Hip-hop artist, Nas, and famous actor, Will Smith are both participating in a new business opportunity. Sensing a strong need for teenagers to learn more about fiscal responsibility, the duo has plans to invest in a financial app specifically aimed at the younger generation.
It’s an attempt to teach teenagers valuable lessons about money in a more entertaining way.
Nas and Will Smith are among eleven other individuals that are funding the development of the financial app being created by the Startup company called Step. Founder and CEO of Step, CJ MacDonald believes that “Schools don’t teach kids about money.
We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility.”
The Startup company is also partnering with Stripe, an American tech company out of San Fransisco, California that builds software for people and businesses to make and receive payments. With Stripe’s assistance, MacDonald hopes to “be a solution teaching the next generation of adults to be more responsible with money in the cashless era.”
First and foremost, the app will give teenagers access to bank accounts without requiring a minimum. This allows them to deposit small amounts of money from their first paychecks rather than having the cash burn a hole in their pocket as they wait to save up enough to open their own account.
The app won’t require any fees and it will also give financial advice on how to invest and use their hard-earned money. The app will be integrated with Apple Pay and also contain other money transfer services that will let teenagers send and receive money as well as pay for items online and in-store.
“Teens and parents are ready for a seamless mobile banking experience, one meticulously designed for their needs,” CEO CJ MacDonald said. “We’ve partnered with the best in the business to create the right solutions for the next generation.”
Back in March, another rapper, 21 Savage, conducted a workshop at a Georgia middle school in which he discussed how teenagers can make informed and smart decisions concerning their finances. He also joined forces with two other nonprofit organizations to help students in Atlanta with jobs and financial literacy instruction.
Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard, also believes Step’s app is a positive and innovative approach to teenage fiscal responsibility.
“Today’s young people are digitally savvy, having grown up with technology as a mainstay in their day-to-day lives,” Haymond says.
“Step has taken a thoughtful approach to develop an offering for teens and families that provides that first step in educating and acclimating today’s youth to help them gain confidence and awareness around their finances.”