Stanbic Bank Ghana launches youth banking proposition

Stanbic Bank Ghana has launched a Youth Banking Proposition, a platform to meet the financial needs of youth between the ages of one and 29.

The initiative comes in two forms - the BluFirst Account and the GenBlu Account, both aiming to support the financial journey of young people from early childhood through to the career stages.

The BluFirst Account is an interest-bearing account for customers aged zero to 17, allowing the young customers to begin their financial journey with support from a parent or guardian until they reach legal adulthood before the account transitions to the control of the youth themselves.

On the other hand, the GenBlu Account offers support to young adults aged 18 to 25, to help them navigate the path of student life to their first professional roles.

The proposition formed part of the bank’s commitment to drive Africa’s growth by empowering young citizens with financial literacy, banking access and mentorship across every stage of life.

The bank also launched the Ohemaa Eva Chatbot on WhatsApp as an interactive assistant to provide answers to customer questions and also enable the young clients to explore banking solutions with ease and convenience.

Rationale

The Chief Executive of the bank, Kwamina Asomaning, said the initiative was driven by the bank’s mission of positioning Africa as a hub of growth and establishing lifelong banking relationships with the youth.  

“Our purpose at Stanbic Bank is rooted in the idea that Africa is our home and driving her growth is essential,” he said.

Mr Asomaning said by targeting young individuals and building relationships with them from childhood, “we are not only securing our future customers, but also investing in the financial foundations of the continent’s next generation”.

He said that Africa's future rested on its large number of young people, hence the need for the bank to explore ways to drive their growth.

The chatbot, the CEO said, was designed to meet the growing digital preferences of young people, adding “we recognise that today’s youth prefer online interactions, so we designed the chatbot to offer round-the-clock assistance, providing answers to frequently asked questions and introducing users to products that align with their financial needs”.

Commitment

Mr Asomaning further said that the bank was committed to fostering financial literacy by engaging young people on campuses across the country and providing guidance on savings, investments and basic financial management.

He said the platform would also include a learning hub where young customers could access resources to improve their financial acumen and connect with like-minded individuals.

Mr Asomaning said the bank had invested in cybersecurity and data protection measures to ensure the safety of all customer information, and added that the bank was dedicated to maintaining strict controls and continually updating its technology to defend it against any cyber threats.

He said the bank had partnered several financial technology (Fintech) companies and telecommunication service providers to ensure it extended its services to the youth in rural areas.

Mr Asomaning said the bank was now on a positive growth trajectory. “The past two years have tested the resilience of the banking sector, but we are proud to have resumed growth and plan to introduce new products to meet customer needs and create value for both the bank and its customers,” he said.

Investment

The Head, Personal and Private Banking of the bank, Benjamin Mensah, also said that his outfit had invested significantly in youth development over the years, including training young entrepreneurs, promoting science, technology, engineering and mathematics (STEM) skills, donating computers to universities, refurbishing schools and supporting medical exchange programmes with a long-term view of fostering future leaders.

Mr Mensah also said that the proposition was designed to meet specific needs of the youth, empower them to make informed decisions about their personal finances, and create environments where they could connect and thrive.