A new agreement between the Social Development Bank and the Arab National Bank to promote the culture of saving for emerging generations

The Social Development Bank and the Arab National Bank signed an agreement to implement and launch an innovative savings product that stimulates children. According to this agreement, the Arab National Bank will join the list of approved Saudi banks for the Zod Al-Ajyal savings product, to expand the options for the customer in choosing the appropriate commercial bank for him to subscribe. In order to achieve the objectives of the Social Development Bank related to the savings program, which aims to develop financial tools that allow children to benefit from the program’s advantages and to help and encourage them to save and plan financially by providing financial and non-financial incentives. The agreement was signed by the CEO of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, and on behalf of the Arab National Bank, Managing Director and CEO, Mr. Obaid bin Abdullah Al-Rasheed. The CEO of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, confirmed that this agreement aims to launch the Zod savings product and the Zod product for generations through the Arab National Bank, one of the largest Saudi banks, whose joining will represent a qualitative addition to the scope of work, to include a very important group, which is the younger generation, indicating that Through the signing of these agreements, the Social Development Bank seeks to contribute to achieving Vision 2030, to support one of the pillars of the financial sector development program, to enhance and enable financial planning by providing savings and investment tools and programs with financial returns, which are concerned with saving among other goals aimed at raising the percentage of savings. Households' total income. For his part, Mr. Obaid bin Abdullah Al-Rasheed stressed the keenness of the Arab National Bank to provide all the facilities and capabilities that enable enhancing the customer experience with the “Zod Savings” product. For various segments of society, specifically for the emerging generations and productive families, and keeping pace with the aspirations of the Social Development Bank in raising the level of community savings awareness to reach the goals of the Kingdom’s Vision 2030 in developing the financial sector, which in turn represents a strategic goal for the Arab National Bank. On the other hand, the Social Development Bank and the Arab National Bank completed, during the last period, the technical connection regarding the Zod savings product, as the product was actually launched for the program’s clients, and social loan clients as well as families can currently benefit from the product through the Arab National Bank. It is worth noting that the Zod Savings Program provides many advantages, such as providing a monthly cash incentive of up to 20%, and complete flexibility in managing savings. The program has been popular with social finance clients, as well as productive families, in addition to the Zod Generations product designated for the age group of 6-18 years, where the number of subscribers to savings products exceeded more than 110,000 male and female subscribers, and their total savings exceeded 300 million riyals. More than 11,000 child subscribers benefited from the “Suwd Al Ajyal” program, with total savings of more than one million riyals.