MUSCAT : BankDhofar is nurturing financial independence with its Children’s Account, which is structured to empower young minds with essential money management skills and make their banking journeys fun and rewarding.  

With the announcement of the new initiative of extended working hours, the Bank aims to make it easier for parents and guardians to secure their children’s financial future and enable them to receive benefits of the Children’s Social Security Scheme, while aligning its operations with the objectives of Oman Vision 2040.

As a leading advocate of financial literacy, BankDhofar recognizes the significance of instilling sound savings habit and fostering financial responsibility from a young age. The Children’s Account provides a perfect avenue to embrace the nuances of financial awareness and promote development of responsible financial practices that will prove advantageous throughout the account holder’s life.

With the option of opening accounts of even new born children, the facility acts as a firm foundation for every child’s future savings, whether intended for higher education or to fulfill long-term aspirations. The key objective is to help children avail a world of possibilities, while setting them on a path to financial success and responsibility.  

The Children’s Account is structured as a secure and trustworthy method to pave the way for a prosperous financial journey through its ‘Children’ (eligible for new born to children under 13 years) and ‘Minor’ (for children between the ages of 13 to 18 years) segments. Opening and maintaining these accounts is, literally, a ‘child’s play’, with options such as ‘no minimum balance’, ‘flexible recurring deposit’ and ‘monthly financial assistance through social protection program’.

BankDhofar believes that learning the value of money should be as exciting as playtime and the experience of banking should be as thrilling as an adventure for children. The Children’s Account allows little customers to understand the excitement of setting savings goals, and the joy of watching their money grow. It offers a perfect platform for parents to nurture lifelong financial confidence in their children, as they play crucial roles in guiding their children through this experience.

The easy to operate Account can be opened by the child’s (under 18) father or a guardian; all that is needed is a passport copy or birth certificate of the child, and father’s or legal guardian’s identity card – if Omani. Expatriate customers need to submit copies of their Resident Card and the passport visa page. The father/guardian has the power to deposit and withdraw money at any time from the account and avail the debit card with (father’s/guardian’s) name imprinted on it. And, although there is no option of opening a joint account under this service and no accruing interest, it does offer saving plan deposit scheme, in addition to standing instructions.

Emphasizing the importance of Children’s Account, Amjad Iqbal Al Lawati, Chief Retail Banking Officer of BankDhofar, said, “We understand that every dream, no matter how big or small, starts with a single step.  Towards this end, we have taken on the responsibility of teaching the principles of money management early on – from instilling financial literacy to encouraging regular savings habits. At BankDhofar, we believe that investing in children’s financial education is an investment in Oman’s future. By empowering young savers with the tools they need to build a secure financial foundation, we are fostering a generation of responsible, financially literate citizens who will contribute positively to the nation’s growth and prosperity.”

At a time when teaching children about money management has become critical, BankDhofar has enhanced its Children’s Account to empower the next generation to become financially responsible individuals.

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