Women's World Banking promotes savings culture in children

Women's World Banking promotes savings culture in children
Source: Ghana | JoyBusiness | JAD
Date: 16-05-2019 Time: 01:05:27:pm

The Women's World Baking Ghana is helping promote the savings culture among children with the opening of free bank accounts to newborn babies at the Ridge and Adabraka hospitals in Accra.

With GHS 100.00, each account is to be held in trust for the children by both the bank and their parents until they are old enough to access them.
Per an arrangement, parents of beneficiary children can only make a partial withdrawal after six months of being in operation.

The Chief Executive Officer of the bank, Charlotte Lily Baidoo, noted in an interview on the sidelines of the presentation of a Rambo 1,000 litre water tank to the A1 Mother and Baby Ward of the Komfo Anokye Teaching Hospital in Kumasi on Monday. 

She also told Luv Business that the bank is ready for the Bank of Ghana’s reforms to sanitize the savings and loans sector. 

She noted the institution has had a strong financial base having operated in the country for the past 30 years.

The presentation of the water tank followed a need assessment by the bank recently on which area it could provide support to the hospital.

The tank is to serve as a backup to the ward and make water easily accessible to pregnant and nursing mothers.

The bank, affiliated to the Women's World Bank in the USA, has embarked on a similar exercise at the Tema General Hospital and other parts of the country.

Women's World Banking Ghana was established some 32 years ago to empower women and make resources available to them to enhance their businesses and was also given a license to operate a savings and loan outlets.

Ms Baidoo said plans were afoot to build on its previous successes and make cash available to every individual to grow the economy.

The Head of Department for the A1 Mother and Baby Ward of the Komfo Anokye Teaching Hospital, Dr Gerald Asubonteng, expressed gratitude and promised to put the tank into good use.