United Bank for Africa (UBA) Plc, the largest bank in Africa, recently finished its Kiddies and Teens Draw, which was held in Lagos, and awarded 20 children with N200,000 apiece as scholarship prizes.
Because their parents or guardians had consistently maintained standing instructions of N10,000 to their child’s or ward’s UBA Kiddies or Teens Accounts for a six-month period, the winners had qualified to win in this year’s first draw.
The draw is a creative, ground-breaking initiative of its kind that UBA conceptualized with the specific goal of instilling a savings culture that positions children and teenagers for a secure future, as well as to give them a solid foundation for independence and, ultimately, the realization of their dreams.
Winners emerged from every part of the nation during the virtual draw, which was observed by officials of the National Lottery Regulatory Commission (NLRC) and the Consumer Protection Council (CPC).
The 20 children and teenagers who received educational subsidies totaling N200,000 were Eva Favour, Simeon Thankgod Ofomona, Salihu Yakubu Mahamud, and Anderson Andikan Nathan. The individuals are Okoye Gerald Munachi, Ifechukwudi Divine Ugbeh, Jeremiah Unekwuojo Isyaku, Iyare Francesca Owa, and Emmanuga Makuachukwu.
Others include Nancy Esohe Aigboduwa, Alika Anwuli Erika, Funebi j Tapre, Ebubechukwu Goodluck Ephraim, Uchegbu Benedicta Chidera, Ireoluwa David Aderinola, Njoku Chinecherem Judith, and Mariam Odunayo Oyewole. Charles-Agwanyokha Salvation Ilamosi is another.
The father of one of the winners, Okoye Gerald, who was reached by phone after winning, was overjoyed and conveyed his sincere thanks to the UBA management for the opportunity, saying, “Thank you UBA, thank you.” “This is really considerate of the bank. It demonstrates to a large extent how passionate and committed UBA is to the development of its clients and their children. He asserted that a wise bank is one that develops its young.
In addition to the monthly and quarterly rewards that the bank offers to its faithful customers in the UBA Bumper and savings promo, UBA’s Head of Personal Banking, Ogechi Altraide, who congratulated all the winners after the draw, said that the bank had gone above and beyond to encourage parents to instill the savings culture in their children and teenagers.
“I will like to let you know that this is another first from UBA, and of course, we are very excited at this,” she said. “This time, we are catching them young and ensuring that as they grow they increasingly become financially disciplined and can fuel their dreams to a happy end, which is exactly what we are passionate about as a bank.
She continued, “We know that today’s youth will make up tomorrow’s workforce, so we are working to instill the habit of saving in them so they can realize their aspirations and secure their futures while saving money for the future.”
Head of Marketing Diana Ubah, who also spoke at the event, noted that “our bank, UBA, has continued to show and prove that, we are passionate about the overall growth and success of every customer, and that is why we go above and beyond to innovate and come out with initiatives that are different and can transform the lives of our customers for the better.
She continued, “It is crucial to teach young people the value of money in a tap-and-go environment where money is rarely physically transferred and quicker to spend. As they grow up in an increasingly digital environment, integrating your children and letting them witness how you spend money can help them build a fundamental understanding of transactions in the real world, according to Ubah.
The UBA Kiddies account is geared toward kids between the ages of 0 and 12 while the UBA Teens account is for those between the ages of 13 and 17. A 13th-month cash award and a special invitation to the bank’s kid-focused activities are two additional features of the account.
Beneficiaries of this account stand to earn a 13-month reward of 10% of the monthly savings plan after maintaining a standing instruction of at least N5,000 for over 12 months in a row. They also have the opportunity to participate in a scholarship program through a lottery draw if they follow a standing order to save at least N10,000 over the course of six months. Monthly interest payments of 1.15 percent are due on the account each year.
In order to qualify, parents must have kept a standing instruction of N10,000 in their UBA Kiddies or Teens Accounts for six consecutive months.
Altraide urged parents who had not yet opened accounts for their children to do so right away in order to be eligible to take part in the upcoming UBA Kiddies and Teens draw.