The United Bank For Africa (UBA) has on Friday 10 July, 2020 launched the Kiddies and Next-Gen Accounts product respectively for customers.
In his welcoming address the Managing Director and Chief Executive Officer of UBA in Sierra Leone, Chinedu Obeta, disclosed that accounts are geared towards encouraging parents and youths to embark on savings, ensure that no one is left behind in fostering financial inclusion.
The Kiddies Account embraces kids from age zero to 13 years, whilst the Next-Gen Account caters for young people between the ages of 18 to 25 years old adding that both products cater for people from age zero to 25 years.
Chinedu Obeta said that the African tradition observes ceremonies like naming of a child after birth and during such ceremonies well-wishers donate cash as well as other items to the parents of the newborn baby.
CEO said it is the desire of the bank to encourage parents of kids to open a savings account for their kids’ future, instead of using the money on other issues. This act by the parents will further ensure the encouragement of kids from those early years to start saving money.
He mention that there are many ceremonies and occasions during which financial gifts are given to kids from friends and relatives like: Christening, birthdays, etc. He is of the view that if parents are determined to see a better future for their kids, they will embrace this Kiddies Account product of the bank.
Chinedu Obeta said the Next-Gen product, is intended to encourage youths to learn how to save for the future. This Account caters for young people between the ages of 18 to 25 years. Both accounts, the MD said, have beautiful benefits for all account holders.
He then gave a brief history of the UBA. The United Bank for Africa (UBA) has been in existence for some 70 years and has offices in over 20 countries, with its Headquarters in Nigeria and it is the only Sub-Saharan Bank with presence in the United States of America, UK and France, he disclosed.
UBA came to Sierra Leone in 2008 and now has 7 branches. Today in digital products, UBA is leading and at the forefront of bringing exciting products that attract people and enhance their participation in banking services. He encouraged parents to develop the habit of saving and embracing these products.
Presenting the two product, Joseph Kemoi, IT expert of the bank, explained through the stages of opening an account in respect of the two products and the benefits account holders will derive.
He disclosed that the opening amount of the Kiddies Account is Le200, 000 and parents should produce birth certificates of their children, passport pictures of the persons opening the Accounts for the kids plus copies of utility bills that are not more than 3 months old.
The children stand to benefit from scholarships and thirteen month bonuses, depending on the criterion of no withdrawal from the account for 12 months. Interest of 3.75% will be given to every account on a monthly basis, provided there are not above three withdrawals per month from the account.
The Next-Gen, Joseph Kemoi said, is an account designed for the next generation, meaning upcoming young people leaving school, in tertiary institutions. They are being encouraged to cultivate the habit of saving for the future.
David Kemoi, head of Retail Banking UBA Sierra Leone enlightened that for the KIDDIES (0-13), a parent or guardian must message the account and that to open an account, he or she must produce a birth certificate of the child.
He also added that one passport picture of the parent or guardian who will manage the account with valid identity card of the parent or guardian, utility bills not more than 3 months old and that the futures to open the account should be Le200,000 among others.
He continues that there are no limit interims of deposit that credit interest rate is as normal as the savings payable monthly, that withdrawers across the counter is free, that a parent or guardian must not withdraw more than 3 times a month or will forfeit the interest. He said deposit of other Bank’s Cheques are accepted, that the name of the parent or guardian should be written on the cheque, that there are limit interims of deposit into the account, that debit cards are not allowed, that the account can receive money in and out of Sierra Leone as well as in and out of the bank.