Fino Payments Bank, a leading provider of payments and banking solutions in India, has announced its partnership with BrainGymJr, an EdTech platform focusing on brain development activities for kids. The association aims to help the Bank’s Bhavishya minor savings account holders improve Math, English and real-world skills using BrainGymJr’s puzzles and audio stories.
The collaboration with BrainGymJr is expected to boost the minor account base of the Bank, both through new customers as well as renewal of existing subscriptions. Fino Bank understands the importance of keeping children engaged, which helps them develop a liking for banking. The BrainGymJr initiative ensures the Bank’s minor account holders new exercises to be solved daily, thereby making it a habit. This is positively reinforced through timers, badges, leader boards and overall progress across levels keeping the engagement and excitement on.
Fino Bank’s Bhavishya is a subscription-based savings account for minors aged between 10 to 18 years. It aims at making children banking-ready by inculcating the habit of savings from a young age. Launched in 2020, Bhavishya accounts comprise almost 9% (over 6.5 lakhs) of the Bank’s total CASA base of 75 lakhs as of 31 March 2023.
The Bhavishya account can be opened only through eKYC mode. With this association, the new to banking (NTB) minor savings account holders get 3-month free access to BrainGymJr’s daily range of brain development activities. The existing Bhavishya customers, on renewal of their accounts, will get one-month free access.
Commenting on the partnership, the Chief Operating Officer of Fino Payments Bank, Major Ashish Ahuja, said:
India has one of youngest populations globally with an average age of around 30 years. With over 74% of the 444 million children aged 0-18 years estimated to reside in villages, our strong reach in rural India is aptly suited to introduce banking to this young segment. Increasing smartphone usage and improved connectivity in rural areas is an added advantage to tap this segment. With improved engagement through initiatives like our partnership with BrainGymJr, we expect to double our minor account base in the next 12-18 months. Our joint efforts with BrainGymJr will go a long way in making children financially well-aware and responsible citizens.
BrainGymJr is a subscription-based educational technology company that supplements academia by helping children of any age group sharpen their logic, reasoning, language and Maths skills with simple real-life examples. It offers online exercises in engaging formats, such as crosswords and grid questions, based on core concepts of Mathematics, English, and real-world skills.
Co-founder & CEO of BrainGymJr, Sonia Notani, added:
Very few institutions understand India’s scale, diversity and depth as Fino Payments Bank does. We at BrainGymJr, admire their ability to give best-in-class solutions to every Indian and are excited to be attached to Fino Bhavishya Savings Account for children. With BrainGymJr, every child with the Bank’s Bhavishya account can access customized puzzles and audio stories to build Math, English and Real-World Skills daily. These brain development exercises aim to strengthen their aptitude and make them future-ready.