Fidelity searches for cheaper funds

BY: Samuel K. Obour

Mr William Panford  Bray, Board Chairman, Fidelity Bank (4th right), and other officials of the bank launching the promotion.Fidelity Bank has started a deposit mobilisation campaign aimed at raising low cost funds to support its loan book.

The funds are to be loaned at fairly low rates to businesses in the country.

The Director of Consumer Banking at Fidelity, Mrs Selom Cofie-Atta, disclosed this at the launch of the bank’s 'Big Fat Zero Promotion' in Accra.

She explained that the bank was concerned with the cost of funds in the country and its impact on the operations of businesses nation-wide.

To help lower that cost and ensure that businesses expand their operations to enable them  to employ more people, Mrs Cofie-Atta said the bank came up with the promotion to mobilise savings from the public, often considered low cost funds, and later loan them to the business community.

“We want to reduce the cost of funds and the credit to businesses,” she told the Daily Graphic after the launch of the promotion.

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The Big Fat Zero Promotion is in conjunction with the National Lottery Authority (NLA) and will run from now till April, next year. It will feature three monthly draws with each draw coming with cash prizes, e-tickets and gold coins as prizes for customers who particpate.

Those who participate in it stand the chance of having a zero and in some cases zeros added to their balances as a reward for being declared a winner in a particular draw.

Thus, if a winner had GH¢1,000 in his/her account but emerged winner in a particular draw, that customer’s balance will subsequently become GH¢10,000, with the additional GH¢9,000 being the prize.

“Contrary to the belief that ‘zero’ has no value, at Fidelity Bank, we believe that zero makes a huge difference,” the bank’s Director of Consumer Banking said.

In addition to the cash prizes, the bank is also hoping to reward participatory customers with half ounce 24 carat gold coin.

To particpate, however, customers need to maintain a minimum of GH¢300 in their accounts for 30 days to be automatically entered into the monthly draws.

By Maxwell Adombila Akalaare/Daily Graphic/Ghana