As parents and guardians, preparing children for a successful future starts with securing their access to quality education, which has become increasingly costly.
Equity Bank Rwanda Plc has introduced "Impamba,” a new Child Education Savings Account designed to help parents and guardians secure their children’s educational futures amidst rising costs. This innovative account combines disciplined savings with life insurance benefits to tackle the financial challenges of funding higher education.
"Impamba is crafted to ensure that every child can pursue their academic aspirations, regardless of unexpected circumstances that could disrupt their education,” said Hannington Namara, Managing Director of Equity Bank Rwanda, at the launch event on Friday, August 30.
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"True to our mission and vision, we constantly strive to innovate and deliver greater value to our customers. Our goal is to enhance financial access and inclusion for all Rwandans, contributing to a better Rwanda. With this in mind, we are excited to introduce Impamba—a product that embodies our commitment to supporting our clients&039; journeys, much like a traditional 'Impamba' that ensures travellers are well-prepared and cared for.
Impamba combines savings with life insurance benefits, thanks to our collaboration with SanlamAllianz Life Insurance Rwanda. This innovative product not only helps you save for your children’s education but also provides a safety net in case of unforeseen events. Our partnership with SanlamAllianz allows us to offer more comprehensive benefits than we could alone, reflecting our belief in the power of collaboration to deliver exceptional value."
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The Impamba account offers an attractive interest rate of up to 8 per cent per annum, making it easier for families to save for school fees and other educational expenses. Interest rates vary based on the deposit amount, providing benefits for savers at all levels.
In addition to competitive interest rates, the Impamba account includes automatic life insurance coverage equal to three times the total savings in the account. This coverage guarantees that a child's educational goals remain protected, even if the account holder passes away.
The account also allows partial withdrawals quarterly, aiding families with multiple financial commitments. Furthermore, savings in the Impamba account can be used as collateral for loans, adding an extra layer of financial flexibility and support.
Deposits into the new Impamba Child Education Savings Account can be made through Equity Bank branches, agents, and the Eazzy 24/7 Mobile Banking platform. This flexibility ensures that parents and guardians can manage their savings conveniently, whether they prefer in-person or digital banking options.
"This initiative reflects our dedication to supporting families and advancing education,” Namara said.
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Jean Chrysostome Hodari, Chief Executive Officer of SanlamAllianz Life Insurance Rwanda Plc, added, "Many people plan for various expenses, but often overlook the importance of saving for their children’s education. Planning should start even before a child is born, and once they arrive, parents must consistently save for their education as costs continue to rise. Unlike other products, Impamba stands out as it represents a pioneering collaboration between a bank and an insurance provider in Rwanda, placing children’s futures at the forefront through the unique benefits it offers.”
Who qualifies to open an Impamba Savings Account?
Anyone aiming to save for their children&039;s long-term education, particularly for high school and college fees, can open an Impamba account. Applicants must be between 18 and 60 years old and provide an original ID or Rwandan passport along with a copy.
While account holders are not required to have a child or beneficiary to qualify for life coverage, they must nominate a next of kin.
To open an Impamba account, a minimum deposit of Rwf 5,000 is required, which provides a basic life assurance cover of Rwf 500,000. The bank will lock the funds for two years. During this time, you can withdraw up to 30 per cent of the total deposits once per quarter. However, if you make a second withdrawal within the same quarter, you will forfeit the accrued interest for that period.
The launch of Impamba underscores Equity Bank Rwanda's commitment to offering innovative financial solutions tailored to the needs of its customers. As a trusted financial partner, Equity Bank remains focused on enhancing the well-being and future success of its clients, ensuring that every child in Rwanda has the chance to reach their full potential.
For more details about the Impamba Account, visit your nearest Equity Bank branch, contact their customer experience team at 0788 190 000, or visit https://www.equitygroupholdings.com