MTN, Fidelity Bank launch Yello Savings Account

MTN Ghana, in collaboration with Fidelity Bank, has launched the Yello Savings Account to encourage the savings attitude, by making it more convenient and stress free among traders and the business communities in general.

Yello Save account, which is a Mobile Money wallet-based savings product, is designed to give subscribers a convenient way to save and earn attractive interest, and as a good way to mobilise funds and help people acquire the habit of savings.

Mrs. Adwoa Baah Obeng, on behalf of the General Manager, Northern Sector Ghana of MTN, explained that savings contribute significantly to the growth of economies around the world, and play a significant role in the development of the individual’s wellbeing, hence the launch of another innovation with Fidelity Bank Ghana Limited as a partner.

She indicated that Mobile Money is now playing a crucial role in making banking services accessible to previously unbanked populations in developing countries.

Mrs. Baah Obeng said for over eight million MTN Momo subscribers and 58,000 agents, the Yello Save platform will become an important avenue for subscribers to harness the benefits of savings.

She disclosed that MTN’s position, as the leading operator in Ghana, also means it has a big responsibility in national development, as a result of which MTN will continue to form strong partnerships with financial service providers, to reap the benefits of a cash-kite society, as part of development.

The MTN official indicated that the lading telecommunication firm has partnered over 16 banks in Ghana to deliver financial products of great value to their customers, one of which, she said, is the TBILL 4 ALL service launched last year, which currently has over 54,000 subscriptions.

She revealed that MTN Ghana had paid a total of GH¢34,343,000 as quarterly interest to their Mobile Money customers in 2016, which, she said, confirms that MTN  is, indeed, committed to ensuring that its customers reap the benefits of using the Mobile Money service.

Nana Fosu Asante, K.O. Branch Manager of Fidelity Bank, said at the launching that the Yello Account removes all paper work in savings, and would become an avenue for customers to enjoy convenient savings, with interest of 12% annually, which works in all their 175 branches across the country.

Manager Asante disclosed that it would also help encourage the public to do savings, since it is  deposit free and withdrawal free.