Junior Jumbo account is key to nurture saving culture among children

20Jan 2022
By Guardian Reporter
Dar es Salaam
The Guardian
Junior Jumbo account is key to nurture saving culture among children

FOR her fifth birthday, Malaika John Matoke chose a unique gift, a CRDB Junior Jumbo Account. The Mbezi Beach based girl who lives with her biological parents, said she envy how her mother, who is a business woman takes her money to the ban regularly.

CRDB Bank Plc’s chief finance officer, Fredrick Nshekanabo (R) distributing gifts to Junior Jumbo account holders during an end of year party held in Dar es Salaam recently. Photo courtesy of CRDB.

“I have always wanted to have a bank account and so when I was asked by the father what gift did I want for the fifth birthday, I chose a Junior Jumbo Account,” said the eight year old Saint Mary’s Primary School at Mbezi Beach.

Malaika who is now in grade three, said she had often accompanied her mother when she deposits money on a regular basis from the hair salon business that she runs. “The first time that I visited a bank, I admired to see my mother depositing money and often asked her why was she doing so,” she narrated.

The young lass is now one of the youngest customers of CRDB Bank Plc and she enjoys every moment of it. Since 2018, her parents have kept depositing cash in her Junior Jumbo Account which they hope will meet her future education needs.

“I had always wanted to open a bank account for her since she was four years because I realised that she had some talent at saving money,” Malaika’s mother, Florah Matoke said. She pointed out that her daughter often enjoyed accompanying her to the bank to deposit cash from the salon business, on a weekly basis.

“So when she chose to have a bank account opened in her name as her fifth birthday gift, we agreed with the father to do so because apart from nurturing a saving culture in her, it will also help pay for her education in future,” Matoke said.

She said Malaika’s father who is also a construction materials businessman, was excited to hear the girl choose such a unique birthday gift. “We were both amazed and asked her where did she get the idea?” the mother of two said.

Although she is less than 18 years old, the mandatory age for a child to operate her own account, Malaika is conversant with almost all aspects of her Junior Jumbo Account. “Currently my account has 80,000/- and I want the amount to reach 100,000/- by mid this year,” she said while extending a friendly grin.

In order to open the Junior Jumbo Account, parents or guardians simply need the child’s birth certificate, permanent resident address and 20,000/- minimum balance. Parents can also open the account in foreign currency.

CRDB Bank’s Group CEO and Managing Director, Abdulmajid Nsekela said in Dar es Salaam recently while hosting a Junior Jumbo kids and parents party that since its inception over five years ago, Junior Jumbo Account has become a popular product among customers.

Nsekela said apart from inculcating a saving culture among kids, the Junior Jumbo Account also gives parents and guardians peace of mind when it comes to paying schools fees and other expenses for children when the new term begins. The money can also be used for treatment when need arises, he said.

“During the end of year festive season which is normally characterised by spending sprees for family get together parties, school fees and other related expenses become a headache in January when schools open,” he pointed out.

He urged parents to set themselves benchmarks of regularly depositing some percentage of expenses incurred money to their children’s Junior Jumbo Accounts so that they have peace of mind when school fees and other related expenses come calling.

The CRDB chief further noted that in order to reward its clients to regularly deposit money in their accounts and those of their children, the bank is currently running a ‘Unachostahili ni CRDB Bank’ campaign which is offering a variety of gifts.

“As a bank we take it very seriously that children be taught how to keep money and spend sparingly so that their accounts have money at all times which then qualifies them to win cash prizes,” Nsekela added.

During the ‘Unachostahili ni CRDB Bank’ campaign, the public will also be sensitised on financial discipline and the need to adopt a saving culture across all age groups. The grand prize for the campaign which ends in February is a paid up trip to Africa Cup of Nations finals in Cameroun for s pair.

Other benefits of the JJ Account include:  payment of premium interest rate on savings; freedom and flexibility of selecting the type of currency to save which apart from the shilling also accommodate US dollars, the euro and British pound.

The account is also easily transferable once the holder turns 18 years; has free standing order; deposits can be made via different alternative channels conveniently; attract savings, withdrawals are restricted; and has no monthly and withdrawal charges.