Source: Earlybean Instagram

Financial literacy is often considered a skill best learned in adulthood, but one Nigerian startup is challenging that notion. Earlybean, a fintech company founded by Oyibo, is on a mission to help African children develop healthy financial habits from an early age—long before they encounter the complexities of adult life.

Why Earlybean Exists

For Oyibo, the journey toward founding Earlybean was deeply personal. A graduate of Hult International Business School with a Master’s in International Business and Disruptive Innovation, she had spent over a decade in marketing, creative, and strategy roles, even founding two businesses along the way. Yet, despite her success, financial literacy did not come easy.

“I became an adult and discovered I had to figure out my finances myself,” she says. “I had also experienced poor investments and realized many of my friends faced similar challenges.”

This realization sparked an idea in 2020: create a simple savings app for kids. But conversations with parents and children revealed a bigger need—education, discipline, and empowerment.

Biobele Oyibo, Co-founder and CEO Earlybean

The Earlybean Solution

Launched in 2023, Earlybean is more than a savings app. It is an ecosystem designed for children aged 6 to 17, combining gamified financial education with real-world money management tools.

• Gamified Learning: Kids learn concepts like saving, budgeting, and investing through interactive games, quizzes, and video lessons.
• In-App Wallet: Enables children to manage money sent by parents or earned through chores.
• Wearables & Cards: Affordable tools (₦6,000 wristbands and ₦2,000 cards) allow kids to make real-world purchases at approved vendors.

More Than Money: Teaching Value

The platform goes beyond traditional financial literacy. Through recycling programs, children can turn plastics into points or money, reinforcing lessons on value exchange and environmental responsibility.

Growth and Market Opportunity

Earlybean has already attracted 10,000 users in Nigeria and is gearing up for expansion across Africa and the Gulf Cooperation Council (GCC). With over 60 million private school students in Africa and a growing demand for financial literacy tools, the market potential is enormous.

Participation in programs like Techstars Founder Catalyst, Stanford Seed, and Orange Corners has helped Earlybean refine its model and build relationships in new markets.

Revenue and Sustainability

The startup earns through:

• Transaction Fees: On all in-app and wearable payments.
• Hardware Sales: Wristbands (₦6,000) and cards (₦2,000).
• Premium Programs: Such as the Earlybean Teen Accelerator Program (eTAP), a boot camp teaching entrepreneurship and advanced money skills.

Currently, Earlybean is raising $500,000 in pre-seed funding to accelerate growth, enhance product features, and hire top talent.

Challenges Ahead

Despite its progress, Earlybean faces hurdles:

• Competition: From banks offering children’s accounts and other financial literacy platforms like Money Africa Kids.
• Affordability Concerns: While private schools seem like a promising entry point, many families in these schools are not necessarily affluent.
• Scaling Partnerships: Gaining trust and access across diverse education systems in Africa and GCC.

Why Earlybean Matters