As a subsidiary of Barclays Africa Group, Absa is a Johannesburg Securities Exchange-listed banking institution with an extensive history in the South African financial market. With operations in South Africa, Tanzania, Mozambique, Namibia, Zambia, Nigeria and Botswana, the bank is a specialist in wealth management.
Absa Bank has a long history in the South African financial market. The institution continues to grow steadily. Now forming part of the Barclays group, Absa strives to extend its leverage on the financial market.
The bank offers a unique and affordable bank account specifically designed for kids, in the form of the Absa MegaU Account.
The ideal bank account for under 19s, the Absa MegaU Account for kids has no monthly fee.
What the Absa MegaU Account for kids offers:
Through this account, children can access and manage money whenever they want to. The account can offer a simple way of introducing good money management skills. It’s also affordable, as the account has free card swipes and ATM withdrawals, along with 50MB of free data every month.
In order to keep the account active, it’s important to maintain a minimum balance of R200 per calendar month.
Users get free debit card purchases, access to a free MegaUApp to check balances and a free Wakaberry/McDonalds voucher.
What are the requirements?
- A valid South African ID or valid passport
- Proof of residence not more than 3 months old
- Original birth certificate for children under 16 years old
- Parental consent to open and operate the account for children under the age of 16 years old
Through the Absa MegaU Account for kids the bank strives to offer unique services to parents looking to instil positive financial habits in their children’s behaviours.