FinTech Female Fridays: Sabrina Lamb, CEO and Founder, Wekeza
Updated: Mar 20, 2020
In December 2005, you founded WorldofMoney.org which is an organization that provides financial literacy to adolescent children. How has this organization grown and how has this affected our educational system in the United States?
Since 2005, the WorldofMoney organization has impacted over 4,000 children (ages 7 -18) in the Tri-State New York City area. Our youth financial education mobile app is being used by our 26 U.S. programming partner schools and organizations; and globally, in Senegal, Rwanda, India, South Africa, China, Nigeria, Kenya, Ghana.
Why did you start WorldofMoney.org?
While attending a financial workshop for adults, I recognized that immersive youth classroom financial education did not exist. 15 years later, the WorldofMoney organization is still the only organization in the world which provides 120 annual immersive classroom hours of financial education for underserved children and youth.
What type of financial literacy programs do you believe should be in public schools in the United States?
Many teachers have shared that until they feel comfortable teaching financial education; they themselves need to be fluent in the subject. While it would be ideal for immersive financial education to be taught in public schools, overworked teachers first need academic support, real world application and holistic training.
Do you believe that there is a direct correlation between the United States debt and lack of financial education for adolescent children?
If the United States federal government was an individual, it is evident that that they don’t know how to manage their finances. The United States $22 trillion dollar debt is a macro reflection of the federal government’s inability to effectively manage money. While tax revenues continue to fall, Congress spends more money than it has; resulting in a historic deficit of about $1.2 trillion, and growing.
Wekeza is a company that you co-founded in 2017; it enables Africans to invest in US stock exchanges by purchasing fractional or whole shares; how do you think that the FinTech space will be changing underdeveloped economies in the next 5 years?
Over the next five years, democratizing access to financial services and products will continue to expand. Years ago, when so-called developed nations were immersed in a desktop computer revolution, citizens of African countries leveraged their mobile phones to perform all of their financial transactions. Thus, fintech enables cross and intra border economic prosperity through financial inclusion.
How does Wekeza application allow users to buy fractional shares?
The Wekeza app is now in beta. When published, customers need only download the app, search for their preferred company, research industry sector performance and view financial education videos. Then with a minimum of $10.00 invest in their preferred companies.
What is the demographic of a Wekeza customer and a Wekeza investor?
The average Wekezan resides in an African country or in the global diaspora. They recognize the importance of financial education before investing and are determined to own a fractional or whole share of their favorite companies whose products or services that they already consume.
An investor in Wekeza is patient and recognizes the tremendous FinTech growth opportunity occurring right now on the African continent. Our company welcomes investment.
Reach out to Sabrina on LinkedIn.