Stanbic IBTC Bank has reiterated the need for a strong savings and investment culture among Nigerians. The bank said it has developed a bouquet of products to strengthen the savings and investment culture in the country.
Contract Save, a product similar to Esusu, Adashe or Ajo, an informal savings scheme common among market women, artisans and others across the country, the bank said, was introduced not only to encourage savings but also to help bring the low income groups into the formal financial services sector.
The bank said, Contract Save is a hybrid investment account that enables customers to save in a regular and disciplined way for specific goals and events. It is targeted at current and savings account holders such as individuals and SME operators, High Yield Current Account (HYCA) holders, salary account holders as well as housewives who receive regular monthly stipends, traders, artisans, students, and others.
Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Mr. Babatunde Macaulay, said the product was introduced to ensure customers achieve their savings and investment objectives in a disciplined and profitable way.
According to him, in line with the retail banking drive of the Group and the financial inclusion policy of the Central Bank of Nigeria (CBN), it will continue to explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians.