Stanchart launches a 'Savings Revolution'

Staff Writer | Tuesday February 26, 2008 00:00

Said Stanchart's Head of Consumer Banking, Pierre Mourier, last week: 'In order to further incentivise savings, and following the success of the recent Personal Loans Win-a-Million Promotion, which created the first Standard Chartered Bank Millionaire, the bank is ready to create another millionaire, this time based on all these savings products.

'The next Win-a-Million promotion is being pre-launched now, once again to create a huge appetite for savings amongst Standard Chartered Bank clients in particular, and Botswana as a whole.

'Savings is the one method through which wealth creation, as described in Vision 2016, can be achieved. A country is only as rich as the amount of savings held by each of its citizens.'

'There is not only a need to save money but also to save water, save power and save the environment in general.'
Mourier added that in creating a sustainable business, it is important that the bank encourages a savings culture.

'This is part of being the right partner to our government and regulator stakeholders, who have on their agenda the Vision 2016 pillar of creating a wealthy and prosperous nation. It is the bank's responsibility to contribute to this mission both through educating the public on the virtues of savings in all areas, and also by providing tailor-made products which promote and encourage customers' ability and need to save.
'These products will greatly assist the public in the management of their future financial health,' he added.

In their quest to become the right partner to their clients, Standard Chartered Bank has developed savings products that are responsive to clients' needs. Hitherto there has been no great incentive to save with the market's higher interest rates being unattainable for those whose savings accounts balances do not reach into the hundreds of thousands and above. 

Standard Chartered Bank has risen to the challenge brought forward by clients and created savings products with the highest un-tiered interest rates among retail banks in the market today. Both the PEO and the DIVA Savings accounts bear an annual interest rate of 9 percent.

This means all clients from all target markets can start earning 9 percent annually from the day they open their account.
'Financial security is extremely important as it contributes to food, health and personal security.

This Savings Revolution Campaign is also about social responsibility on the part of the bank and of the citizens of Botswana as individuals.
'As part of its sustainability agenda, Standard Chartered Bank wants to be synonymous with environmental conservation.

'In Botswana, we are facing serious power shortages. Water is a scarce resource. The environment needs cleaning and saving. Our Savings Revolution thus encompasses these urgent messages of awareness - Save Power, Save Water, Save the Environment.'