Vbank, a digital bank operating under VFD Microfinance Bank, recently announced an initiative aimed at promoting savings for children and fostering financial independence.
In order to incentivise both existing and potential customers, Vbank is offering bonuses as part of their ‘Vbank Children’s Day Target Savings Challenge (CDTS)’ programme which spans 12 months, starting from May 1, 2023, until April 30, 2024.
According to Billy Iyoha, the product manager at Vbank, participants who save during this period will receive a 20 percent bonus on their initial month’s savings, in addition to the regular Target Savings interest rate of 9 percent. “The initiative aims to reward customers who save for their children’s future, offering them immediate benefits and ensuring a successful financial journey until April 2024,” Iyoha said.
‘’The CDTS is our special way of encouraging existing and prospective customers to save for their kids/wards using the Target Saving Features on the app,” he said. ‘’This savings plan runs for a 12-month period after which you get a 20 percent bonus on your first-month savings alongside your regular target Savings interest.
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According to the product manager, the conditions for qualifying for the interest rates include ensuring equal contributions throughout the period, where the first month and subsequent month’s contributions must be the same.
“The TS name should be captured in this format CDTS/Child’s Name/Child’s Age, where CDTS represents Children’s Day Target Savings. Users have the entire month of May (1st – 31st) to create their savings plan, and the bonus will be given at the end of the period, which is on 1st May 2024,” he said.
“It is important to note that any break in the savings amount before the end of the savings period will disqualify the customer from receiving the bonus. Users can also create multiple savings plans for their kids or wards if they choose.”
