Agrobank's New Zero Cash Programme To Help Students Go Cashless

Aminuddin Amenon said the program was developed with focus at the school level and the objective is to inculcate students with a proper money management culture

Agrobank's New Zero Cash Programme To Help Students Go Cashless

KUALA LUMPUR, June 15  -- Agrobank launched Zero Cash Programme (Program Sifar Tunai) among school students to cultivate the habit of saving money and managing cashless (zero cash) transactions as a move to provide the correct knowledge of financial management at early age.

Aminuddin Amenon, Chief Development Officer of Agrobank said, the program was developed with focus at school level and the objective of inculcating a proper money management culture so that young people are better prepared and are smarter to conduct transactions digitally.

“In general, cashless transactions among Malaysians are on the rise due to popular online shopping lifestyle as it is easier for customers to make direct payments without having to physically withdraw money at the bank.”

Zero Cash agent

“Although the concept of cashless transactions is simple and fast, there is no doubt that it may also contribute to overspending if the expenses are not well monitored or controlled. Therefore, it is appropriate to cultivate this awareness while they are still young, with the involvement of parents themselves in monitoring their children's expenses in school,” he says.

The program, known as Program Sifar Tunai Jaringan Dan Jalinan Antara Agrobank Bersama Sekolah Menengah Agama Kuala Lumpur (SMKAKL) is the first initiative by Agrobank conducted through a collaboration with the school cooperatives, Koperasi Sekolah Menengah Agama Kuala Lumpur Berhad, which is appointed as an agent for Agrobank in providing banking services to the school community.

Through this programme, parents of students are to deposit a starting amount of RM50.00 into the student's account which is packaged with a personal accident protection scheme under the Takaful Kasih Plus-i product and a debit card for students.

He says the program, which targets about 700 students and school staff, will be implemented comprehensively in the school in stages to use cashless transactions at the school canteen, book shop and teachers' clubs to facilitate various transactions between students and the school.

“Students will only need to carry their debit card to buy food in the school canteen or even buy school equipment and books in the cooperative which will be done through auto debit. This will also make it easier for parents to deposit pocket money for their children and at the same time help them monitor their expenses as all transactions and usage of money can be viewed online. Managing online transactions also help students to discipline their own expenses,” he adds.

Aminuddin said, to date, 100 students have opened deposit accounts under this programme, while the account opening 600 students and school staff is expected to be implemented from mid-June until the end of the year.

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