In the past two decades, Africa has made massive progress in financial innovation. From Kenya’s M-Pesa to Nigeria’s growing fintech ecosystem, adults across the continent now access banking and payments more easily. But one group has largely been left behind—children.
At over 400 million strong, children make up more than a third of Africa’s population. Yet, most only begin to learn about finance well into adulthood. Biobele Oyibo is trying to change that with her startup, Earlybean, a fintech platform that gives kids practical and fun financial education tools.
A Passion for Kids and Financial Education
Oyibo, who holds a Master’s in International Business and Disruptive Innovation from Hult International Business School, was driven by two personal passions: children and financial empowerment. After experiencing financial missteps as a young adult, she saw an opportunity to make financial literacy a part of children’s early education.
“I’ve always loved kids… and I realised financial literacy isn’t something most of us were taught,” she explains.
How Earlybean Works
Launched in 2023, Earlybean is designed for kids aged 6 to 17. Its mobile app blends financial education with real-world money tools. Kids earn, save, spend, and learn through:
- Gamified lessons on saving, budgeting, and investing
- Quizzes and videos to explain financial concepts
- A mobile wallet connected to a parent-funded account
- Wearables and contactless cards for real-world transactions
Through these tools, children can earn money by completing chores or recycling activities, then use their cards or wristbands to make purchases—usually within partnered schools or approved vendors.
Parents stay involved too. They can monitor transactions, set limits, and create sub-wallets for different children. Earlybean’s school-first approach helps build trust, integrate learning into daily life, and promote transparency.
Scaling Impact Across Africa and the GCC
Earlybean currently serves over 10,000 users in Nigeria and is actively expanding across Africa and into the Gulf Cooperation Council (GCC) region. With over 60 million private school students across both markets, the opportunity is huge.
“We estimate a $3.3 billion market just from private school students transacting small amounts yearly,” Oyibo notes.
To support this growth, the team is part of accelerators like Techstars Founder Catalyst, Stanford Seed, and Orange Corners.
Programs and Revenue Model
The company also runs the Earlybean Teen Accelerator Program (eTAP), a summer boot camp that teaches money skills and entrepreneurship.
Earlybean earns revenue through transaction fees, wearable sales (₦6,000 wristbands and ₦2,000 cards), and school partnerships. A $500,000 pre-seed raise is underway to scale development and operations.
Challenges and Competition
Still, the road ahead won’t be easy. Earlybean competes with both banks offering passive kids’ accounts and edtech platforms like Money Africa Kids. And while private schools offer a good entry point, affordability and trust may limit adoption in some regions.
Moreover, digital banks like Kuda may eventually target younger users, increasing pressure on Earlybean to retain its edge in innovation and user experience.
