Against the backdrop of Nigeria’s increasing youth population (estimated at over 60% of the population as of 2020) and the urgent need to hasten the financial inclusion drive especially amongst this demography, different players are devising various means of approaching these challenges. Through a number of initiatives, leading financial institution, Fidelity Bank, is taking on this challenge to not only close out the financial inclusion gap amongst the nation’s teeming youth population but to also ensure that they are empowered to take advantage of opportunities the nation’s economy provides.
All About SWEETA
One of such initiatives is the Fidelity Sweet Account (SWEETA). Designed for children between the ages of 0 and 17 years, the account boasts of several benefits such as a loyalty cash reward of N150,000 tagged “School Fees Support”.
School Fees Support
Through this scheme, the bank assists parents with paying school fees for their wards. SWEETA, which can be opened with any amount, provides account holders with several perks including free back-to-school packages, education endowment up to 10 times the account balance and to a maximum of N1 Million, participation in monthly quarterly competitions, amongst others.
Additionally, account holders who have reached 16 years of age have the opportunity to get vacation jobs once they maintain a monthly balance of N200,000. With this, children have the opportunity of picking up business skills at a young age while earning a salary thus increasing their prospects in the job market upon graduation. The bank offers SWEETA customers who graduate with first-class honours career counselling, and an opportunity to work with them.
Generous Interest on Savings
Additional benefits to the account holders include a 6% interest rate per annum for accounts with a balance of N20.00 – N99,999.00, credit facilities for the purpose of helping parents pay school fees, a customized cheque book and the ability to create a standing order for the payment of school fees. Taking this initiative even further, the bank’s CEO, Nneka Onyeali-Ikpe made the 2021 Children’s Day celebration extra special for SWEETA customers by crediting over 60 of them with N150,000 each.
In demonstration of the bank’s commitment to ensuring the overall well-being of the Nigerian child, the financial services provider recently renovated and fully furnished a block of classrooms for the Obalende Police Children School in Lagos State. According to the bank’s CEO, the project was borne out of a deep-seated recognition of the importance of excellent learning facilities to the development of children.
Additionally, the bank collaborated with JSK Etiquette Consortium to teach children social skills and manners. The aim of this programme was to inspire in them the very important value of self-confidence.