JazzCash, Pakistan’s leading fintech, has launched the country’s first-ever digital account for teenagers, the ‘JazzCash NextGen Account’. This account will allow adolescents between the ages of 12 and 17 years to receive their pocket money and make all their payments digitally.
The JazzCash NextGen account will give young account holders access to the digital wallet for online payments, QR Payments, topping up their mobile balance, and for many other JazzCash services.
Unlike the cumbersome bank account opening process which requires several documents and visits to bank branches, the activation process for JazzCash NextGen Account will require only one brief visit to any JazzCash biometric agent, alongside the minor’s parent/guardian with their B-form details. Once the minor turns 18, they will be able to convert their JazzCash NextGen account to a conventional JazzCash account using their own CNIC.
Building on JazzCash’s existing partnership with the State Bank of Pakistan (SBP) in promoting financial literacy amongst the youth, JazzCash, through its PomPak program, believes its NextGen initiative serves to advance the National Financial Inclusion agenda. The continued synergy between the SBP and JazzCash holds immense potential to serving towards financial inclusion in Pakistan, through leaps and bounds.
“The younger generation makes up a significant portion of the local population and is quite familiar with technology and devices. JazzCash is the No. 1 fintech in Pakistan, and we are proud to provide an early life banking solution for teenagers, to teach financial literacy and responsibility firsthand – a crucial life skill in today’s times”, said Erwan Gelbart, CEO JazzCash.
This demographic of school and college-going students are digital natives and introducing them to digital financial services at an early age not only gives them financial literacy but also empowers them to learn and experience fiscal management and sensible purchasing of goods. Various other services will be launched under this new initiative in the future.