Kenya Commercial Bank (KCB) has designed a special account that will facilitate the financial needs of children. The account dubbed "KCB Cub Account” allows parents and guardians to save money for their children at no cost for financial needs including school fees, scholastic materials and medical bills.

"One of the significant features of the account is that, we do not charge for the service and the cost of maintenance is very low,” Aretha Mutumwinka, the head of marketing and public relations told Business Times in an interview on Monday.

Mutumwinka added that the bank is working on increasing the features of the account to make more rewarding to attract customers including allowing free transfer of funds to the account. 

The ‘Cub Account’ is open to children between one and eighteen years of age. Opening the account requires no opening balance and also earns some interest. It also includes a free banker’s cheque for every school term.

"We want to cater for everybody including children. This tailor made account also helps children to learn the value of money as they grow,” she said.

According to Mutumwinka, after successfully promoting the KCB brand in Rwanda the bank is now rolling out different products to its customers.

"We are offering a full suite of banking services targeting individuals, Small and Medium Enterprises (SME’s) as well as large companies. But we also offer a wide range of personal products including savings accounts, current accounts and credit facilities.”

She also noted the Bank was on course to expand its services in the country, to bolster its ability to deliver quality products and services in the various markets.

Current plans show that the bank will be opening two more branches in Kigali while spreading its presence out to the major towns of Gisenyi, Ruhengeri, Butare, Cyangugu and Nyagatare in the course of the year.

While KCB has a number of personal banking products, KCB Rwanda is currently offering a Gold Plus (prestige account). Others including a student, business and a Simba account.

KCB operates in five countries: Kenya, Uganda, Tanzania, Southern Sudan and Rwanda. The bank also announced that it will be opening business in Burundi this year.

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