Listen Now: A Bank For Kids: Peruvian Wunderkind Launches Bank For Thousands
He’s a banker in Peru with two thousand customers and he’s only fourteen years old.
When he was just seven, Jose Adolfo knew he wanted to be in finance, so he started a bank for children. Jose thought up the idea when he saw his friends and classmates skipping lunch at school because they had spent what little money they had on toys. The point was driven home when he saw those same kids selling candy on the street and living in poverty.
So he came up with a way to teach them how to save and manage money. His clients are between the ages of ten and eighteen and are offered services that include loans and insurance, plus they can withdraw money from several banks using personal cards. They monitor their balances online and have to reach certain savings goals before they’re able to access it.
And he’s also helping children earn money by setting up school programs where children bring recycling, weigh it, and the money it’s worth is deposited into their bank account. So what have you done lately?
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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