As businesses and families across the country struggling to cope with the huge financial challenges created by the coronavirus pandemic, WEMA Bank has announced one million naira support fund to 20 school children.
The lender explained that this is because of the shortage of money created by the pandemic, while parents of school children aren’t having it easy.
Also, Nigerians who were living below the poverty line before the pandemic have been thrown into an unprecedented battle for survival.
The bank explained that the move will lessen the financial weight, and help ease some of the burdens of paying school fees and other academic fees at such an economically tough time.
According to the bank, to qualify for WEMA’s contribution to school fees payments, parents and guardians are required to open a Royal Kiddies Account at a Wema Bank branch with a minimum of N100, 000 before September 12, 2020, and parents whose children have existing Royal Kiddies Account can qualify by topping up their balance to N100, 000 before the deadline.
“As schools plan to physically resume in the coming months, and for parents who are keeping their children learning virtually, there is no doubt that the financial weight is more than many Nigerian parents can realistically pull alone.
“Apart from supporting parents financially, this initiative also provides a great opportunity to get more parents and guardians to pay attention to their children’s finances by opening a Royal kiddies account for them. With a competitive interest rate of 4.75 per cent on savings, an e-Purse for electronic transactions amongst many other perks, Royal Kiddies account holders are given an early start to building their finances, and well on their way to securing a bright future.
“Since the launch of this historic fund in 2013, more than 100 Nigerian school children have benefitted from it, and with the world battling the debilitating economic consequences of a pandemic now, this initiative couldn’t be arriving at a better time. This year’s Wema Educational fund reflects the selfless generosity common with these times, and the tenacity with which corporations, big and small can exhibit social responsibility, kindness, and consideration”, the bank added.