The Clap
Certain banks will start allowing youth of 16 years to open savings accounts with no expenses or minimum balance. This initiative will run until August 15, 2022, in celebration of Youth Financial Inclusion Day.
The Deets
Only a national ID is required to open an account. A debit card is issued for ease of deposit & withdrawal from ATMs.
In General
There are different types of savings accounts, most known of which is the regular account. The regular account usually requires a minimum age of 21 years.
Why this Matters
While bank accounts for the youth isn’t something new, the initiative above is looking to support the CBE’s efforts towards financial inclusion.
