Fidelity targets GH¢50m from new promo

BY: Arku Jasmine

Fidelity Bank is to raise GH¢50 million in deposits from its customers starting from this month to April next year.
The amount is to be realised from the bank’s new deposit mobilisation campaign– the ‘Big Fat Zero Promotion’ – which was launched on August 21.

The campaign gives customers the opportunity to deposit a minimum of GH¢300 in their accounts for 30 days to qualify to win cash prizes, e-tickets and gold coins worth thousands of cedis.

The bank’s Director of Consumer Banking, Mrs Selom Cofie-Atta, explained at the launch in Accra that funds to be raised from the promotion will used to support the operations of businesses in the country.

“We have noted that the cost of credit in the country is high and that is because cost of funds IS also high. So once we are able to raise these deposits, which are relatively lower, then we can lend them at lower rates to businesses,” she explained.

She added that the initiative was aimed at helping businesses operate at optimum and subsequently be able to create more jobs for the teaming youth as well as generate revenue, in the form of taxes, for the government.

On the modalities of the promotion, Mrs Coffie-Atta said people who participated could have zeros added to their account balances should they be declared winners in any of three draws expected to come off.

“If a winner had, say GH¢1,000, in his/her account and is declared a winner, zero will be added to that balance, making it GH¢10, 000,” she said.

Fidelity last year run a similar deposit and win promotion in which the final winner was awarded a 24 carat gold bar and its Fidelity’s Director of Consumer Banking those participating in the current promotion could also win gold coins.

By Maxwell Adombila Akalaare/Graphic Business/Ghana