First City Monument Bank (FCMB) has launched a new product called Flexx Account for youths between the age of 16 and 24.
A savings account that comes with a mobile app, and a debit card, Flexx Account is designed to promote a healthy savings culture and promote the use of technology in the conduct of banking services.
The launch took place in Lagos on Monday alongside the unveiling of the FCMB Flexx account promo in which a Hyundai Veloster car is up for grabs for one lucky account holder while there are several consolation prizes among them smart phones and bursary awards to be won.
To participate in the promo, a Flexx account holder is expected to maintain an average balance of N10,000 for the six months period of the promo.
Speaking at the event, FCMB’s CEO, Mr. Ladi Balogun, explained that the launch of Flexx Account is as much a statement of substance as it is one of intent.
“Banking as a business is changing with the dawn of technology, banking is going digital and any bank that wants to engage the youths must go digital. The whole idea of Flexx Account is much more than banking services. It is really about lifestyles.
“The platform we are creating through Flexx will be both a community and a channel to bring the best of opportunities to our youth. While our primary objective is to encourage savings and the use of digital channels in banking, we are doing this in an exciting and highly rewarding manner to our customers within the target segment,” Mr. Balogun said.
Also speaking, the Divisional Head, Retail Banking of FCMB, Mr. Olu Akanmu, said that the Flexx account, which is a level 2 KYC account is simple, easy to open and can be operated with minimal documentation. He stated that all what is required to open the account is a passport photograph, School or National Youth Service Corps (NYSC) identity card or any document showing that he/she is enrolled for the current academic year.
Mr. Akanmu listed the features of the account to include being zero COT, no monthly maintenance fee, allows for third party deposit up to the tune of N50,000. Holders of the Flexx account would also enjoy an array of benefits. These include issuance of a Flexx branded debit card and customer reward programmes (promo, bursary award, discounts, invitation to entrepreneurial and skills development workshops, career advisory, social media engagements, entertainment etc). Account holders will also have access to internet banking and a unique mobile app giving an enhanced experience and unparalleled convenience.
On her part, the Group Head, Corporate Communications/Youth & Diaspora Segment of the Bank, Uchenna Mojekwu, explained that the selection of Tolulope Balogun as the face of the FCMB Flexx is a demonstration of the commitment of FCMB to empower youths.
“Tolulope is a talented youth who won last year’s edition of the Dare2Dream project organised in partnership with Kinabuti. The project is about empowerment which forms part of our Corporate Social Responsibility pillars with the mantra, “teach a man how to fish”. Tolulope won the contest and emerged as our brand ambassador due to the several skills she showcased. She further demonstrated this recently by emerging the winner of the 2015 Fashion Crowd Challenge (FCC) in the modeling segment and will be going to Shangai, China to attend the International FCC. Tolulope continues to strive to live her dream of becoming an international fashion icon and we are excited to have played an integral role in her life.”
Tolulope Balogun, the face of Flexx, won last year’s FCMB Challenge in a youth empowerment contest in fashion and modeling under the auspices of the Dare2Dream project organised by the bank in partnership with Kinabuti Fashion House.
The Flexx account is an interest bearing savings account that enables youths carry-out all their banking activities in a hassle-free manner without having to step into the banking hall. The account seeks to bring maximum convenience by permitting customers to open the account via the mobile app, online from the FCMB website and at any of the bank’s branches nationwide.
The Flexx mobile app, in addition to providing convenient account opening and banking transactions, will be a channel for peer to peer payments and communication, information dissemination and provision of exciting content (such as employment tips, access to skills acquisition resources, entertainment and recreational information) and special offers exclusive to users of the app.