Two legendary emcees are investing in the financial future of our youth. Kudos to Nas and Will Smith for teaming up to invest in a mobile banking app for teens.
The start-up company is called Step and its aim is to assist teens with financial literacy in various forms. According to TheJasmineBrand.com, here’s how it works, the app will be tied to a MasterCard, which allows parents to get oversight into their teen’s spending and as the teens grow, the services of the bank account grow with them.
Step CEO and founder CJ MacDonald stated why he created the app, saying, “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. Banks don’t tailor to this, and we want to be a solution teaching the next generation of adults to be more responsible with money in the cashless era. It was easy with cash to go to the mall but now everyone is using their phone for Uber and more.”
This is a good thing!