The Fidelity Bank in partnership with MTN has launched the ‘Yello Save Account’ to bring banking services to the doorstep of Ghanaians.
Individuals who use mobile phone, especially subscribers of MTN Mobile Money service could sign on to the Yello Save Account on their mobile phones and make deposits through their wallets.
Mobile phone users who signed on to the product dubbed “Ketewa Beye Kese,” would earn 12 per cent interest on their account.
Speaking at the launch of the product in the Kaneshie Market in Accra, attended by the top echelons of Fidelity Bank and MTN and members of the Kaneshie Women Traders Association, the Managing Director of Fidelity Bank, Jim Baiden said his outfit decided to come out with the product in response to the demands by customers of the bank.
He said the product was to address paperwork associated with opening a bank account and provide every Ghanaian the opportunity to access banking services anywhere in the country.
“One of our key areas of focus for Fidelity, as the leading private sector indigenous bank in the country, is to provide our services to as many people as possible,” he said.
He said “anybody who can have a bank account should also be able to have a Y’ello Save Account too and everybody who has a mobile phone can also a Y’ello Save Account too and enjoy the benefits.”
Mr. Baiden said in view of the growing mobile money penetration in the country, which stood more than 8.5 million, it was imperative for the bank to come with the products to enable mobile phone users open and save money anywhere in Ghana.
“This is an account that has been specially designed to offer mobile phone users like yourselves, access to a unique savings product that gives you high interest earning,” he said.
Habit of savings
Mr. Baiden entreated Ghanaians to cultivate the habit of savings to protect their future income security, adding that parents should teach their wards to learn how to save at the youthful age.
The Managing Director of Fidelity Bank assured the customers that his outfit would continue to develop innovative products to meet their financial needs, saying the bank was the first to launch agency banking in the country.
The Chief Executive Officer of MTN, Mr. Ebenezer Asante in his address said the new product on the MTN Mobile Money platform was to integrate the banking and telecommunication sectors.
“This product is also consistent with our quest to deepen financial inclusion in Ghana,” he said.
Mr. Asante said the objective of MTN was to promote a cash-lite society and in view of that the company continued to form strong partnerships with financial service providers to develop products that move us closer to a cash-lite society and add value to our subscribers.