Standard Bank, has revealed that its customer deposits have increased by 25 percent and the development has been attributed to the Pa Mawa Promotion, which the bank is running.
The promotion is meant to encourage a saving culture among those holding standard bank accounts.
This came to light when the bank conducted the first draw of the promotion over the weekend in Lilongwe, where eight lucky customers won cash prizes totalling K1 million.
The bank’s Head of Personal Banking and Customer Channels, Effie Malange, said the promotion has attracted participation from over 11,000 customers, who have a chance to earn interest rates of up to 11 percent.
“As a bank, we would like to play a role in promoting and advancing a saving and investment culture in order to contribute to national building and wealth creation. Therefore, we are encouraging Malawians to make savings, or investing, a habit through the Pa Mawa campaign,” Malange said.
The promotion requires customers to open a Fixed Deposit, Contract Save or Pure Save account and keep not less than K50,000 in their account for the entire month.
Malange added that the jump has been achieved following technological innovations that the bank introduced, where customers are able to open accounts using their phones or the internet.
“Customers can now open any of these accounts on their own through our new Enterprise Online for business customers, New Internet Banking and New Mobile Banking by dialing *247# and App 247,” Malange said.
The promotion will run up to April.
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