An app from the UAE is revolutionizing how parents teach their kids about smart money habits and establish a credit score early on. Botim Money, a platform for UAE residents to send, manage, and receive funds, is introducing customizable features that let parents set spending limits, restrict certain purchase categories, and offer kids access to prepaid, multi-currency wallets, turning daily purchases into learning experiences.
“If your child wants to buy something, you can easily control what they are allowed to spend on,” said Dr. Tariq Bin Hendi, CEO of Botim’s parent company, Astra Tech, to Khaleej Times. “This gives parents greater control over their children’s spending and helps them see where the money goes. It’s an effective way to educate children on financial responsibility,” he added.
Dr. Tariq highlighted the app’s ability to build a credit score for children as one of its standout features. This financial connection between parents and children is a first for the app and is expected to be available in future updates. “In the banking sector, individuals in their mid-20s often struggle to get bank services due to a lack of credit history,” he noted.
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“These individuals can’t demonstrate financial experience, so we onboard their parents, who remain guardians.” He added that the app also aids parents in educating kids about financial literacy and saving. “Ultimately, the entire family integrates into the financial ecosystem in a novel way, which is a significant step forward for our community,” he remarked.
Addressing the needs of the unbanked
Beyond families, Botim tackles a significant issue for the UAE’s blue-collar workers: financial exclusion. Offering virtual IBANs, remittance services, and lending options, the platform opens banking doors for millions traditionally excluded. “Over 4 million people in the UAE are unbanked or underbanked,” Dr. Tariq stated. “We help them access the financial ecosystem, enabling credit, savings, and digital payments, thereby establishing their credit history from scratch.”
This ecosystem is crafted for both immediate use and long-term financial empowerment. Users beginning with simple remittances may later qualify for micro-loans, savings plans, and advanced financial products as their profiles grow. The company plans to incorporate AI-driven financial education directly into the app, teaching users—especially first-time borrowers—about repayment terms, budgeting, and saving in various languages. “Providing access to money isn’t enough.
We must ensure users understand responsible use,” he said. “Financial literacy is the cornerstone of inclusion.” Previously, the app linked to external financial education sources, but now it integrates interactive lessons directly. This, combined with real-time AI assistance, accelerates, personalizes, and enriches the learning experience.
Focusing on specialized services
Botim initially aimed to be a super app, but the strategy has shifted. “We no longer aim to be everything for everyone,” Dr. Tariq said. “Our focus is clear: excel in consumer finance rather than being a jack-of-all-trades.”
This strategic shift is yielding results. User engagement has more than tripled since the app’s major update. Users are spending more time on the platform and actively exploring its financial features more than ever. As the company considers international growth, decisions about organic expansion versus strategic acquisitions loom.
Yet, its mission remains steady: simplifying financial access and education for the “unbanked and underbanked” populations. “Our greatest achievement will be when a child, starting with a controlled allowance on our app, grows up with a robust credit profile, financial discipline, and full global economic access,” Dr. Tariq concluded.
