The excitement still rings in the air as the FirstBank of Nigeria Limited’s XploreFirst Account continues to enhance savings culture among Nigerian youths, especially those in tertiary institutions. AMAKA IFEAKANDU looks at the benefits of the accounts and the welcoming response of the youth populace to the captivating package.
The transformation in technology has continued to provide opportunities for parents and guardians to meet the financial need of their children, especially those in the institution of higher learning without having to weather the storms of biting financial times and stress.
With the introduction of online banking, it is easier for parents/guardians to send weekly and monthly allowances to their children/wards through their various banks’ accounts. In this era of internet banking, it has become a norm that as soon as students get enrolled in their desired courses and colleges, many banks move into campuses with offers of enticing banking services.
The essence is for the students to not only cultivate a lifestyle of savings but also secure their future educational pursuits with funds in the bank from the point of starting out in their educational pursuits.
Benefits of students/youth bank account
Indeed, opening a bank account for undergraduate students is highly beneficial. Apart from attracting zero balance, there are no hassles of maintaining a minimum balance in a student bank account.
With the adoption of digital banking, the cashless mode of banking transactions enables students to pay their fees and avoid the risk of carrying large amounts of cash to make required and necessary payments within the school environment.
One of the greatest advantages of maintaining a student’s bank account is that many banks offer educational loans to the new account holders to aid the smooth and stress-free pursuit of studies in their studies.
Hence, it presents a convenient option for all existing student bank account holders to pursue their school, college, or higher studies with this interest-free overdraft facility, even if they have insufficient personal funds.
FirstBank’s XploreFirst Account
First Bank of Nigeria Limited’s XploreFirst account is basically to assist and expose young people to adequate knowledge acquisition on fund management as well as enhancing their saving culture.
XploreFirst is part of the bank’s efforts at rewarding the youthful customers’ base, in line with its educational development drive.
The product is designed specifically for students between the age range of 18–29 years and requires a minimum amount of N1,000 to open transactions. The account holders are to maintain a minimum balance of N100 to run the account.
However, you can only qualify to open the account by being a student of any tertiary Institution.
Description
The bank encourages students to stay ahead of the crowd with an XploreFirst account, as the account is targeted at young people between the ages of 18–29 years with loads of exciting benefits for holders. For you to stand a chance to win up to N150,000 in the annual scholarships award at a raffle draw, the account holder is expected to maintain an average account balance of N10,000 for six months.
Features
The account is opened and operated by students, especially those in the tertiary institutions. It has Zero account opening balance and minimum operating balance of N100 and Flexible means of identification. The account has discounted cost of Verve Debit Card with Cheques/Dividend warrants lodgement and the account holder will participate in all savings loyalty campaigns.
An XploreFirst account can be opened with a valid student Identity card with a copy of the school admission letter attached.
Operating XploreFirst account will enable the account holder to get any of the bank’s debit cards, including a customised debit master card -expressions card with your picture boldly printed on it.
XploreFirst scholarship award
First Bank of Nigeria Limited initiated XploreFirst to drive financial inclusion among the youths. In 2019 alone, the bank offered scholarships worth N2.7 million to 18 customers under its XploreFirst promo initiative which was designed to boost savings culture and promote financial inclusion among students.
FirstBank
From our research through the website, FirstBank’s Group Executive, e-Business & Retail Products, Chima Ezirim, during the bank’s scholarship award in 2019, was quoted as saying the initiative was targeted at the youth, especially those in tertiary institutions and the informal sector to enhance savings culture and drive financial inclusion across the country.
He noted that the initiative would be sustained by the bank in the future in line with the CBN financial inclusion mandate.
To participate in the award, XploreFirst customers were encouraged to save or maintain a minimum amount of N10, 000 in their accounts during the promo period to be eligible for the scholarship raffle draw, and that incremental deposits of N10,000 in the account entitled the account holder to multiple tickets for the raffle draw.
Also speaking during the award, the officer in charge of the bank’s retail business & community banking, Mr Abiodun Famuyiwa, said the bank embarked on the initiative due to its belief in nation building.
“We cannot build a nation without the population, youths populism consists of over 50 per cent of the population.
“And this population of youths we are targeting is those in the campuses, which are actually in need of some kind of support in their education, and this is one of the driving forces of the promo,” Famuyiwa said.
In all, student bank account has flexible opening approaches, digitized transactions, and interest-free loans to scholarship awards and discounts, and easy convertibility.
However, the ultimate decision of choice depends on the difference between normal & student bank account, and optimal fiscal benefits and contentment level that one reaps in the minds of students and their guardians
