Business News of Sunday, 23 September 2012
HFC Bank (Ghana) Ltd. has launched the latest youth save product dubbed ‘HFC Enidaso Account’, designed for the youth between ages 12-18 years who are either in or out of school.
“Start Tomorrow Today”, is the pay-off line for Enidaso Account. The account is aimed at inculcating the habit of savings into the youth by helping them save parts of their pocket money or money gifts to cater for their basic needs and educational expenses as well as other expectations.
The outdooring of the product was held at the Kotobabi No. 2 cluster of schools at Baatsona, off the Spintex Road in Accra.
The Kotobabi No.2 Primary School, a constituent of the cluster, is a pet school of HFC Bank. The Bank broke the ground for expansion work on the school in 2010 as part of activities to mark its 20th anniversary in the banking industry in Ghana. It formally inaugurated the modern six classroom block for the community at the beginning of 2012.
Hundreds of basic school children gathered at the launch ceremony where they were not only educated and counseled on basic financial literacy and the importance of the ‘Enidaso Account’ but also feted with an impressive entertainment of music, ‘azonto’ dance competition and snacks.
Mr. Charles Ofori-Acquah, Executive Director of HFC Bank, in charge of Business Development said an extensive research carried out amongst the youth led to the design of the Enidaso account as a custodial account which affords the youth the opportunity to operate their own account under the supervision of a trusted adult.
“Youth who are eighteen years of age however do not require a trusted adult to operate this account” Mr. Acquah added.
He said as a Bank, HFC recognizes the importance and benefits of savings and considers it essential that the youth of today cultivate the savings habit at an early stage of their lives.
“We believe that this product would not only encourage savings in the youth but also introduce the youth to the banking sector in preparation for adulthood”.
Mr. Acquah therefore encouraged the youth, parents and guardians to take advantage of the Enidaso account and start tomorrow today.
The Tema Metro Director of Education, Mr. Kwesi Hutchful, encouraged children to take advantage of the opportunity given them by HFC Bank to be part of the process of securing a good financial future for them.
He stressed the benefits of savings to their future and congratulated the management of the Bank for the laudable initiative to inculcate the investment culture in the youth.
The Enidaso Account is part of a Youthsave Project which is an initiative led by Save the Children in partnership with the Centre for Social Development, at the Washington University in St. Louis USA, aimed at promoting financial asset building in the youth.