Kampala, Uganda | THE INDEPENDENT | Bank of Africa in partnership with I profile have this week concluded a 30 day long program dubbed ‘Koin Challenge’ aimed at instilling the culture of saving in children.
The program saw participation of 13 schools in Kampala and Sembabule districts with over 320 participants who have been saving over the last month and have opened saving accounts courtesy of Bank of Africa.
“The bank is excited to be part of this project which will drive a saving culture and financial discipline amongst the young ones. The financial literacy attained through this program is key to later financial freedom and security,” said Steven Kwesiga, Head of Marketing and Product Development in Bank of Africa.
He further noted, “With the current economy in the country, it is highly advised that we begin to save at an early age and instill this culture into the young ones. We are happy to have ventured into this with our partners at I Profile Foundation and US Embassy.”
The program was specially designed with workshops and fun activities for the school kids aimed at teaching them financial management lessons like; money history, budgeting, spending, goal setting, among others.
“The encouragement of savings provide an opportunity to safe guard the future of many families .This program will scale up to cover more regions and countries in Africa,” Mrs. Suzan Packer- Public Affairs Officer, US Embassy said.
Tots to Teens encourages children to save on a monthly basis with a free money box and helps parents guarantee the future with the life assurance component of the product for death; critical illness and permanent disability cover. Accounts for children below the age of 18 are operated by the parent/ guardian on their behalf.
Aisha Ali, the team leader at I Profile Foundation further noted “Children today are entering world where financial literacy is crucial. Being able to inculcate not only a saving culture but also financial discipline is a humbling journey for us as a team; we look forward to nurturing future business owners.”
She added that kids can get benefits such as; Free Piggy Bank , Life Assurance cover of up to Ugx 25, 000, 000 and competitive interest rates.