Fidelity Bank Plc has introduced a reward system with a total annual cash reward of N700m as part of its efforts to boost savings culture in Nigeria.
The Executive Director, Lagos and South West, Fidelity Bank, Mr. Ikemefuna Mbagwu, stated this in Lagos during the presentation of N17.8m cash prize to the first set of winners in the savings loyalty scheme.
He said, “We are presenting the first reward for our savings loyalty scheme called Sweeta Account and Fidelity Personal Savings Scheme of which N700m will be won annually. We have a regulatory approval for the exercise.
We are ensuring that the savings culture is promoted among Nigerians. It is not that the bank has so much money to throw around, but we want to encourage people to continue to save. As we make money, we also give out to the society that is banking with us. So, that’s why we are doing this. It’s open to both new and old customers but you must save with Fidelity Bank for you to qualify.”
Mbagwu said that out of the N700m, the sum of N17.8m had been earmarked for Lagos customers every month while N40m would be given to customers in other parts of the country.
“So, what it means is that every month, we will be doing about N58m.”
According to the director, the scheme is not a promo but a reward system. While the Sweeta Account is targeted at children of school age, the FPSS is meant for the working class. The operator of the former is entitled to a sum of N150,000 while the latter receives N500,000.
According to the lender, the two accounts have the features of a current and a savings account, for the purpose of convenience.
The Head, Retail Banking, Fidelity Bank, Mr. Richard Madiebo, said prospective participants must keep their accounts active.
Madiebo, who stated that some customers had been rewarded, said it would be done on monthly basis.
The Head, Savings Group, Fidelity Bank, Mrs. Janet Nnabuko, said it was the culture of the bank to reward its faithful customers.
“As a bank, from time to time, we come up with initiatives to reward our loyal customers like what we’ve done today.
