ADB extends deposit promo
The savings culture in Ghana is still poor at below 20 per cent of the total value of goods and services produced within the economy and banks are adopting various methods to improve the levels.
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One of the measures has been the introduction of incentives to rake in deposits and encourage customers to maintain their deposits for longer periods within the banking system, since this is a cheaper source of funds to support the credit creation and financial intermediation role of banks.
One such efforts by the Agricultural Development Bank (ADB), which started last October, has been extended to this year due to its resounding success.
“The interest shown by customers has been impressive and to ensure that nobody is left out, we have extended the promotion to the end of March,” the Chief Risk and Compliance Officer at ADB, Mr Bernard Appiah Gyebi, told the Daily Graphic.
He said this shortly after the presentation of prizes to top 10 depositors of the bank in the third round of its ‘deposit and win’ promotion.
The promotion aims at rewarding both existing and new customers with attractive packages ranging from air time, smart mobile phones, ADB-branded souvenirs to LED televisions sets.
Mr Gyebi said the promotion was also aimed at inculcating in the Ghanaian the habit of saving and urged both new and existing customers to keep on depositing to increase their chances of winning in the grand draw.
Financial inclusion, savings low
A financial inclusion survey, FINSCOPE Ghana 2010, suggests that only 56 per cent of adult Ghanaians or 7.5 million individuals are financially included. This means that 44 per cent of adult Ghanaians (5.9 million individuals) are excluded from the financial system, thus, they have no dealings with any formal or informal financial services provider.
The report also indicated that out of the number of those included, 41 per cent are in the formal financial system, (5.5 million individuals), with 34 per cent (4.5 million individuals) being in the banking system. This low figure means a large number of Ghanaians still make no savings, especially in the banking sector.
Winner appreciates
One of the customers who won a prize, Mr Wang Yu, thanked the bank for the award and urged the general public to cultivate the habit of saving.
“We should save no matter how small the amount for a better tomorrow,” he said.
caption: Mr Bernard Appiah Gyebi (right), Chief Risk and Compliance Officer, presenting a prize to a winner.