FirstBank of Nigeria Limited introduced MeFirst to expose teenagers to cashless culture and electronic payment activities at teen age. In this report, AMAKA IFEAKANDU further highlights the impacts on this facility on teenagers
With the advancement in information technology, there is need for parents to open a bank account for children at teenage age to promote their management skill.
The account opening at teens’ stage of life will help to build children’s financial reputation. No doubt, operating a bank account would offer teenagers an opportunity to go beyond learning how to save money; but to learn how to earn and spend money.
Many children today opted to combine part-time job with education in order to give financial support to their parents. So, engaging in part-time job gives them the opportunity to open account to start operating their financial futures.
This type of arrangement has numerous benefits to instilling not only good work ethic and responsibility in a teenager, but also enable them to use their hard-earned funds as they wish—within reason, of course.
However, with the Central Bank of Nigeria (CBN)’s mandate to increase financial inclusion in the country, the nation’s banks offer parents and guardians the opportunity to operate functional accounts for their children from their teen to the adult age of 18.
In other words, teens banking helps the underage learn early to save money and allows parents to save for the future of their wards.
Benefits of Teenage Bank Account
Apart from teaching about working, saving, and growing one’s money, Teenage Bank account promotes a strong sense of self-accountability. In other words, a teenager’s bank account with debit card allows them to manage their money, and as a by-product, they’ll need to account for their purchases in order to keep their account “in the black.” This idea of accountability works both in terms of responsibility and accounting.
Another thing is that being a teenager with a bank account and debit card can be a nice preview of how things work in the world of finances. They will learn to really question the necessity of purchases and will also learn that growing one’s wealth is not just about putting money in a savings account but to have more knowledge on how to plan for the future. There are other ways to benefit from having a debit card and using it wisely, including utilising certificates of deposit or higher-yield accounts, or even putting funds aside toward a bigger purchase, such as a down payment on some of their personal needs like buying computer, laptop , new phone etc. Parents are expected to monitor movement of funds in teenage account to know the right time to expand their education about investing and growing their income in another investment like investing in equities among others.
FirstBank’s MeFirst Account
The First Bank of Nigeria Limited created Mefirst Account to encourage the right savings culture among children. MeFirst account is designed for teenagers between the ages of 13 and 17. This account is created in recognition of the need to help teenagers adopt the culture of financial responsibility and cashless payment as they develop into young adults. They have access to attractive and trendy pre-paid cards through which parents/guardians can credit weekly/monthly allowance and monetary gifts. MeFirst account holders can select from five exciting card design options that suites their trendy style. According to the bank, Mefirst cards are enabled to pay for micro online shopping as desired – mobile games, apple music, Spotify and local POS transactions as well. Teens are thereby exposed to the cashless culture and electronic payment activities early in life, which is expedient in today’s digital age.
Parents and guardians of the child are granted access to track and control the spending pattern. The product also, has relevant enhancements including appropriate parental guidance and financial discipline for children as they grow into adulthood
Description
Also, MeFirst account helps teenagers to embrace the culture of financial responsibility from a young age, keeping them positively engaged and entertained. Teenagers between the ages of 13 to 17 learn all about money in fun ways as benefits enjoyed for opening this account.
Features
The account is opened in the child’s name but operated by the parent/guardian. The account maintains Zero account opening balance with Automatic transition to XploreFirst Account when the teenager attains the age of 18 years. Apart from having pre-paid card for the child in five design options on which parents/ guardians can load weekly/monthly allowances, there are Cheques & Dividend warrants lodgement into the account
MeFirst accounts can be opened with zero balance and operated with a minimum balance of N100.00.
FirstBank’s view of teens Account
Speaking on the accounts, Gbenga Shobo, FirstBank’s Deputy Managing Director said: “We are delighted with the role we play in promoting financial literacy amongst children and teenagers in the country. Our MeFirst and KidsFirst accounts are designed to ensure that parents and guardians are able to have their wards exposed to the right savings culture and financial discipline as they evolve to adulthood.”
“With these accounts, parents are able to save and strengthen their preparedness for various financial obligations of their children like paying for school fees as they progress with their academic pursuit which is pivotal to securing the future of the children. MeFirst account is essential gifts from parents to their children,” he said.
