Access Bank designs card for students, financial literacy
Succor came the way of students in tertiary institutions across the country as Access Bank Plc has designed student credit card, specifically developed to address students’ needs with immediate access to cash.
Speaking during the unveiling of the product at the University of Lagos, Akoka, the Executive Director, Personal Banking Division, Access Bank, Victor Etuokwu, said the credit card would help students learn to become responsible spenders early in life, as the cash on the card would be paid back later.
“We want to begin to teach young people about how to be responsible spenders early in life. Knowing that you have to pay back the N20, 000, you will be more responsible in what you do and spend.
“It also gives you the ability to plan your spending. As you know, in the country today, if you are a responsible borrower, you begin to create a credit history.“When you leave school and you want to be an entrepreneur and you go to a bank, you show them your record and they will see that you have been a responsible borrower.
“Then, that bank can give you enough money to start your business. So, this is to enable people begin to show responsibility early in life. Your banking record is very key and your credit record is very important.“Banks have what is called a credit bureau and if your name enters the bureau as a bad borrower, you will be blacklisted. So, you need to be a good borrower.”
Also, the Group Head, Youths banking, aces bank, Doyin coker explained that the card was developed such that the cardholder can get up to N20,000 to spend any time and pay back later.
On how to access the card, she said:” just present your identification card and having paid your school fees, get your Access Bank solo card and start accessing the creadit caed with credit limit of between N5,000 to N20,000 maximum.“Again, we have to look at your transaction history over three to six months to determine your eligibility. You can use the card both in Nigeria and outside the country, in any ATM, POS and online platform.”
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