From childhood dreams to future careers: Ecobank’s Big Pitch seeks to promote early savings and investment

Ecobank Ghana Limited has called upon parents to initiate savings for their children's futures and involve them in the process, with the aim of turning childhood aspirations into reality. Yaa Kesewaa Nyano, Head of Retail Banking, Consumer and Commercial Banking at Ecobank Ghana, explained the bank's Junior Saver Big Pitch initiative, designed to cultivate good saving habits in children while enabling parents to plan financially for their future aspirations.

During an appearance on Joy FM's Super Morning Show, Nyano emphasized the importance of early financial planning, stating that Ecobank believes in starting early in every aspect of life, including children's savings. Under the initiative, children are encouraged to outline their future ambitions, while their parents outline how they plan to save for these goals. She suggested that children record videos detailing their dreams, whether they aspire to become doctors, nurses, air hostesses, or pursue other professions.

The exercise aims to teach children that achieving their dreams requires planning, commitment, and financial support. Nyano acknowledged that children's aspirations may change as they grow older but stressed that families should begin planning and saving early. "Along the way, it may change, but they need to be intentional about the journey, and it starts now," she said.

Ecobank's Junior Saver account is tailored for children under the age of 18, requiring a parent or legal guardian to open the account on their behalf. The necessary documentation includes the parent's Ghana Card, the child's birth certificate, and photographs of both the parent and child, along with a GhanaPost GPS address. Nyano simplified the account application process, urging parents to utilize the account to start saving for their children's future needs.

According to Nyano, the account enables parents to save regularly for education, medical emergencies, and other significant milestones. While parents or guardians make the deposits, she stressed the importance of involving children to foster an understanding of the value of money and responsible financial habits. Parents are encouraged to make weekly or monthly deposits, with the savings intended to support their children's ambitions and meet other needs as they arise.

Nyano highlighted that the Big Pitch initiative is built on a partnership between children, parents, and the bank. Each party plays a crucial role in helping children achieve their goals. For example, a child who aspires to become a bank manager may need financial support for university, while an aspiring fashion designer might require funds for professional training. Parents can save towards these costs, and Ecobank will add interest to the savings as the child grows. "It's a partnership," she concluded.