HFC Bank launches 'Enidaso Account' for the youth
9/22/2012 8:46:25 PM -
Accra, Sept. 21, GNA - Management of HFC Bank Ghana Limited has launched the 'HFC Enidaso Account' dubbed: 'Start Tomorrow Today' for the youth, especially school children to help them cultivate savings habit.
The account, which is part of the youth save project by the bank, was to support the children to save part of their pocket money to cater for their basic needs and educational expenses.
The initiative was led by Save the Children in partnership with Centre for Social Development at the Washington University, the new America Foundation and the Consultative Group to Assist the Poor.
Mr Charles Ofori Acquah, Executive Director, Business Development HFC, who launched the product, said the account was designed for the youth between the ages of 12 to 18 who were either in or out of school.
He said an extensive research was carried out amongst the youth to design the account as a custodian account, which afford them the opportunity to operate their own account under supervision of a trusted adult.
'Youth who are eighteen years of age however do not require a trusted adult to operate this account,' he noted.
He noted that any school they introduced the product the children were taken through basic financial literacy for them to understand the importance of saving.
He said before the launch of this product, a lot of the children were saving through the traditional means.
'The initiative is aimed at promoting financial asset building in the youth,' he added.
He expressed the hope that the product would afford parents the opportunity to guide their children to embrace the idea of saving for future development.
He, therefore, called on the youth to be dedicated to cultivate good financial saving habits and investment in their future.
Mr. Kwasi Hutchful, Tema Metro Director of Education, encouraged the children to take advantage of the opportunity given them to be part of the process in securing a good financial future.
He said supporting children to cultivate the habit of saving had enormous benefits when they grew.
He commended the management of the Bank for the laudable initiative to inculcate in the youth the importance of saving.