Business News of 2014-04-28

Fidelity mobilises GH¢95m from promotion

Fidelity Bank has mobilised a total of GH¢95 million from 75,000 new accounts under its “Big Fat Zero Promotion,” which ended last Thursday night.
The promotion, which was aimed at encouraging a savings culture in the country, also helped the bank to push its deposits up from GH¢1.09 billion in 2012 to GH¢1.5 billion at the close of last year.
The Deputy Managing Director of Fidelity Bank, Mr Jim Baiden, said at the grand draw of the promo in Accra on April 24 that the six-month-long campaign had certainly helped to improve the savings ratio in the country and introduced others to banking for the first time.
Savings statistics
Out of the 15 million adult population of Ghana, only 5.5 million individuals, representing 41 per cent are included in the financial services sector.
This low financial services coverage and savings culture come in spite of the eight per cent average growth rate the Ghanaian economy has recorded for the past five years, which has spurred growth in the per-capita income from $1,100 to the current $1,840.
Reversing the trend
Mr Baiden said the Fidelity Big Fat Zero Promo, launched in August last year, was, therefore, to give Ghanaians a real chance to own a bank account and transform their pre-consumption lifestyles to one of savings, investment and wealth creation.
Ms Lilian Esi Mortotsi of the Oxford Street branch of Fidelity Bank emerged the ultimate winner of the Fidelity Big Fat Zero promotion, with GH¢100,000 after two zeros were added to her maintained balance.
The computerised draw, supervised by the National Lotteries Authority, was held in the presence of guests at a dinner at the Labadi Beach Hotel.
Mr Godwin Kwashie Acolatse of the Ridge Tower branch of the bank emerged second with Mr Brown Anafo of the Bolga Fidelity Post Bank emerging third. They won GH¢10,000 each, as a zero was added to their maintained balances.
Twenty others received 24-carat gold coin consolation prizes in the draw which coincided with the re-launch of the bank’s restructured and improved Platinum Club, a league of high income earning individual and corporate customers of the bank.
The outcomes
“I am happy to report that a total of 15 lucky customers each won a “Big Fat Zero” that transformed their balances by as much as GH¢10, 000 in most cases,” he said.
Another set of 50 customers won half an ounce 24-carat gold coins as consolation prizes.
Mr Baiden said the bank was satisfied that it had, through the unique promo, succeeded in improving the savings ratio in the country, as well as introducing a lot more people to the bank’s brand of banking for the first time.
Platinum Club
The Managing Director of the bank, Mr Edward Effah, also told the Platinum Club members of the bank that the event was also for the bank to celebrate, honour and thank customers of the bank for their loyalty and support.
“The journey started some 15 years ago as Fidelity Discount House and grew to become Fidelity Bank in 2006. Barely eight years down the line, we’re among the top six banks in the country in terms of industry deposits, with the vision to become the 5th largest by the end of 2014.”
He said the bank currently had more than 500,000 customers, 50 branches and 75 automated teller machines (ATMs) across the country, with plans to roll out additional 50 branches to bring the total number of branches to 100 by 2017.
Mr Effah said as a true indigenous bank, Fidelity was committed to building a showpiece of banking excellence and championing the country’s journey to financial inclusion.
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