British woman develops card for people living with dementia

A British woman, with the backing of Mastercard, has developed a flexible debit card and app designed to help people living with dementia, and their families, manage their money and spending.

  17 4 comments

British woman develops card for people living with dementia

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Sibstar was created by Jayne Sibley in response to the experiences of her parents, who are both living with Alzheimer’s.

With her father living in a nursing home, Jayne noticed that her mother June was starting to mismanage her money, making several ATM withdrawals a day and then losing the cash or giving it away. She also frequently fell victim to phone scammers.

While several UK banks offer caregiver cards that allow designated shoppers to spend money on behalf of people living with dementia, Sibley wanted to ensure her mother retained some autonomy.

Her answer is Sibstar, a prepaid debit card and app that allows people living with dementia to access and spend their money while keeping it safe by managing how and where that money can be used via the app.

Says Sibley: “Having access to money allows people living with dementia to remain connected with their community. A trip to the grocery store isn't just about stocking up the kitchen — it's also an opportunity to chat with a cashier or bump into a neighbour.”

In addition, Sibstar is designed to help ease the burden on caregivers who are often left chasing down refunds or compensation for their loved ones.

Sibstar is a profit with a purpose business, charging £4.99 a month but committing to give 7.5% of its net profit to the Alzheimer’s Society, which has backed the app.

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Comments: (4)

A Finextra member 

Another predatory grab all from a charity and a cost burden to people suffering from The illness. The charity should fund the cost but all they are interested in is the one way street

A Finextra member 

Only 7.5%? That sounds like a lot more profit than purpose...

A Finextra member 

a prepaid card can de done for zero pm, so happy days for the facilitators 

A Finextra member 

There is a misconception in the payments industry that bringing a financial services product or enabling a payment is cost neutral. It is not. Launching a prepaid or debit programme typically costs a minimum of £200,000 in year one (set up only) - with a recommended investment minimum of £500,000 over 3 years to allow for contract term committments and card expiry (excluding ongoing processing and scheme fees). This project is being funded by two individuals driven by personal experience from their own savings and friends and family. We must also remember that this demographic need a lot more customer servicing and ongoing care and there is a bespoke KYC journey that has been developed to service this specific audience - not all products are brought to market for profit - some are genuinley trying to solve a problem. 

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