DO YOU HAVE A BANK ACCOUNT?

In the previous episode, I said something little about having a bank account. This might sound weird to you if you already have a bank account truth is some people still don't have one. Our vice President, H.E Mahamudu Bawumia has mentioned time without number his vision for the country to transition into a digitalized economy. The simplest move you can take to keep up with this digitization effort, in my opinion, is to get a bank account.

This is very basic but the sad truth is that most people especially the youth either don't know about it or see the importance only when it is a prerequisite for a form. A bank account according to the Merriam-Webster Dictionary is a fund that a customer has entrusted to a bank and from which the customer can make withdrawals. This implies that the bank holds your money in their care but you are allowed to make withdrawals too.

Allow me to explain why I believe having an account is crucial. To the average youth this whole thing about having an account might sound absurd but how do you start investing if you don't have an account. Mind you, if you start working, you won't be paid in cash you'll be paid through a bank account. I can attest to this because I was asked for my bank details when I started my national service, not my mobile money number.

Also, in case you will want to travel you'll need to prove you have some substantial amount in your bank account. You may argue that your parents have one, it's good but it doesn't hold water. Charley, if you are reading this and you don't have an account, please open one now!

The good thing is that there aren't many prerequisites. You’ll need a recent passport-sized photograph, a valid photo ID, your proof of address for example a utility bill, and a minimum of twenty cedis to start with.

This amount might vary from bank to bank. In this era, you do not need to be in a banking hall to be able to open a bank account. Some banks allow you to do that right in the comfort of your home.

To the one who already has an account you won’t get this but the moment I realized some people of my age still don’t have bank accounts I decided to write about this.

What's next once you've opened an account? We'll catch up later.