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In a move to instil a culture of financial responsibility in the next generation, Stanbic Bank Uganda recently hosted its third annual Financial Literacy Session for Clients’ Children.
The event brought together nearly 100 participants aged between 10 and 20.
The goal was to equip these young people with the essential tools to navigate the complexities of money, investment, and intergenerational wealth.
Bernice Kamahunde Mvano, Head of Wealth and Investment at Stanbic Bank, said wealth is not just about accumulation but its endurance through knowledge, stating that true wealth management must extend beyond individuals to include their families.
A key highlight of this year's session was the launch of the Stanbic Little Investor Account.
This multi-currency savings product is specifically designed for children and young adults to encourage financial discipline from a young age.
Bernice Kamahunde Mvano, Head Wealth and Investment Stanbic Bank Uganda, handing over a certificate to one of the children
The account offers an attractive annual interest rate of up to 6%, alongside free over-the-counter withdrawals.
In a move to foster personal accountability and goal-oriented saving habits, the bank has plans to introduce debit cards for the account. To open one, applicants under 18 must provide a birth certificate, a passport photo, and a parent or guardian’s identification, with legal guardians also having the option to use a court order.
One of the young beneficiaries, Maria Ssempebwa, praised the initiative for instilling in her the spirit of saving.
"I had been spending all the money my parents gave me for years, but with this training, I’m going to become a better person. I’ve opened a small investment account and started saving immediately," Maria said.
The financial literacy sessions are a component of the bank's wider Women, Youth, and Farmers (WYF) Agenda, a three-year initiative aimed at promoting inclusive growth across Uganda.