Fidelity Bank champions Financial Wellness for Children with Fidelity Sweet Account (SWEETA)
Against the backdrop of Nigeria’s growing youth population (estimated to be over 60% of the population in 2020) and the urgent need to accelerate financial inclusion efforts, particularly in this demographics, various actors are developing different ways to address these challenges. Through a number of initiatives, leading financial institutions, Loyalty Bank, accepts this challenge not only to fill the gap in the financial inclusion of the country’s young people, but also to ensure that they are empowered to take advantage of the opportunities that the country’s economy offers.
Everything about SWEETA
One of these initiatives is the Fidelity Sweet Account (SWEETA). Designed for children aged 0 and 17 years, the account boasts several benefits such as a loyalty bonus of N150,000 with the tag “school fee support”.
Support with school fees
With this program, the bank supports parents in paying school fees for their wards. SWEETA, which can be opened with any amount, offers account holders various perks including free back-to-school packages, educational foundations up to 10x the account balance and up to a maximum of N1 million, participation in monthly quarterly competitions, under other.
In addition, account holders who have reached the age of 16 have the option of receiving vacation jobs as soon as they have a monthly balance of N 200,000. This gives children the opportunity to acquire commercial skills at a young age and at the same time earn a salary and thus increase their prospects on the job market after graduation. The bank offers SWEETA clients who graduate with first-class awards career advice and the opportunity to work with them.
Generous interest for savings
Other benefits for account holders include a 6% interest rate per year for accounts with a balance of N20.00 – N99,999.00, credit facilities to help parents pay school fees, an individual checkbook, and the ability to purchase a Standing order to pay school fees. The bank’s CEO, Nneka Onyeali-Ikpe, took this initiative even further and made the Children’s Day 2021 celebration very special for SWEETA customers by crediting over 60 of them N 150,000 each.
As a sign of the bank’s commitment to ensuring the general well-being of the Nigerian child, the financial services company 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 grew out of a deeply rooted understanding of the importance of excellent learning facilities for children’s development.
In addition, the bank worked with the JSK Etiquette Consortium to teach children social skills and manners. The aim of this program was to teach them the very important value of self-confidence.