Namibia: New savings account targeting the youth

Jul 07, 2015

The Namibian youth is encouraged to open bank accounts.

Standard Bank Namibia has launched a new savings accounted targeting the youth, the Digi Youth Account.

"As a bank we believe that saving must start from an early age in order for youngsters to learn the importance of saving and at the same time continue with this trend when they become older. Through this account we look forward to creating a generation of responsible and financially savvy future leaders in the country," said Baronice Hans, head of personal and business banking of Standard Bank Namibia, quoted by the New Era.

The new youth account comes with a customised debit card, no monthly management fees, free cash deposits and can be opened for people younger than 19 years old with a minimum of N$50 (€3.6).

This launch comes a year after FNB Namibia launched a new campaign for under 18’s in which they are encouraged to open accounts, with a chance to win a smartphone.

Madri Frewer, Marketing Manager at FNB Namibia, said: "We are well aware of the importance of electronic and digital channels for communication for our youngsters (…) we’ve created banking services and products appropriate to bank safely and conveniently in this era of technology. So a cellphone now becomes the portal to your bank account."ADNFCR-2976-ID-801793500-ADNFCR