- Bank considers inclusion of youth as clientele
- Young people to get financial services and career advice
According to Absa, the new proposition is geared at meeting the multi-faced needs of young clientele from the ages of 0-30 years. Through the new product offering, young people will have access to a plethora of solutions to serve their transactional and savings needs, as well as borrow as their financial sophistication grows and they reach different stages of their lives.
“We are excited to bring a youth value proposition to the market that has the potential to make a real difference in our customers’ lifestyles,” said Valeta Mthimkhulu, Retail Director Absa Bank Botswana. “As Absa Bank Botswana, we recognise the incredible role that youth play in our communities.
“We acknowledge that they are the backbone of any society and hence play an active role in the economic development and growth of our nation. In this regard, we are always looking for purposeful ways to support them in their aspirations.”
A press release issued this week said the new initiative offers something for everyone as it aims to provide affordable banking solutions, including the Future U Account, Ignition Account and the new Graduate Starter Pack.
It added that the Future U Savings Account is made for young people between the ages of 0-18 and offers features such as free first debit card, interest paid out on a quarterly basis, a worldwide accepted VISA debit card, bonus education interest if no withdrawals are made in a quarter and discounts at Absa partner stores.
This is what the press release said about the young transactor: “The Ignition Current Account is directed at young people up to 24 years. This account recognises that users have reached an age where their tastes have become more distinct, and they demand more control of their life. “It comes with a free debit card that allows them to make purchases on the move and track their spending, free mobile banking anywhere at any time as well as free access to the Youth Hub to get them ready for the next chapter of their growth.”
It has features such as up to 50 percent discount when swiping a debit or a credit card at any of Absa merchant partners, a worldwide accepted VISA debit card, Interest on credit balances of up to 1 percent paid monthly, Free SMS alerts and eStatements and access to mobile and online banking and Abby.
The Graduate Starter Pack is targeted at young adults under 30 years. It features graduate loans of up to P75,000, a credit card with a starting limit of P2,000, free P5,000 funeral insurance cover, free P10,000 accidental funeral cover, free point-of-sale transactions, free first debit card, free online and mobile banking, free ATM withdrawals and SMS alerts and a worldwide accepted VISA debit card.
Over and above the free access to the Mobile Banking App and the Rewards and Discounts, there is the youth hub service which offers online career development programmes that focus on upskilling youth and assisting them with becoming employed.
According to the press release, specific services provided include a career services programme such as CV writing, interview tips, email and SMS job notifications, preparation for aptitude tests, industrial training and internships. “Part of our commitment as Absa Bank Botswana is building and creating a friendly banking environment for our youth,” Mthimkhulu explained. “Our goal is to expand access to tailor-made financial services to the youth that enable them to make sound financial choices now and well into their future. As a bank, we remain committed to offering innovative financial solutions that bring possibilities to life.”