The Pesacard is mainly targeted at students in boarding and in-school who receive regular cash transfers from parents or other caregivers.
According to CardPlanet’s website: “The product aims to provide a secure way of keeping money to youth, promote accountability and saving culture among youth and promote financial inclusion among youth.”
The Pesacard works similarly to ATM cards, where they are PIN protected and give students a secure way of keeping money.
Both parents and students register on the system, with each parent having an account linked to his/her mobile phone number.
Then each student is issued with a near field communication (NFC) smart card and PIN number linked to an account number where parents can load their mobile money accounts and transfer the money to their children using their phones via SMS.
The children can then access their money through a POS terminal device located at the school either as cash or by making payments.
“Our web-based application allows the school to register and manage the system. Parents can also check card balances. The issued card also bears the details of the student/child which can therefore be used the school identification card,” reads the website.
CardPlanet says the system is highly integratable with other third party platforms such as banking and loyalty programmes and it will not cost the school to have the system.
“There is no charge to the children not even for the transaction fee, but they will be required to pay for the cost of the card. Parents are however charged for the transaction fee when loading the cards.”