Access Bank Plc, has launched its credit card for students, specifically developed for those in tertiary institutions across the country.
During the unveiling of the product at the University of Lagos, Akoka, on Wednesday, Victor Etuokwu, executive director, Personal Banking Division, Access Bank, said the credit card would help address the students’ urgent need with immediate access to cash which they can pay back later.
“We want to begin to teach young people about how to be responsible borrowers. How would that happen? Because of the amount of money, you have access to in that card, you will be more responsible in what you do and spend,” he said.
According to him, the credit card “gives you the ability to plan your spending. As you know, in the country today, if you are a responsible borrower, you begin to create a credit history.
“When you leave school and you want to be an entrepreneur and you go to a bank, you show them your record and they will see that you have been a responsible borrower.
“Then, that bank can give you enough money to start your business. So, this is to enable people to begin to show responsibility early in life. Your banking record is very key and your credit record is very important.
“Banks have what is called a credit bureau and if your name enters the bureau as a bad borrower, you will be blacklisted. So, you need to be a good borrower.”
Also, Bite Omo-Udoyo, product manager, explained the card was developed such that the cardholder can get up to N20,000 to spend any time and pay back later.
“With this, we have provided a card and you can spend up to N20,000. Anytime you are broke, use your card, there would be money waiting for you there. As you payback whatever you have spent, you have your N20,000 available for you to spend.
“To get this card is very simple, just open an account with Access Bank, pay your school fees and just bring your identity card,” Omo-Udoyo added.