Medoba Account

Description

This is an investment account that allows parents to save towards their ward’s education up to the tertiary level for a maximum of 18 years.

Features

  • An initial deposit of GHS20.00
  • A minimum monthly contribution of GHS5.00
  • An interest rate of existing savings account rate plus 2%
  • Standing orders can be set up to facilitate contributions
  • Can be used as collateral for loan/overdraft
  • School fees can be paid on behalf of the customer

Requirements

  • Completion of ARB’s Medoba account opening form
  • Provision of valid national identification by the parent/ guardian of the child (Voters ID, National ID, passport or Driver’s licence)
  • Provision of two passport size photograph of parent/ guardian and one passport size photograph of the child
  • Provision of childbirth certificate (optional)

Benefits

  • Wealth accumulation – interest is earned on a deposit
  • Can be used to secure a facility which gives access to more money without disrupting the investment
  • Financial security – a secured fund is built to ensure child’s education even in the case of untimely death
  • Convenience – standing orders to facilitate easy payment of monthly contributions