Nigerian banking system targeting teens with prepaid card products to retain market share

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In Nigeria, traditional banking players are competing to outdo each other in winning not only adults but also children. In the past, teens were not considered eligible to have a banking account. However, to boost financial inclusion at an early age, banks can now offer parents to operate the accounts for their children. Therefore, the trend is helping parents to teach kids to save money at an early age.

Several banks target teens with unique interest rates, gifts, and innovative prepaid card products in Nigeria. For instance, First Bank, the premier banking institution in the country, has two different packages for teens known as KidsFirst and MeFirst. Moreover, the bank provides kids with a trendy gift when the account is opened with a minimum of N10,000. The account is automatically converted into a MeFirst account when the kid turns 13.

The bank offers kids a desirable and trendy prepaid card, through which parents can credit weekly and monthly allowances.Polaris Bank and Guaranty Trust Bank are other banking institutions that provide kids with debit cards. Other banks such as Unity Bank and Wema Bank in the region are offering attractive interest rates when parents open an account for their kids in Nigeria.

Banking players launching virtual prepaid cards targeting youths

As youths of the country are creating demand for innovative products, banking players are innovating with their product offering to expand their consumer base. For instance,

In August 2020, Ecobank launched a virtual prepaid card integrated into its digital banking channel, Ecobank Mobile. Notably, the prepaid card solution is available to all current, savings, and Xpress account holders of the bank. According to the bank, customers can use the virtual prepaid card for their online shopping requirements or for sharing and creating gift cards for their loved ones.

Moreover, the virtual card supports recurrent payments and can be used easily for Netflix, Apple Music, and other subscriptions. Because the card is prepaid, users can fund each card with the amount they want to spend online or gift someone else. Therefore, offering Nigerian youths more control over their spending.

To know more and gain deeper understanding of prepaid card payment in Nigeria, click here.