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Stanbic IBTC Bank reiterates importance of savings via Contract Save
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, has again reiterated the need for a strong savings and investment culture among Nigerians. The bank said it has developed a bouquet of products aimed at strengthening the savings and investment culture in the country.
Contract Save, a product similar to Esusu, Adashe or Ajo, an informal savings scheme common among market women, artisans and others across the country, the bank said, was introduced not only to encourage savings but also to help bring the low income groups into the formal financial services sector.
According to Stanbic IBTC Bank, Contract Save is a hybrid investment account that enables customers to save in a regular and disciplined way for specific goals and events. The bank said the product is targeted at current and savings account holders such as individuals and SME operators, High Yield Current Account (HYCA) holders, salary account holders as well as housewives who receive regular monthly stipends, traders, artisans, students, and others.
Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Mr. Babatunde Macaulay, said the product was introduced to ensure customers achieve their savings and investment objectives in a disciplined and profitable way. According to him, in line with the retail banking drive of the Group and the financial inclusion policy of the Central Bank of Nigeria, the bank will continue to explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians.
“Contract Save is a product we developed to help customers achieve their savings and investment objectives in a disciplined and profitable way. The product is in line with the financial inclusion policy of the Central Bank of Nigeria and our retail banking drive,” Macaulay said. “The bank will continue to tap into the rich resources of the Stanbic IBTC Group to explore innovative ways to develop products and services that are relevant to the economic aspirations of Nigerians,” he added.
Contract Save account holders, the bank said, stand to benefit in several ways, including monthly credit interest and bonus payments, with the possibility of the bonus rising as high as 100% of the credit interest earned over the tenor of the account.
The product, structured like a fixed deposit account, has tenors ranging from six to 24 months with a minimum opening balance and minimum monthly payments of N5,000, respectively, required.
Macaulay reiterated the Group’s resolve to ensure Nigerians, particularly the informal sector, embrace a rich, rewarding and safe banking culture through the introduction of relevant products and services like Contract Save that speak to their everyday needs.
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings Plc, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organizations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.