Business / Companies
POSB launches youth account
24 May 2016 at 06:44hrs | Views
POSB has launched a Youth Account that does not attract bank charges targeting youths between the ages 16 to 24.
The bank's management said the Youth Account is aimed at promoting banking among the youths.
Management announced the launch of the new Youth Account at the Minister of State for Bulawayo Provincial Affairs, Nomthandazo Eunice Moyo's office at Mhlahlandlela Government Complex.
POSB's manager for Bulawayo Fort Street branch, Bongani Mpofu, said the Youth Account was part of the bank's measures to remain relevant to its customers at grassroots levels.
"The Youth Account is targeting young people between the ages of 16 and 24.
''We're targeting the school going ages that've low incomes and the unemployed.
''It also aims at promoting appreciation of banking services at a youthful age," said Mpofu.
She said the advantage for banking with POSB was that account holders can access their money at Zimpost offices dotted around the country.
"The Youth Account doesn't attract any bank charges and is opened for a $2 charge," she said.
POSB's Bulawayo's Main Branch manager, Clarence Mlobane , said they have noted that youths require an incentive for them to appreciate banking.
"We've noted that youths shy away from banking services so we thought of coming up with a product designed for them.
''The Youth Account is already a product on offer and can be instantly activated," said Mlobane.
The bank officials said they would continuously engage the public and appealed to low income earners to use their banking service.
POSB offers loans starting from $100 to $5,000 under its small and medium enterprises section.
Minister Moyo lauded the bank for catering for the youths who have not developed any confidence in the country's banking sector.
"I'm excited about the Youth Account as it encourages youths to participate in the banking services.
''This will encourage youths to know how to save instead of just spending all that they have," said Moyo.
The Youth Account comes at a time when members of the public have expressed their discontent with the charges being levied in banks.
The bank's management said the Youth Account is aimed at promoting banking among the youths.
Management announced the launch of the new Youth Account at the Minister of State for Bulawayo Provincial Affairs, Nomthandazo Eunice Moyo's office at Mhlahlandlela Government Complex.
POSB's manager for Bulawayo Fort Street branch, Bongani Mpofu, said the Youth Account was part of the bank's measures to remain relevant to its customers at grassroots levels.
"The Youth Account is targeting young people between the ages of 16 and 24.
''We're targeting the school going ages that've low incomes and the unemployed.
''It also aims at promoting appreciation of banking services at a youthful age," said Mpofu.
She said the advantage for banking with POSB was that account holders can access their money at Zimpost offices dotted around the country.
"The Youth Account doesn't attract any bank charges and is opened for a $2 charge," she said.
"We've noted that youths shy away from banking services so we thought of coming up with a product designed for them.
''The Youth Account is already a product on offer and can be instantly activated," said Mlobane.
The bank officials said they would continuously engage the public and appealed to low income earners to use their banking service.
POSB offers loans starting from $100 to $5,000 under its small and medium enterprises section.
Minister Moyo lauded the bank for catering for the youths who have not developed any confidence in the country's banking sector.
"I'm excited about the Youth Account as it encourages youths to participate in the banking services.
''This will encourage youths to know how to save instead of just spending all that they have," said Moyo.
The Youth Account comes at a time when members of the public have expressed their discontent with the charges being levied in banks.
Source - chronicle
