Access Bank Plc has introduced a credit card for students of tertiary institutions across the country.
According to a statement by the lender, the credit card, tagged Access Bank Student Credit Card, is meant to specifically address financial challenges of the holder.
The Executive Director, Personal Banking, Access Bank, Mr. Victor Etuokwu, said the payment card would make the students financially responsible and promote financial discipline among the younger generation.
The holder of the Access Bank SCC, according to him, has access to a credit amount of N20,000, which can be paid in installments.
Etuokwu said, “If we say our future is in the hand of the youth, we must be able to trust them with something. What more do you trust than with finance? What we want to do here is to trust our youths with how to manage finance.
“This is a credit card because we want to begin to teach young people how to be responsible borrowers. It’s not as if the bank wants to waste money; no.”
He added, “You have to be a responsible borrower. How will that happen? Because of the money you have access to in that card, you will be more responsible with what you do and spend. And because the payment is gradual and instalmental, it gives you ability to plan your spending and how you get money from your parents, and you can pay and be responsible.”
In a direct reference to credit bureau, the executive director explained that the product would enable the cardholders to create a credit record, which can be used later in life when they become entrepreneurs.
He also warned that there were serious consequences for defaulters.
According to the Product Manager, Credit Cards, Access Bank, Mr. Jite Omo-Udoyo, the card can be used within and outside the country as well as in the Automated Teller Machine, Point of Sale terminals and in online transactions.