Stanbic IBTC Strongly Advocates Financial Literacy Among Children

By Modupe Gbadeyanka

A member of Standard Bank Group, Stanbic IBTC Holdings, has strongly backed the promotion of financial literacy among children, emphasising its unwavering commitment to the upliftment and empowerment of the Nigerian child.

The Head of Client Experience at Stanbic IBTC Pensions, Ms Layo Ilori-Olaogun, while speaking recently at the company’s Blue Kids event to commemorate the 2023 Children’s Day, said that was why the financial institution designed various innovative initiatives for the nation’s future leaders.

She said one of these initiatives is the Children Educational Savings Scheme (CHESS) account, a special savings account developed to support parents in meeting the cash flow and timing needs of their children’s education.

Available for kids between ages zero (0) and 17 years, CHESS offers a low opening balance, a one per cent interest rate above the average savings account, a MasterCard debit card for easy access to funds, round-the-clock access to the customer care centre via phone, email and social media and full digital banking access – Internet, App and USSD, amongst other benefits.

In 2020, Stanbic IBTC kicked off the Stanbic IBTC Education Trust (SET) scheme, a convenient and flexible investment plan with long-term benefits designed to support parents and guardians striving to provide quality education for their children and wards.

One unique benefit of Stanbic IBTC Education Trust is that payments are effected directly to the institution of learning, ensuring no diversion of funds. Whether it is primary, secondary, tertiary, or post-graduate education, parents and guardians can now contribute to funding their children’s and wards’ education.

Ms Ilori-Olaogun described Stanbic IBTC’s Education Endowment Assurance as another remarkable initiative and a vehicle for saving that secures a child’s future education to a targeted amount. It is a policy that guarantees peace of mind on a child’s/ward’s education and benefits one’s dependents in case of death.

Also at the event, the Head of Personal Clients at Stanbic IBTC Bank, Mr Emmanuel Aihevba, expressed his heartfelt wishes to all Nigerian children, emphasising their importance to the nation’s progress.

“Children’s Day serves as a poignant reminder of the importance of nurturing and safeguarding the younger generation, who represent the future leaders and change-makers of the country.

“Stanbic IBTC recognises its critical role in promoting children’s wellbeing and educational development and remains steadfast in its efforts to provide support and resources that contribute to their growth,” he said.

At the Blue Kids programme, the participants were engaged in innovative and exciting activities such as a creative class, gaming activities, a financial fitness session and more.