Firstbank Canvasses Robust Savings Culture Among Nigerian Children

AS Nigeria marks the Children's Day today, First Bank Plc has intensified awareness campaign on its bouquet of child-specific products, especially the FirstBank HiFi Young Savers Account, which, it says, gives children a financial head-start.The product, which was introduced three years ago, is a special account designed for children from age 0 to 17, the essence of which is to cultivate savings culture within this age bracket, as well as help parents plan the future of their children and wards.According to the bank, HiFi Young Savers Account can be converted to a regular current or savings account when the child attains the age of 18, providing a platform for enabling the child remain true to the ideals of effective money management.FirstBank's spokesperson, Mrs. Folake Ani-Mumuney, in a statement, said the bank desires to drive a planned financial future for children and 'believes that imbibing a saving culture makes children better managers of money and resources when they become adults.''Raising a generation of children grounded in effective financial management,' Ani-Mumuney says, 'will influence the adoption of policies that would facilitate economic growth and development in the future.'FirstBank remains committed to leading efforts geared towards preparing children for a brighter future through the HiFi Young Savers Account as well as supporting other platforms that enhance financial education of parents, guardians and children.'She said the bank would be celebrating the 2012 Children's Day at the special carnival being organised by Inspiration 92.3 FM in Lagos tomorrow, May 28, 2012.'In addition to giving away special gift packs to HiFi Young Savers Account holders at the event, the Bank will offer parents an opportunity to learn about the product and sign their children up for a financially secure future.'Children's Day is special for us at FirstBank and we wish all children in the nation a happy children's day and a future that is secure and glorious. We invite all parents and guardians to sign up their children and wards for the HiFi Young Savers Account package to ensure a future of prudent and financially independent leaders for our nation,' she adds.Ani-Mumuney listed the features of the HiFi Young Savers Account to include minimum opening and operating balance of 5,000, lodgment of cheques and dividend warrants, cash collaterised loan up to 80 percent of account balance, and conversion to a checking account when the young saver attains 18 years of age.The benefits, according to her are gift on the child's birthday, customised 'welcome pack' when the account balance reaches N50,000.00, and eligibility for a N1million raffle draw on account balances from N750,000.00 and above.
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