First Bank of Nigeria Limited, Nigeria’s most valuable banking brand has opened a window of money management opportunities to encourage Nigerian teenagers to develop a healthy savings culture while building prudent expenditures and investment profiles. The bank has introduced the MeFirst prepaid card specially designed for teenagers between the ages of 13-17 years (MeFirst Account holders), to enable those within this age category develop financial responsibility and money management skills early in life, as well as help them imbibe a cashless culture early on as part of their banking experience in line with CBN policy.
The card is to be preloaded by parents/guardians and it has a quarterly spending limit of N50,000.00. However, this is flexible and can be set to suit the preference of the caregivers. In view of the savvy nature of teenagers and to create diversified choices, the MeFirst prepaid card comes in five design options to suit different peculiar tastes; it is acceptable worldwide, can be used on all electronic platforms carrying the Visa logo and comes at a discounted cost compared with other prepaid cards.
According to statistics from the Central Bank of Nigeria, and the Nigeria Bureau of Statistics (NBS), 63 percent of the country’s 168 million population are under 25 years and about 64.3 percent of this huge population, aged between 15-24years, do not have bank accounts, leaving them with no secure and supportive way to save for future goals. FirstBank has decided to bridge this gap by challenging and encouraging teenagers toward the saving culture with many incentives. There is a gift item for the teenager when the MeFirst Account is opened and when the savings accrue to N150,000.00. Also, with an average balance of N750,000.00 for 12 months, the customer automatically qualifies for raffle draws to win One Million Naira.
Adebimpe Ihekuna, the Bank’s Head of Consumer Banking Products, said the reason for developing the product was basically to encourage Nigerian teenagers to be familiar with the essence of banking and know that they have a right start to chart a healthy financial future. “The MeFirst Card is one of the numerous ways FirstBank ensures that children and young adults are empowered with sound financial education” she further asserted.
With the MeFirst Prepaid Card, FirstBank has again affirmed its commitment to achieving financial inclusion in Nigeria and would continue to work towards this aspiration by extending banking services to under-banked businesses, communities and individuals across the country with its extensive network of branches.