Bahrain Islamic Bank (BisB) recently announced the signing of a joint agreement with Al Naseem International School to launch its innovative payment solution, Future Leaders, to students as a payment method. The cashless payment service designed for youth, allows parents to track and manage their children’s transactions through the provision of a prepaid card, and wearable wristband, which can be managed through the BisB digital application and website.
The prepaid card is NFC enabled, and can be used to make purchases in stores as well as online. The Future Leaders card comes with an optional wristband where payments can be made on the go without even using the card, whereby parents will swiftly get a notification through SMS for each payment process, and completed upon the entering of a One Time Password (OTP).
Commenting on the occasion, Chief Retail Banking, Ms. Dalal Al Qais, stated, “We are pleased to announce the signing of this Memorandum of Understanding with Al Naseem International School, as the first educational institute to implement Future Leaders as the main payment solution for students. This comes in line with our commitment to supporting parents in their endeavour to educate their children on financial independence, putting them on the path to financial acumen, and ultimately developing their saving skills.”
President and Executive Director of Al Naseem International School, Mrs. Sameera Al Kooheji, also noted, “We are pleased to foster this partnership with BisB, which stands as a step forward in our ongoing mission to put ‘students first’. This agreement supports our mission to lead the way in the educational sector, through the introduction of innovative technology to pupils. By introducing Future Leaders within the school, our students will be able to learn financial independence in a safe environment, with the added benefit of contactless transactions, benefiting their health and safety.”
The Bank’s partnership with Al Naseem International School comes in line with the Banks simplification strategy that aims to simplify the daily financial transactions of its customers, which was formed as part of the Bank’s strategic aim to contribute to the Kingdom’s 2030 Economic Vision. The Kingdom’s Digital Government strategy is a vital initiative under the 2030 Vision, which seeks to proactively enhance the digital readiness and digital environment of government and educational institutions by introducing new digital technologies and solutions. Through the use of prepaid cards and wristbands, students additionally stand to benefit from additional health and safety precautions afforded by contactless payment solutions while conducting transactions, in light of the ongoing Covid 19 pandemic.