Nigeria: Intercontinental Bank introduces undergraduates’ savings account

INTERCONTINENTAL Bank has introduced a savings account for undergraduates as it intensifies push to dominate the nation’s huge but largely untapped retail banking market.

The product tagged Aspire is designed to help undergraduates imbibe a savings culture while on campus and to build a sound financial future after graduation.

According to the bank’s Divisional Chief Executive, Retail and Personal Banking, Mrs. Folake Adeoye, holders of the Aspire account would be exposed to periodic career seminars that will help them become successful professionals or entrepreneurs. The bank, Adeoye said will also offer yearly bursary wards of N50,000 each to at least 20 beneficiaries of the account each year.

With the product, customers are entitled to benefit from the bank’s e- learning facility, which the bank will introduce to enhance learning among undergraduates. The Aspire account also gives the undergraduates access to free Internet and telephone banking facility.

Every Aspire account holder can take advantage of the bank’s I- mobile facility to top credit on their phone, transfer and receive cash through their mobile phones.

Other products, which the bank has lined up for introduction this year, include the Intercontinental Mortgage Products, Intercontinental Diaspora Account and Edusupport.

The intercontinental mortgage product would enable account holders to build or purchase a house or land, to renovate a home or re-financing an existing mortgage.

A fortnight ago, the bank introduced into the market some Islamic products including Intercontinental Hajj Target Savings Account, Intercontinental Halal Savings Account, and Investment (Mudarabah) Accounts targeted at Moslem faithful.

According to the bank’s Product Development Manager, Chinwe Uzoho, the new products are designed to cater for the special banking needs of Islamic faithful whose interests are not accommodated under existing products and services.

Under the Islamic banking system, deposits do not attract interest and banks are not allowed to invest depositors’ fund in activities or businesses, which are not in tune with Islamic doctrines.

Mrs. Uzoho said the Intercontinental Bank Islamic products have been designed to accommodate these principles which are dear to Moslems.