Every Nigerian parent knows the drill during holidays, birthdays, and festive seasons: uncles, aunties, and family friends generously hand out “dash” money to the kids.

But what usually happens to that cash? Often, it gets absorbed into the parent’s wallet “for safekeeping,” or the child immediately blows it on fast food and video games. While buying treats is fine, parents are missing a golden opportunity to teach the most critical life skill of all: financial literacy.

If you want your children to build generational wealth tomorrow, you must move them away from the traditional wooden kolo (piggybank) and introduce them to digital banking today.

Here is how to raise a money-smart child in Nigeria.

1. Upgrade from the “Kolo” to a Real Account A physical piggybank is a great visual tool for toddlers. But once a child reaches the age of 8 or 10, they need to understand how modern money works. By opening a Regent MFB Minor Account on their behalf, you introduce them to the concept of digital numbers. Show them the Regent App. Let them watch their balance grow when they deposit their birthday money. Seeing the numbers increase gives them a sense of ownership and pride.

2. Teach Delayed Gratification We live in an era of instant gratification. Saving teaches a child the power of waiting. Have your teenager write down something they really want—perhaps a new smartphone, a bicycle, or a specific pair of sneakers.

Help them divide the cost by their weekly allowance or expected holiday money. When they finally purchase that item with their own saved Naira, they will treat it with far more respect than if you had simply bought it for them.

3. The “Parent Match” Program If you want to accelerate your child’s interest in saving, become their personal investor. Offer a “Parent Match.” Tell them, “For every ₦1,000 you save into your Regent account and don’t touch for three months, I will add an extra ₦500.” This is a brilliant, practical way to teach them the concept of compound interest and employer-matched funds before they even enter the workforce. It teaches them that money can “work” to make more money.

4. Let Them Make Safe Mistakes Allow your teenager to manage a small monthly budget. If they spend all their allowance in the first week, do not bail them out. Experiencing a mild, safe financial “crunch” under your roof is much better than experiencing crushing debt when they become adults.