First Bank of Nigeria Limited, has announced its variant account products – KidsFirst and MeFirst – created to encourage the right savings culture among children from 0 – 17 years.
The offerings have relevant enhancements including appropriate parental guidance and financial discipline for children as they grow into adulthood. Both accounts can be opened with zero balance and operated with a minimum balance of N100.00.
KidsFirst Account is designed for children between the ages of 0 and 12 years to sensitise them on how exciting saving can be.
The account comes with a trendy gift item for the child when the account is opened with a minimum of N10,000.00. The account is automatically transited to MeFirst account when the child is 13 years old, the financial institution announced in a press statement.
The statement read: “MeFirst account, on the other hand, is designed for teenagers between the ages of 13 and 17. This account is created in recognition of the need to help teenagers embrace 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 5 exciting card design options that suites their trendy style.
“The 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 spend pattern.”
Speaking on the accounts, Gbenga Shobo, FirstBank’s deputy managing director said, the bank is delighted with the role we play in promoting financial literacy amongst children and teenagers in the country.
He explained that the KidsFirst and MeFirst 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 and KidsFirst accounts are essential gifts from parents to their children,” he said.