Keystone Bank, one of Nigeria’s financial institutions, has launched a ground-breaking product known as – ‘The Keystone Apprentice Savings Account.
The new product, also known as ’ Oga Account,’ allows a customer to save towards building up funds to settle an apprentice upon the completion of their apprenticeship.
Speaking at the launch,Maiyegun Helen Iyobosa, Regional Head (Region 1), Lagos, representing Keystone Bank Managing Director/CEO Olaniean Olayinka, said the bank will continue to innovate and re-imagine its financial products and services to meet the evolving needs and expectations of customers to help them achieve their goals, which resonates with the bank corporate slogan ‘We grow together’.
According to Iyobosa, the Oga account is a cutting-edge innovation from Keystone Bank that aims to fill a need created by the apprenticeship program in the southeast. It is a component of their culture, according to her.
She continued by saying that the account is used to assist the ‘Oga’ (master) in paying their ‘boi’ (apprentice) after a few years.
“The Oga account is a goal-driven savings account that enables you to conveniently save money toward the settlement due when your apprentice, or “boi,” graduates” she said.
“This account has been set up to speak to your lifestyle requirements and promote fiscal responsibility. At the time of admission, a specified lump sum is targeted, and from there, savings are made gradually until the predetermined goal is met.
“This will assist you as the Oga in making sure that you will not run out of money before your apprentice or boi has finished his years of service and must be paid.”
Anayo Nwosu, Divisional Head of Keystone Bank, also spoke to ARISE News and said that the product solves a market need that is as old as the Bible. He said that the product will be accessible to the public for as long as the bank is standing or continues to live and described apprenticeship as African culture.
“The apprenticeship model is a way of thinking about how to finance and invest in human resource entrepreneurial activities to promote economic growth, stability, and sustainable livelihood. This approach has a reputation for being highly effective, so much so that the Harvard Business Review recently decided to include it as a case study,” he said.
A few customers spoke during the event, recalling how Keystone had benefited them and how the product would benefit them.
“It is an opportunity for the oga’s in the market to save and help their apprentices, as well as to settle them when due,” said Chief Chigozie Okeke, a customer.
Another client, Chukuma Uzoka, thinks that Keystone made a wise decision because their apprentices rely so much on them. He added that since this is an investment in human capital and many of them did not attend school, they would tremendously profit from it if they could understand the product.
These are the advantages of the product:
• A higher interest rate to make sure you get more value for your money.
• No account maintenance fees: No costs associated with maintaining the account
• You are permitted to manage as many sub-accounts as you desire for your boys or apprentices.
• There is no maximum term; the minimum savings commitment is for three (3) years. You can decide to save for five or ten years.
• Ease of funding account – To make sure the account runs well, a standing order will also be set up, allowing you to deposit money without always going to the branch that is nearest to you.
• Investment as Collateral – If you wish to obtain a loan, you may also use the account as collateral.
· Helps you develop a culture of saving
There are some limitations in place to allow you to achieve your objective while still enjoying all these benefits, such as the following:
• You will not have access to debit cards, internet banking, or mobile apps to help you resist the temptation to make withdrawals or transfers.
• You are also not permitted to withdraw money. This will help you get your desired outcome. But if you choose to withdraw, you will lose interest after the second withdrawal.
Michael Etokakpan
Follow us on:
