At a short but colourful press event at the company’s plush head office in Spintex, which I was privileged to be present, Capital bank, in a strategic partnership with MBM Associates and REVO Education, launched the Young Achiever Account on September, 28, 2016.
Aimed at providing a financial buffet for parents as they move to secure a better future for their children, Capital bank’s Young Achiever Account requires a minimum opening balance of GHC10 and an operating balance of GH100, which amount is qualified for interest tiered at 2% above the bank’s Saving Accounts rate.
Capital bank is certainly not the first financial institution to introduce educational trust fund into Ghana’s banking industry. Given the seemingly aggressive levels of competition among the 29 commercial banks in Ghana, one will not need a degree in Business Administration to accept the view that financial institutions, desirous of remain financially viable and profitable, will strategically be disposed to capturing different segment of the markets. Indeed, it is on this basis that saving accounts held in trust for children between ages zero to 17, will not be a new phenomenon in Ghana’s banking industry, in 2016.
Nevertheless the above observation, one cannot equally deny or be dismissive of the fact that Capital Bank’s Young Achiever Account is revolutionary, both in substance and symbol.
Substantially, Capital bank’s Young Achiever Account provides some exciting incentive packages, duly rewarding both parents and particularly, their kids. Not only does the accounts affords parents the opportunity to save towards their children’s education as they grow into the many uncertainties of life, better still, clients who deposits GHC 5,000 or more into the account, are given a free ilearn tablet, 10% discounts on books purchased at any Sytris Bookshop and 15% discounts on football and swimming programs at the Lizzy Sport Complex. For the purposes of emphasis, I note with excitement that, besides not requiring the use of the internet, the ilearn tablets has, installed,42 GES approved text books, Pass questions and answers, Maths Formulas and English Companion.
Symbolically, this innovative product reaffirms the bank’s unbridled commitment to providing value to its customers, however their age or other diverse demographic features. It also marks an enviable milestone in the company’s bid to becoming a tier1 bank, while lending credence to the numerous industry accolades and awards that has come the way of bank, in spite of it relatively young years in operation. Most importantly, the product also reinforces the company’s commitment to promoting inclusiveness in Ghana’s financial sector, besides inculcating the fast eroding culture of savings into Ghanaians, both young and old. The strategic partnership between the bank and MBM Associates and Revo Education, is of an immense symbolic importance as it underscores the bank’s dedication to building long term relationships, through technological innovation.
With this symbolic and substantial benefits, it did not come to me as a surprise that one of the first three winners of an ilearn tablets, Stephanie Nyira Enchill, with smiles beaming all over her face, traveled all the way from Kumasi to witness the launch.
As Ghana continues to make efforts towards expanding and consolidating its gains in the financial sector, some of these ground-breaking innovation aimed at financial inclusion cannot go unnoticed. Given how altruistic and holistic the Young Achiever Account is, I cannot help but recommend same for any parent seeking a better and financially-secured future for their children.
Samuel Osarfo Boateng
Blogger/Researcher/ Communication Strategist