Ecobank Ghana Limited is set to reward 10 winners with GH¢2,000 each under its Junior Saver Big Pitch initiative, which encourages children to share their future ambitions while promoting early savings and financial planning.
Head of Retail Banking, Consumer and Commercial Banking at Ecobank Ghana, Yaa Kesewaa Nyanor, said the initiative was designed to make saving more engaging by giving children an active role in planning for their future, rather than leaving the responsibility entirely to their parents.
Speaking on Joy FM’s Super Morning Show, she said the Big Pitch would allow children to express their dreams creatively, while parents support them financially and help them understand the steps needed to achieve their goals.
“For those who will win, Ecobank is going to credit their accounts with GH₵2,000 each,” she said, adding that the bank was initially looking at 10 winners.
Ms Nyanor said what set the Junior Saver Big Pitch apart from other savings initiatives was the direct involvement of children in explaining their ambitions and how they hoped to achieve them.
She explained that the initiative was intended to give children an opportunity to demonstrate their creativity and communicate their dreams, while encouraging parents to take a more active role in planning for their future.
“It’s not just the parents saving for the child. Now the child is telling us his big dream or her big dream.”
According to her, parents often speak proudly about their children’s intelligence and abilities, but the Big Pitch offers an opportunity for children to demonstrate those qualities themselves.
“When you go to work, they are telling us how intelligent their children are. This is the time. We want the child to come out there and show us how intelligent the child is,” she said.
She added that the initiative would make saving more exciting by allowing children to participate in decisions about their future, rather than simply being recipients of money saved on their behalf.
Ms Nyanor said parents would not need to take their children to a bank branch to participate. Instead, they would record videos of their children explaining what they wanted to become and the steps they believed were necessary to achieve their ambitions.
A child who wanted to become a seamstress, for instance, could explain why they had chosen that career, what they hoped to achieve and the support they would need.
The bank is encouraging parents to allow children to express themselves creatively, rather than impose a particular format on their presentations.
“We want the child to be creative. So we leave the creativity to the child and the parents,” she said.
Ms Nyanor said the exercise was also expected to strengthen the relationship between parents and children by creating opportunities for conversations about their future.
“This period is going to bond the parents and the children. And it’s also going to help the parents think about their future with their children,” she added.
Ms Nyanor outlined two main steps for parents who wish to take part in the campaign.
The first is to open an Ecobank Junior Saver account for the child and make a deposit. The second is to record a video of the child explaining their future ambitions and how they hope to achieve them.
She said a child who wanted to become a doctor, for example, could talk about why they had chosen the profession, what they knew about it and the journey towards becoming a doctor.
Parents are then expected to post the videos on their social media accounts and tag Ecobank, using the relevant campaign hashtags.
Ms Nyanor stressed the importance of including the correct tags so the bank could identify entries submitted for the initiative.
Parents must tag Ecobank and use the hashtags #EcobankJuniorSaver and #EcobankBigPitch when sharing their videos.
She said the campaign would give children an opportunity to share their ambitions with a wider audience, potentially exposing them to opportunities beyond their immediate families.
“Your child gets to tell the world about what they want to do,” she said.
Ms Nyanor encouraged parents to begin saving for their children even if they could not afford to deposit large amounts, saying the process could start with as little as GH¢50.
“Many parents think that you have to put in a huge amount, but you can start with just 50 cedis,” she said.
She added that parents should make regular weekly or monthly deposits rather than open an account and leave it without further contributions.
One option, she said, was to set up a standing order to transfer money regularly from the parent’s account to the child’s account.
She explained that parents did not necessarily need to bank with Ecobank to open a Junior Saver account for their children. They could also arrange deposits from an account held with another bank or transfer money from a mobile money account.
Ms Nyanor said regular contributions could help families build savings over time and prepare for future expenses, including education and other important milestones.
She encouraged parents to begin early so they would be better prepared to meet their children’s needs as they grew older.
“It’s a very nice initiative so that, by the time the child is old, you don’t have to start looking for money,” she said.