Diamond Bank PLC has opened a window of money management opportunities that will encourage Nigerian youth to develop a healthy saving character and build prudent expenditure and investment profiles. This is as it recently introduced the Diamond Future and Cool Teens Accounts, two financial products specially designed to enable teenagers save with excitement and also for parents to save for their children and easily meet their future financial goals and needs.
The Bank’s Head of Corporate Communication, Ayona Trimnell, stated that the reason for developing the products for the youths and children is basically to enable Nigerian youths belong to the banking community and know that they have a right to start early to chart a healthy financial course in life.
“We want young people to know that Diamond Bank is not just for adults, Diamond Bank is your bank too. We have worked hard to be the bank that understands the financial needs of parents and their children and to provide the right products and support to help them save to achieve their dreams,” she stated.
According to statistics from the CBN and the Nigeria Bureau of Statistics (NBS), 63 per cent of the country’s 168 million population are under 25 years and about 64.3 per cent of this huge population that are between the ages of 15-24 do not have a bank account, leaving them with no secure and supportive way to save for future goals.
According to Trimnell, an extensive research conducted by Diamond Bank, in conjunction with Women’s World Banking, aimed at better understanding each client segment opened the door for the Bank to work to meet these needs with a comprehensive offering of youth accounts specifically designed for each target client segment. She explained that the Diamond Future Account is specifically designed for parents to save for their children while the Cool- Teens and S.W.A.G Accounts are for youths between the ages of 13 and 17 years and students in tertiary schools.
“We want to challenge young people, from early teenagers to more mature students and corps members, to visualize the future and work with them to bring their aspirations to life. We are excited to offer account features that will truly engage young people, motivate them to share their goals with others and challenge them to save more through contests and competitions with other youth. Most importantly, we are providing young Nigerians the opportunity to practice managing their own finances through accounts that are for them, not their parents,” she stated.
According to her, Diamond Future is a parent-controlled account for parents with children up to 18 years of age. Diamond Future partners with parents to help secure their children’s bright future with a target plan that breaks down their savings goals into manageable steps. With the target plan, parents set a five-year savings goal and determine a flexible savings plan that works for them. They decide how often and how much to deposit to prepare for elementary, secondary or tertiary education costs. Parents also receive an attractive 13-month bonus for each year that they stick to their savings plan— including accrued interest—and they can establish free standing order instructions such as automatic transfers between bank accounts, so they can be sure to achieve their goal.
With Cool-Teens, Diamond Bank offers youth their own account, so they can begin to learn how to manage money on their own. This teen-controlled account is typically designed for youth from 13-17 years of age or secondary school pupils with parental consent. It is an opportunity to put teens in control of their own finances while teaching them how to manage their money with an account that is made for them. The account includes a free debit card in their name with pre-set limits set by parents and offers teens the opportunity to practice managing their finances with ATMs as well as mobile and internet banking which will be managed by the parents.