THE PAN Oceanic Bank has launched its first ever School Banking programme in Solomon Islands.
Yesterday Pan Oceanic Bank officially opened a School Banking Unit at Chung Wah School as part of the programme.
The launching of Chung Wah School Banking Unit was witnessed by guest of Honour, the Governor of the Central Bank Mr Denton Rarawa, Permanent Secretary of the Ministry of Education and Human Resources Dr Franco Rodie, Chief Executive Officer of POB, POB Staffs, Principal of Chung Wah School and Staff, and students of Chung Wah School.
The opening of the Bank Unit now gives approximately 300 students of Chung Wah School the opportunity to open a Savings Account and also have access to bank services.
In his speech, CEO of POB Mr Nihal Kekulawala said POB is on a mission to empower children of Solomon Islands through School Banking Unit in effort to enrich the children’s lives as well as creating a better saving habit for children.
He told those present that Chung School was the first school to partner with POB out of four other schools under the School Banking Programme.
“We are excited to partner with these schools to carry out this innovative financial education programme designed to enhance the life and prospects of our children by securing their future and building up a better and stronger Solomon Islands,” Mr Kekulawala said.
He explained that students of the schools who have signed up for the programme will now have access to POB Pikinini Saving Service on a daily basis.
Mr Kekulawala adds that selected groups of students at these schools have been trained as School Banking Unit Managers to carry out banking services at their respective schools.
He said School Bank Unit Managers will assist their fellow students to save and see their funds accounts balance grows.
In addition, Chief Operating Officer of POB Mr Adrian J Nigel told the students that the School Bank Unit has long term benefits.
He explained that the School Bank Unit gives students the opportunity to a lifetime saving with a special interest rate of one percent per annum as well as free passbook to monitor savings.
Mr Nigel said students have automatic eligibility for “Pikinini Saving Account Gift Scheme” on growth of the account.
He said students can open an Account maintaining their names and start saving straight away.
Mr Nigel said the POB School Banking Unit will be established and situated at each school premises giving students the safest access to make deposits while POB provides logistics and system support for the schools.
He explained that deposits can be made at any POB branch after a child leaves their current school.
Mr Nigel said there will be no monthly charging fees, adding, withdrawals will not normally be permitted until the child reaches 18 years of age.
More importantly, he said the programme will also give students an early start in banking, training as Banking Managers through their participation in the daily operation.
Mr Nigel reiterates that POB encourages students to develop saving habits through the programme.
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