As such, our content is designed to align seamlessly with these developmental stages. Currently our courses are split into two categories; pre-teens (6-12) and teens (13-17). In terms of delivery, we provide more visually stimulating elements for younger children and range to more complex scenarios for older kids and  teens.

To make learning not just informative but enjoyable, we've embraced game-based learning strategies. These interactive games not only serve as a source of entertainment but also stimulate critical thinking and decision-making skills, contributing to a well-rounded educational experience.

Practical learning is at the very core of our approach and this is where our financial features play a crucial role. Features like task-based allowances and goal-based savings are designed to teach kids the value of money and instill positive financial habits, like saving and investing- in them from a young age.

We leverage the use of quizzes and interactive assessments to gauge understanding and reinforce key concepts. Real-time feedback allows users to track their progress, giving them a sense of accomplishment and motivation to continue learning.

By aligning with established learning principles, we aim to not only impart financial knowledge but also nurture a positive and lasting impact on the learning journey of our young users.

• Full time: 5

• Part time: 5

• Contractors: 1

Since inception, 4 years. However, we went live with our product in February 2023.

Diversity, equity, and inclusivity (DEI) is a fundamental aspect of our identity and operations as a Nigerian company. With a founding team that has multicultural backgrounds from minority tribes in the south-south and south-west regions of Nigeria, we have firsthand, deep-rooted understanding of our complex societal fabric and appreciate the rich cultural and socioeconomic diversity of our country. This understanding guides our commitment to DEI in all aspects of our work.

We prioritize hiring locally, boosting economic opportunities and ensuring our team mirrors Nigerian society. This diverse team brings valuable perspectives to developing a financial literacy app like Earlybean, ensuring our solutions are innovative, relevant, accessible, and inclusive, catering to the needs of all Nigerians, regardless of socioeconomic background.

Our commitment to DEI goes beyond hiring. We design Earlybean to be accessible and inclusive, catering to everyone's needs and learning styles. We strive for a user experience that is equitable and respects all backgrounds.

Our approach to DEI is not about meeting quotas or ticking boxes. It's about recognizing and embracing the strength in diversity, ensuring equity in access and opportunities, and fostering an inclusive culture that respects and values everyone's contribution. 

Our value proposition is to provide a comprehensive learning-focused finance app designed to enhance financial literacy and responsibility among kids and teens. Our app offers an engaging and interactive way for young users to learn about money management and begin their journey towards financial independence. We achieve this by giving them access to a variety of educational resources, including interactive courses, quizzes, games, and tools to earn, save, invest, and spend.

We understand the importance of parental involvement in our users' learning journey. As such, we cater to parents or guardians by offering features within the app that allow them to monitor their children's progress, set financial goals, assign allowances and tasks, as well as provide guidance.

Currently, our platform is free to access, and we generate revenue through interest income earned on user deposits. However, we plan to launch a subscription model in the near future. This model will provide users with the option to pay a premium to unlock additional features, such as advanced courses, higher interest rates, gadget protection, and more.

By offering a comprehensive financial literacy solution tailored for both children and their parents, we aim to instill smart money habits and financial responsibility from an early age. Our interactive and engaging approach addresses a crucial need in our target market, empowering families to take control of their financial futures.

Customer-centricity: We prioritize our users' needs to foster consistent usage and user retention. We actively solicit feedback through various channels, including our in-app tool, community town hall sessions, and regular Net Promoter Score (NPS) assessments. By closely listening to our users, we ensure that our product is tailored to their preferences, ultimately driving usage and revenue opportunities for us.

School partnerships: We aim to capitalize on existing channels frequented by parents, such as schools, to expand our reach. Our approach involves offering Earlybean access as an optional component of school fees or through our extra-curricular financial literacy club, enhancing accessibility for families and educators alike.

Community partnerships: We collaborate with grassroots communities and non-profit organizations to extend our impact. By providing children within these communities with dedicated bank accounts managed by community leaders, we facilitate donations and funding efforts from the public. Currently, we are engaged with communities like Chess in Slums and Dream Catchers Academy.

Enterprise partnerships: We are looking to form alliances with medium-sized businesses and startups to promote Earlybean as an employee perk, with a focus on working parents. This strategic alliance seeks to increase employee retention by providing important resources for their children's financial education.

Sponsorships: Our objective is to secure sponsorship funds from developmental organizations and corporations to support our outreach efforts, content development initiatives, and corporate social responsibility activities. These sponsorships enable us to amplify our impact and further our mission of promoting financial literacy among children and teens.