Silatech and Al Barid Bank, banking branch of the Moroccan Post, signed on May 30th an agreement to provide financial access to tens of thousands of young Moroccans through an innovative new youth savings initiative. The agreement was signed in Casablanca by Mr. Redouane Najm-Eddine, Chairman of the Board of Al Barid Bank, and Dr. Tarik Yousef, Chief Executive Officer of Silatech, with the presence of Mr. Amin Benjelloun Touimi, the Moroccan Post Group CEO.
The initiative will enable young Moroccans aged 18-25 to build their financial assets by opening a youth-specific savings account at any one of Al Barid Bank’s network of branches across the country. Set to be available for youth by the end of summer 2012, this Youth Savings Account (YSA) initiative draws from global industry best practice, and includes a range of features designed to meet the needs of youth while encouraging active savings.
These features include a very low minimum opening balance, a voluntary lock-in mechanism, and a facility that matches youth deposits into the account up to a maximum amount for the first 20,000 accounts opened. Further incentives to save include quarterly prize draws for all account openers and annual prize draws for youth who meet certain savings milestones.
This Youth Savings Account represents one of the largest new financial product deployments in the Middle East and North Africa (MENA) region.
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