Enidaso Account Opens A New Dawn In Child And Youth Financial Services In Ghana

The launch of Ghana’s first ever custodial savings account for persons under the age of 18 on September 20th represents a new era in the country’s banking history.

Like a sprout breaking through compact soil, HFC Bank has recently emerged through the hard earth of financial regulations on child and youth savings in Ghana to present to low-income youth a gleam of hope for a better financial future. The Enidaso Account, meaning Hope Account, gives young adolescents the opportunity to develop saving habits, which is an important step in creating a financially secure future. The account is adapted to the income levels and trends of low income adolescents.

An opening balance of GHC 2 (USD $1) is required. Withdrawals from the account can be made after the first 3 months of opening and subsequently, once each month. This is designed to help adolescent clients aggregate funds from their meager income. As a custodial account, it requires a trusted adult (custodian) for account opening and withdrawals.

Currently, child and youth savings products on the Ghanaian market are predominately trust savings accounts targeted at parents. These products build no capacity in the youth to save and rather encourage parents to save for the future needs of their children. But why not focus directly on the youth?

In a country with a high unbanked population and a poor savings culture, the Enidaso account addresses this problem as it introduces adolescents to banking and savings. This demystifies banking and introduces them to the culture of savings. Such an account will help to equip the next generation of Ghanaians with the personal financial planning skills required to make wise decisions with their money.

The available youth saving products on the market invariably spoon-feeds young people, providing minimal financial education opportunities, which is critical in developing long-term habits. Enidaso Account perfectly embodies the Chinese proverb; “Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime”. With features such as a very low opening balance of GHC 2 ($ 1), inability to withdraw for the first three months of opening account, and an ATM card for only viewing account balance, the Enidaso account introduces the adolescents to banking and teaches them how to save for a sustainable financial future from an early age.

The “Start tomorrow today!” slogan embodies the philosophy that Enidaso Account represents: that wise personal decisions today can lead to a better and brighter future. With the help of the Enidaso Account, a new generation of Ghanaians could very well make this happen.