Ecobank launches junior saver account

Story: Boahene Asamoah & Anasthasia Esenam Dzovor

ECOBANK Ghana Limited has introduced the Junior Saver Account, ushering in a new concept of banking for children and teenagers in the country.
The product is a lifestyle and educative savings account, specifically designed to provide various levels of interaction between the Junior Saver and the bank, makes the child part of the banking process.
Speaking at the launch of the product in Accra last Saturday, the Managing Director of the bank, Mr Samuel Ashitey Adjei, said the new product was not comparable to any other product on the market and was designed specifically to satisfy the younger generation.
He said “the Ecobank Junior Saver Account, a value added lifestyle and educative saving product for children and teens, had been developed to provide not only a banking account for children, but also an avenue for educating and exposing them to the concept of fund management”.
He said the product makes savings an enjoyable activity for children, inculcates and encourages a savings culture in the Ghanaian economy.
Mr Ashitey added that the new product offered the account holder benefits and privileges from the product partners such Junior Graphic, Vanguard Assurance, EEP Books, Techy Kids, I Net Technology, Nestle, Frankies, A&C Playground, Cocoa Processing Company, Fan Milk, Malta Guinness Quench and the Artbureau.
He said together these partners offer unique advantages for holders of the Junior Saver Account.
Mr Adjei said the bank’s strategic goal of becoming the best retail bank in the country was on course and that the bank’s strategic goal was “premised on a passion to offer the customer real value, convenience, reliability and accessibility”.
He said the bank’s network had increased from 21 at the beginning of the year to 26, while its Auto Teller Machines (ATMs) stands at 49 currently, making it the highest in the country.
Ecobank until 2005 was a corporate banking institution. Following the passage of the Banking Act 2004, which allows all banks to undertake the universal banking concept, the bank has positioned itself to play an active role in the retail business.
Mr Adjei said in view of the overall vision of the Ecobank group to become a world class African bank and set the pace in its markets, the bank introduced the first credit card in the country this year.
He added that “ our performance on the stock exchange has been phenomenal, and as at the close of business on September 25, 2007 Ecobank Ghana’s share price stood at GH¢1.580 (¢15,802) approximately 44 per cent increased over the Initial Public Offer price of GH¢1.100 (¢11,000).
A Deputy Minister of Women and Children’s Affairs, Mr Daniel Dugan, said the product fits directly into his ministry’s mission of promoting the welfare of women and children in the country.
“We see this package as a positive contribution to the development of children in the country and a great boost to the government’s efforts at encouraging savings in the country”, he added.
The Director-General of the Ghana Education Service, Mr Samuel Bannerman-Mensah, said the launch of the Ecobank Junior Saver Product would complement the new educational reform by assisting with the moulding of children.
“The Ecobank Junior Saver Product would make banking a more pleasant experience for every child. The main drivers of the product are education, interactivity and lifestyle approach to banking”, he concluded.