In the vibrant fabric of South African society, a transformative trend is weaving its way through birthday parties and baby showers. No longer confined to toys or one-off vouchers, a new generation is embracing the concept of gifting that has a lasting impact—investments in a child’s future. At the heart of this subtle but significant movement is a local fintech platform known as Squirrel Away, led by the experienced Sibongile Maputla, who is challenging the traditional notions of financial inclusion.
Maputla’s motivation to create Squirrel Away stemmed not from a sterile market analysis but from an intimate reflection on her journey as a mother. After years of witnessing many families, particularly those within Black communities, struggle against the barriers to financial growth, she found herself asking, What are we giving our children? Her quest for an answer birthed a platform that promises not just accessibility, but a communal pathway towards investing.
Designed with simplicity in mind, Squirrel Away allows South Africans to make low-cost contributions into exchange-traded funds (ETFs) with as little as R10. Users can open an account in minutes with no complicated applications, branches, or financial jargon to navigate. This user-friendly experience mirrors the familiar customs of gifting, effectively transforming traditional occasions like birthdays and Christmas into moments of financial empowerment.
Imagine this: a mother sets up a Squirrel Away profile for her child. Family members—uncles, aunts, cousins—can easily join in, contributing to a growing investment portfolio. For instance, one satisfied user shared how her son’s pooled gift from family and friends amounted to R4,800. “He won’t understand it now, but when he’s older, we’ll show him. This is what we started for you,” she promised. Such moments not only provide financial benefits but also open doorways to conversations about financial literacy that could change families’ financial habits for generations to come.
In an innovative twist, Squirrel Away integrates the act of investing into the everyday rituals of family life, easing the psychological hurdles often associated with financial planning. Rather than requiring users to become financial experts overnight, the app meets them where they are attuned—at birth celebrations and festive gatherings—redirecting the meaning of gifting towards a future-oriented mindset.
Community participation is equally fostered within the platform. Squirrel Away thrives on a social impetus, encouraging families to collaboratively contribute to their children’s investment journeys. Through casual discussions about savings and gifting, siblings are prompted to strategise portfolio structures while friends coordinate investment contributions at significant life events like baby showers, thus making financial investment a shared responsibility.
Maputla’s vision remains focused on nurturing a community-first approach in the early stages of Squirrel Away’s launch, appealing to new users while cultivating a culture of financial awareness. Her goal? To engrain the understanding that money isn’t merely for spending but is a potent tool for building futures. “When children grow up seeing their investment portfolios grow year by year, they learn early that wealth is for everyone. It becomes part of their daily language,” she explains, advocating for financial literacy as a collective family experience.
As a means of countering the persistent challenge of financial inclusion, Squirrel Away seeks to make conversations about generational wealth accessible and relevant, rather than abstract fantasies. Maputla is unabashedly clear in her mission, stating, “We’re not here to replace formal financial institutions; we want to make long-term investing feel as normal as buying a toy. We’re here to make it familiar.”
Despite being in its infancy, the platform has sparked commendable enthusiasm, garnering a substantial user base, predominantly composed of women. Gifting rates peak during seasonal festivities, complemented by a surge in repeat user engagement. More than just inquiries about functionality, questions such as “How do I explain ETFs to my child?” and “Can we set this up as a school-leaver gift?” illustrate a cultural shift wherein financial stewardship is becoming a shared familial goal.
When reflecting on the legacy she hopes to establish, Maputla is resolute: “I want children in South Africa to grow up knowing they have a stake in the future. That wealth is for everybody.” Her aspirations extend beyond mere financial success; they encompass creating a culture that values community investment. “If one child opens an investment statement at 18 and sees that their village believed in them, that’s the legacy.”
In this age marked by disruption and innovation, Squirrel Away is quietly redefining the contours of investing, making the practice accessible and familiar to any South African willing to take the plunge.
Picture:Supplied
