As a way of promoting the savings culture among children, Skye Bank Plc has instituted the Skye Rainbow Essay competition for children who own and operate the bank’s Rainbow Account specially designed for them.
According to a statement issued by the bank, the topic of the essay competition is “The Importance of an early savings habit”, and is organized to commemorate this year’s Children’s Day.
The statement quoted the bank’s Head of Retail Banking Group, Nkoli Okoli, as saying that the bank chose to stand out from the others this year by putting a place a special programme for the children to celebrate them. She said five winners will each receive the sum of N200,000, while other consolation prizes would also be presented.
Okoli further explained that the competition would act as a customer reward programme as well as promote savings among children very early in their lives to enable them imbibe the culture of financial discipline.
She said the competition was open to both new and existing Rainbow account holders whose age ranges between seven and twelve years. In addition, she said the length of each entry must not be more than 200 words. However, any entry which shows parental input would be disqualified.
According to the statement, the essay must show the child’s good understanding and good presentation of the topic, the child’s personal savings experience and creative ideas for savings.
The essay competition which started on Monday, April 20 will end on Monday, May 18, while shortlisted winners would be announced on June 1.