BusinessDay, Nigeria’s leading financial newspaper, highlights Diamond Bank’s two new financial products designed for teens. Women’s World Banking worked with Diamond Bank to conduct extensive research on the Nigerian youth market to design savings accounts that fit their specific needs.
Diamond Bank plc has opened a window of money management opportunities that will encourage Nigerian youths to develop a healthy saving character and build prudent expenditure and investment profiles.
Consequently, the bank has introduced the Diamond Future and Cool Teens Accounts, two financial products specially designed to enable teenagers save with excitement and also help parents save for their children and easily meet their future financial needs.
Ayona Trimnell, the bank’s head of corporate communication, said the reason for developing the products was basically to enable Nigerian youths belong to the banking community and know that they have a right to start early to chart a healthy financial course in life.
“We want young people to know that Diamond Bank is not just for adults, Diamond Bank is your bank too. We have worked hard to be the bank that understands the financial needs of parents and their children and to provide the right products and support to help them save to achieve their dreams,” she said.
According to statistics from the CBN and the Nigeria Bureau of Statistics (NBS), 63 percent of the country’s 168 million population are under 25 years and about 64.3 percent of this huge population aged between 15-24 years do not have a bank account, leaving them with no secure and supportive way to save for future goals.
According to Trimnell, an extensive research conducted by Diamond Bank, in conjunction with Women’s World Banking, aimed at better understanding each client segment opened the door for the Bank to work to meet these needs with a comprehensive offering of youth accounts specifically designed for each target segment. She explained that the Diamond Future Account is specifically designed for parents to save for their children while the Cool- Teens and S.W.A.G Accounts are for youths between the ages of 13 and 17 years andstudents in tertiary schools.