From Piggy Bank to Family Banking: SBM Bank Kenya unveils Solution to Help Parents Raise Financially Savvy Kids

This is intended to nurture financial literacy, responsibility, and positive money habits among children.

By Precious KAVEZA Last updated Mar 18, 2026

SBM Bank Kenya has unveiled an innovative family-focused platform designed to empower children to learn to save, spend and understand money.

The Busara Banking App provides parents with a structured and secure platform to guide their children’s financial journeys through everyday learning experiences.

By combining technology with practical financial education, the app transforms routine family interactions such as chores, allowances, and savings goals into meaningful opportunities for children to develop healthy money habits.

Developed as part of the bank’s broader innovation agenda, the Busara Banking App enables parents to assign tasks or chores to their children and link them to rewards or allowances.

Once tasks are completed, parents can approve payments digitally, allowing children to earn, save, and manage money within a supervised environment. This interactive structure helps children understand the value of effort, reward, and responsible spending.

Speaking during the launch event, Bhartesh Shah, CEO of SBM Bank Kenya, said the initiative reflects the bank’s commitment to innovation and its long-term vision of supporting families in building financially empowered futures.

“Financial literacy is one of the most important life skills a child can develop. With the Busara Banking App, we are empowering parents to turn everyday family interactions into practical financial lessons that shape responsible habits early in life. At SBM Bank, we believe that building financial capability from a young age contributes to stronger families, more confident young people, and ultimately a more financially resilient society,” said Shah.

The world is adopting a cashless economy, in this regard, SBM Bank has a strong cards proposition for customers especially our youth and school going children. SBM Busara Banking App will allow parents to load a prepaid Multicurrency card in the child’s name.

This will enable ecommerce transactions conveniently through different currencies managed by the parent through the Mfukoni mobile platform. Commenting on the partnership and innovation, Shehryar Ali, senior vice president and country manager for East Africa and Indian Ocean Islands at Mastercard, noted that the solution reflects the growing importance of digital tools in shaping the next generation’s financial confidence.

“We are proud to collaborate with SBM Bank Kenya on this innovative solution that helps equip the next generation with essential financial skills. By complementing the Busara Banking App with a Mastercard prepaid card, we are enabling families to introduce children to the world of secure and responsible digital payments in a responsible and guided way.

Solutions like this demonstrate how technology and collaboration can help build financial confidence from an early age, while supporting broader efforts to advance financial literacy and digital inclusion across the region,” said Ali.

In addition to the chore-and-reward system, the Busara Banking App provides educational tips and age-appropriate financial learning content to support parents in guiding their children’s understanding of money. The platform shares simple insights on topics such as saving, responsible spending, goal setting, and the value of money, helping families have meaningful conversations about finances in an engaging and practical way.

The platform leverages the strength of the bank’s flagship digital banking platform, the SBM Mfukoni App, widely recognized as one of Kenya’s leading mobile banking applications. Through this integration, parents can seamlessly manage family finances, assign tasks, approve allowances, and monitor their children’s financial activity within the broader SBM digital ecosystem.

The innovation comes at a time when the bank is delivering strong financial momentum, having recently reported a profit before tax of KShs. 614 million for the year ended 31 December 2025, a significant turnaround from a loss of KShs. 1.6 billion in the previous year.

The initiative also reflects the bank’s broader strategy to deepen digital innovation and customer-centric solutions as it builds on its improving financial performance and continues expanding its payments ecosystem across the Kenyan market.