NMB Bank Plc has embarked on an awareness campaign of its NMB Mtoto and NMB Chipukizi Akaunti under WAJIBU proposition aiming at increasing awareness of the two accounts while promoting financial independency to teenagers.
WAJIBU, meaning responsibility, includes a suite of three savings accounts: NMB Mtoto Akaunti for children from 0 to 17 years of age, NMB Chipukizi Akaunti for teens from 13 year to 17 years and NMB Mwanachuo Akaunti for all students above 18 years. These accounts enable parents and youth to conveniently save and manage money, independently or together, toward their goals.
Last year, NMB Bank in collaboration with global nonprofit Women's World Banking launched its WAJIBU program, a family of youth savings accounts designed to serve youth segment at every stage of their lives.
Whereas the NMB Mtoto Akaunti is purely a savings account managed by parents, NMB Chipukizi Akaunti provides independence to teenagers between 13 to 17 years. This is the first ‘teen’ account in the country where teens can own an ATM card and access NMB Mobile. The account in its entirety disciplines the teen in both spending and saving as the parent or guardian is in constant awareness of any transaction that will take place.
Speaking at the launch of the outreach campaign, the Minister for Health, Community Development, Gender, Seniors and Children – Hon Ummy Mwalimu called parents to start preparing their children for financial behavior and open bank accounts to start saving for future obligation.
“I applaud NMB Bank for your innovation especially for bringing the Chipukizi account, this is the first time I am coming across this product of which I believe will be of a great help to the youth in the country.” Said Hon Mwalimu
According to the recent FinScope Tanzania 2017 report, Tanzania has made remarkable progress in expanding the opportunities for people to use financial services. Formal inclusion has reached 65%, growing by 14% between 2013 and 2017. It is worth noting the modest growth in both banking services (14% to 17%) and insurance uptake (13% to 15%) as well as the significant reduction in the reliance on informal mechanisms.
The NMB Bank Managing Director – Ineke Bussemaker said the bank is creating awareness on its NMB Chipukizi account which is the first teen account to be introduced in Tanzania.Increasing the financial access and capability of youth helps NMB to fulfill its mission to build a savings culture in Tanzania, not only that investing in and retaining financially capable youth from a young age makes business sense. WAJIBU is has enhanced the opportunity for NMB staff to make a meaningful contribution to their community, while also helping NMB reach a new market of savers.
Ms Bussemaker pointed out that with Chipukizi Akaunti, teenagers are introduced to the use of NMB mobile, ATM’s and can also use NMB Wakala to manage their accounts with the help of their parents. The bank understands that parents need to be supported in order for them to support their children, therefore, this campaign aims also to announce that there will be a FREE standing order for parents to be able to send savings to their children’s account based on set amount at regular intervals. She further said “NMB Chipukizi account allows teens aged 13-17 to manage their own accounts in their own names while parents or guardian receives an SMS for every transaction that the teen performs to shape the teen spending behavior when needed.” She also said “We encourage all Tanzanians who have not yet opened NMB Mtoto Akaunti and NMB Chipukizi Akaunti to do so and start planning their savings today for future financial obligations”
“Increasing the financial access and capability of youth helps NMB Bank to fulfill its mission of building a savings culture in Tanzania,” said NMB Bank’s Managing Director Ms. Ineke Bussemaker. “Not only that investing in and retaining financially capable youth from a young age makes business sense but also build a savings behavior to both parents and children makes them capable to a secured financial future.
NMB Bank understands that expansion of financial literacy is necessary for utilizing the platform for effective and universal financial inclusion. It is also imperative to have a consumer financial education strategy, coordination and implementation structures and a monitoring and evaluation framework. NMB Bank’s Wajibu proposition, the youth accounts are paired with Jifunze, Jipange - WAJIBIKA! (Learn, Get Organized – Be Responsible), a comprehensive financial capability program for youth and parents.
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