Bank Windhoek held second Solo Bank

To introduce children to the concept of banking in a relaxing atmosphere, the second Bank Windhoek Solo Bank will take place on Saturday, 16 July 2016, at The Grove Mall of Namibia. A sales adviser will explain the nature of managing their finances.


After the successful launch of the Solo Bank for children in June, Bank Windhoek is planning to roll-out the concept to other selected branches.


Bank Windhoek’s Solo account holders will be able to update their information on their existing accounts, make transactions and enquire about existing saving products. Prospective Solo account customers will also be able to start their journey to financial independence by opening an account.


Youngsters can also pick up a copy of Bank Windhoek’s teen lifestyle magazine #SoSolo.


The Solo Bank, which takes place on the third weekend of each month, further offers existing Solo account holders the opportunity to apply for a loan, to kick start their entrepreneurial ambitions.


With the help and support of their parents, children will be able apply for a loan of not more than N$5 000.


Due to legal restrictions, children under the age of 18 cannot apply for a loan. The loan will therefore be awarded on the credit ratings and record of the parents or guardian.


The child and his/her parents or guardians will then sign a contract with each other and Bank Windhoek to indicate how the child intends to repay the loan.


The loan will be awarded at the normal lending rate applicable to personal loans and children, who wish to make use of this special package, will have to submit a business plan to indicate how they will generate the money to repay the loan.


By doing this, Bank Windhoek would like to encourage parents to pay their children a set amount of pocket money which they must manage during the month.