In line with its resolve to promote academic excellence and savings culture among young Nigerians, First Bank of Nigeria Plc has rewarded customers of its HiFi Young Savers Account with tuition fees.
The FirstBank HiFi Young Savers Account is designed for children under 18 years and packaged to sensitize and cultivate savings culture within this age bracket and to help parents plan towards the future of their children and wards.
A total of 12 customers who maintained an average balance of N750,000 in their accounts for over a one-year period were rewarded with N1m at the 2011 edition of the “HiFi N1m Raffle Draw” that attracted the attendance of hundreds of children.
Speaking at the event, Mrs. Olufunke Smith, Head, Consumer Banking, First Bank of Nigeria Plc, said the Bank was committed to deploying its widely acknowledged innovative approach to banking in its quest to prepare children for a brighter future through a consistent savings culture.
According to her, the Bank as part of the HiFi Young Savers Account package, offers financial advisory services to counsel parents on viable ways of teaching their children and wards money management skills as well as the rudiments of financial planning.
“The FirstBank HiFi Young Savers Account is designed to inculcate a savings culture among Nigerian youths and allows the young to become financially savvy early in life. This ensures a solid foundation for the nation to produce prudent and financially independent future leaders who will in turn pass on this laudable practice to their children. In other words, HiFi is the beginning of a rewarding future for our children and the nation,” she said.
Smith said the FirstBank HiFi Young Savers Account can be opened and operated for a child right from childbirth till the age of 18 by a parent/guardian, adding that it can be converted to a regular current or savings account when the child attains the age of 18.
Some of the features of the account include: minimum opening and operating balance of 5,000, lodgment of cheques and dividend warrants in the account, cash collaterised loan up to 80% of account balance, and conversion to a checking account when the young saver attains 18 years of age.
Benefits include: a gift on the child’s birthday, customized “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.
Valid identification of the parent, Birth certificate of the child, 2 passport photographs each of the child and parent, Utility bill, and minimum opening balance of N5,000.00 are the account opening requirements for the FirstBank HiFi Young Savers Account.
About FirstBank
FirstBank is Nigeria’s most diversified full-suite financial services group, providing over a century of dependable and innovative services to over five million customers. The Bank was recently adjudged the “Most Innovative Bank in Africa” at the African Banker Awards in Washington, in recognition of its creative deployment of technology in making banking services more convenient, accessible and faster. Apart from being the largest financial services group in sub-Saharan Africa which includes registrarship, trusteeship, insurance, SME financing, venture capital financing, mortgage banking, investment banking and pension’s funds management, FirstBank has one of the most expansive local branch networks of over 600 and international presence in the United Kingdom, Paris, China and South Africa.