One of the lenders in Nigeria, Wema Bank Plc, has announce plans to give N50,000 grant to 20 holders of its Royal Kiddies Account. The bank, in a statement issued in Lagos on Thursday, said this gesture was part of its continued support for education in the country through its annual Wema Educational Awards.
In the statement , the lender, which is the pioneer of Nigeria’s first fully digital bank ALAT, also noted that it was determined to continue to invest in the future of Nigeria. “The importance of education to children cannot be overemphasized,” says Dotun Ifebogun, who heads Retail & SME at Wema Bank. “Schools do not only teach the subjects listed, they enable children to learn more about themselves, their immediate society and the world at large. The confidence and self-belief needed to be able to achieve in life is usually developed while in school.”
Wema Bank started the Wema Educational Awards in 2013 and has given out over N5 million grant to support the education of children who are holders of its Royal Kiddies Account. The account is for children aged between day 1 to 12 years. The Royal Kiddies Account has attractive interest rate, 1 percent above standard savings account. The account is set up to encourage saving, with parents able to give a standing order for regular savings from their accounts. It also allows for lodgement of dividend warrants and cheques in the child’s name. Bank draft purchased for payment of school fees for the account holder comes without charges. If it becomes difficult to pay school fees, parents can obtain up to N3 million loan.
Commenting on the awards, Head of Brand and Marketing Communications at Wema Bank, Funmilayo Falola, reiterated the bank’s commitment to investing in the future of Nigeria. “If we are building the Bank of the future in ALAT and we do not invest in the education of our children, we’d be punching holes in our own plans,” Falola says. “We will continue to support education in Nigeria because we know that an educated generation is a liberated generation, and nothing prevents one from succeeding when you’ve been liberated,” she adds.