Female-founded neo-bank Savii launches in Bahrain for Gen Z

Savii, a female-founded neo-bank for the unbanked Gen Z segment in the GCC, has launched their loyalty programme app in Bahrain after the close of its pre-seed.

The service was designed in collaboration with Gen Z representatives and months of market research in the MENA region and Bahrain. Its tagline is, “Designed by Teens, For Teens.” To support this mantra, it has a Youth Advisory Board.

Its first product is a loyalty app where teens can earn cash by recommending the product to their peers. Its next update will include a prepaid debit card and digital wallet so teenagers can spend their money online and in-store.

Savii co-founder Nichola Collinson said, “After talking to hundreds of teens across the region, we quickly realised Savii’s focus must be on giving them the financial independence they crave. Today’s youth want to take responsibility for their own finances, make their own decisions about how they spend and save and, as a by-product, learn through practice not theory.”

The app – available on the Apple and Google stores, will initially be available for teenagers aged between 13 and 18 in Bahrain.

Omaima Mosharaf, one of Savii’s Youth Advisors in Bahrain, said, “As Gen-Z, we are by definition “digital-ites” which means we spend a lot of time on the internet and social networks, keeping up with the latest trends and insights. We have learned some finance concepts through digital banking apps that our parents are on, and we’ve adapted quite quickly to them. However, there are certain challenges in our way of fully understanding and becoming financially independent.

“There aren’t as many consumer banking options for us, and a neo-bank like Savii is the first to speak to our generation and understand our needs.”

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