NBC embarks on saving culture campaign

A total of 300m/- is up for grab for National Bank of Commerce customers in a special saving culture campaign to run through the next three months. 

The bank has offered the money in various prizes to be won in the campaign dubbed in Swahili `Weka Upewe’ which also seeks to mobilize deposits, a core component to increases ability of the bank to loan-out.

The promotion, that target only retail customers, was launched during the bank’s customer service month celebrated in October every year. 

The NBC’s Manager of Liabilities Ms Dorothea Mabonye said in Dar es Salaam on Tuesday that the earmarked group included holders of Malengo Account, with 50, 000/- deposit during the promotion period and oneyear fixed deposit customers with 1.0m/- plus deposit.

“Those eligible (Malengo Account) are not allowed to withdrawal their savings in the next three months because we want to nurture the saving cultures among our clients,” she said.

The banks also elevated the interest rates on deposits for Malengo Account during the campaign period from 3.5 per cent to 7.0 per cent and one-year fixed deposits account up to 14 per cent. The market average annual fixed deposit is 8.0 per cent.

“The participants will have a double-benefit…high and competitive interest rates and chances to win prizes,” she added. 

The Bank’s Chief Staff and Strategy, Mr Elvis Nduguru, said the bank saw no reason to raise the addition deposits through corporate bonds rather through the promotion.

“At the end of the day, we end up to be closer to our customers and at the same time create more clients,” Mr Nduguru said. 

The Chief Staff said basically the bank deposits to loans ratio was sound and health: “the ratio is amongst the lowest in the market at around 50 per cent (as of June),” he said.

According to NBC Communications and Corporate Affairs Mwinda Kiula-Mfugale the promotion aims at not only celebrating the bank customers for their patronage, but also to encourage a savings culture among them.

The campaign grand prize would be a Brand New 2013 Suzuki Swift, she said adding six winners would be picked each in November and December before the grand winner is picked in January.

The three month long promotion will see six winners in a month winning exciting prizes including electricity generators and motorbikes. 

Eligibility to enter the promotion requires a customer to open and deposit into their Malengo Savings Account or to open and deposit into a one year Fixed Deposits Account. The promotion is open to both existing and new customers.
Source: Daily News, reported by Abduel Elinaza, from Dar es Salaam, Tanzania

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