Wema Bank, Nigeria’s Leading innovative financial institution, has rolled out a new benefit for parents and children on its bespoke children’s savings account, Royal Kiddies Account (RKA), in a new campaign to encourage savings and financial prudence.
From November 1, 2022, through January 30, 2023, parents who set up a standing instruction via ALAT or in-branch for the automated funding of their children’s Royal Kiddies Account with a minimum of N10,000 per month, will be eligible for the annual educational award for 20 account holders.
Also, by consistently increasing their Royal Kiddies Account savings, account beneficiaries are automatically positioned to earn more interest, as the RKA offers an attractive interest rate that is 1% higher than the standard savings interest rate.
Administrators of the Royal Kiddies Account (parents) are also allowed to deposit dividend warrants and cheques in their child’s or children’s name, and can view and fund the account from anywhere, 24/7 using the ALAT app
Wema Bank’s Divisional Head, Retail Business, Dotun Ifebogun, commented on the campaign, stating that the latest initiative demonstrates the bank’s dynamism in providing innovative solutions that empower customers across all segments and strata and deepens digital adoption and financial inclusion.
This campaign will further boost digital adoption and financial inclusion and emphasizes parents using ALAT to create standing orders. It enables account administrators to perform a variety of advantageous tasks from anywhere at their convenience. “The addition of ALAT to the list of account holder benefits enhances the Royal Kiddies Account’s uniqueness,” he stated.
Dotun added that the campaign was also launched to encourage parents and their children to adopt the habit of regular savings and to provide for their children’s future while rewarding them for their continued loyalty.