Nedbank banks on the youth

23 April 2012Nedbank

Nedbank Retail has made excellent progress in implementing its distinctive client-centred strategy to chart a new path to sustainable, profitable growth, achieving headline earnings of R2 billion for the year ended 31 December 2011 (from a headline loss o

‘At the heart of our strategy is retaining and growing clients through understanding their aspirations and financial goals and providing a choice of distinctive client-centred banking experiences as a bank for all in South Africa. Our client value propositions in key growth segments - Nedbank ‘Ke Yona’ for entry level banking, Nedbank Savvy for the middle market - are having a significant impact in growing clients and changing perceptions of Nedbank, where our aspirational brand is increasingly seen as accessible, caring and relationship driven. We are also leveraging our strong market positioning with businesses and the public sector to bank their employees through our innovative Nedbank@Work employee banking offering.' says Ingrid Johnson: Group Managing Executive of Retail and Business Banking at Nedbank.

'Another important market for Nedbank is the youth which represents approximately 53% of the total population in South Africa and who have a valuable role to play in building a vibrant society that grows our economy. We are delighted to formally launch today our youth offering - Nedbank 4me - ‘My Future, My Bank’ which includes four key pillars '4spending, 4saving, 4growing, 4good' with a strong emphasis on caring about their financial fitness,’ continues Johnson.

‘Our youth offering for kids and teenagers is very exciting. The Nedbank 4me offering comprises of a full transactional banking account with no monthly fees, free initial transactions, and thereafter reduced pay-as-you-use pricing, free eNotes and self-service banking enabling youth to transact, and when saving, earn preferential interest,’ says Ciko Thomas, Managing Executive Consumer Banking.

In keeping with Nedbank ethos of doing good and giving back, Nedbank will also help the youth to support a cause that is important to them at no additional cost.

To further encourage the youth to save, Nedbank will add R2 per month for debit order transactions with the Save4Me Account which offers a secure and competitive way of saving. Youth can even name the account for the item that they are saving for.

'In essence, Nedbank 4me provides the youth with great-value banking based on simplicity, affordability and transparency, giving them a cost-effective vehicle to manage their pocket money. We know they love to spend on all the cool stuff, but it’s important that they are encouraged to save a little so that their money can grow, helping them to afford even greater things and, more importantly, to play a role in giving back to our society by doing good. Kids are important influencers in their household, so through this offering we hope we can attract their parents if they do not already bank with Nedbank,' adds Thomas.

Nedbank offers clients easy to use tools such as the Bank Fees Calculator and Personal Money Manager to help clients build financial fitness and save on bank fees.

Nedbank 4me is available through over 1,000 Nedbank staffed outlets including Nedbank branches, Pick n Pay and Boxer Stores, many with extended banking hours, as well as via your relationship banker or

'In addition, Nedbank is the first bank to undertake a comprehensive market day programme with a wide spread of registered schools across the country to teach learners the principles of growing a small business. Through Nedbank's understanding of the importance of encouraging an entrepreneurial society as SMMEs employ approximately 45% of the workforce in South Africa as well as our strong market position in Business Banking, we wish to invest now in growing our clients of the future', concludes Johnson.

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