At just 7, Jose decided to open his own bank to help children save

At just 7, Jose decided to open his own bank to help children save

- At just 7, Jose Adolfo Quisocala Condori started his own bank, focusing on getting kids to save

- Now, 13-year-old Jose has over 2000 clients and offers numerous services

- He hopes by teaching children how to save, it will help Peru change

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A Peruvian boy, Jose Adolfo Quisocala Condori, was probably the world's youngest banker when he opened up his own bank at just 7 years old.

While some children dream of becoming rich and successful, Jose won't wait until he's older and grabbed the bull by the horns.

Now, the youngster has more than 2000 clients and he offers numerous financial services at his bank.

Six years ago, Jose had the idea to start a children's savings bank. He noticed many of his friends were spending their money on sweets and toys, instead of saving it.

Briefly.co.za learned that despite being only seven, Jose understood the importance of saving. He knew that through banking, his parents and other adults could save, so, it was a no brainer for Jose to start a bank focusing on children.

Not only did he think about how children could save money, but Jose also thought about ways they could make money. Recycling was the answer.

When the ambitious kid pitched the idea to his teachers, they told him a child could not handle such a large project.

He set out to prove them wrong and succeeded.

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“At the beginning, my teachers thought I was crazy or that a child could not undertake this type of project. They did not understand that we are not the future of the country but its present. Luckily, I had the support of the school principal and an assistant in my classroom. I had to endure the jokes and bullying of my classmates for the work I was doing.”

In 2012, the Bartselana Student Bank was founded in Jose's home city of Arequipa.

According to Oddity Central, Jose's idea was simple: To become a client of the bank, children had to turn in at least 5 kilograms of recyclable waste (paper or plastic) and were required to deposit at least one other kilogram of waste every month, to keep their membership.

Then, his clients would set a savings goal. They would only have access to their funds once they reached their goal.

His great business acumen then came into play. Jose arranged with recycling companies to pay his clients more for recycled waste. All the proceeds were then deposited into their accounts.

He then ensured only the children could withdraw funds from their accounts. Parents did not have access at all.

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First year brings in major returns

One ton of recycable waste was collected between 2012 and 2013. A total of 200 children at Jose’s school benefited.

Now, a teenager, Jose is open to corporate collaborations:

The teen said he''s not intimidated by meeting with bank executives. Jose said he feels more comfortable with adults, because they understand the projects he's proposing.

The bank now also offers children several financial services, which include loans, capital investment, microinsurance, as well as access to financial education through a series of courses.

For the teen, teaching kids to save will promote real change in Peru.

At just 13, Jose has won many awards, featured in foreign documentaries about child entrepreneurs and was invited to events all over the world.

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Source: Briefly.co.za

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