eBusiness Weekly
Business Writer
First Capital Bank’s (FCB) campaign to encourage savings will end with a bang this coming Saturday as it will have its grand final draw and a big musical bash.
For the past six months, the financial institution has been running a liability campaign under the name “Balance Up and Drive”.
According to Emily Nemapare , head of marketing and communications at FCB, the campaign “aims to promote a savings culture in line with the country’s financial inclusion agenda”.
Early this week, the Reserve Bank of Zimbabwe launched the National Financial Inclusion Strategy II (NFIS-II) to achieve the aspirations of the National Development Strategy 1 (NDS1).
Among other things, NFIS-II is meant to increase the level of savings in the economy, which has been declining over the years.
According to NFIS-II, savings uptake in the country has been declining from 47 percent of adults who were saving in 2014, down to 36 percent in 2022.
In monetary terms, the saving averaged US$130 per month reflecting the general poverty levels among some Zimbabweans, reads part of NFIS-II.
The strategy paper revealed that savings both with the banks and other formal non-bank financial institutions have declined from 10 percent in 2014, to 5 percent and 7 percent respectively, with 64 percent of the adult population not saving at all, an increase from 53 percent in 2014.
Only 13 percent of MSMEs use banking and other formal channels for saving, which represents a 7 percentage points decline from 20 percent in 2014, reads part of NFIS-II.
Low awareness of financial products and a lack of disposable income were identified as major barriers to savings and investments in the formal financial services sector.
To encourage a savings culture, FCB has been running a promotion that began on April 1, 2022 and ends on Saturday.
To accrue an entry into Saturday’s grand draw, the bank’s existing customers were supposed to maintain an average balance of $20 000 or US$100 per calendar month for six months.
New customers were supposed to open an account, deposit, and maintain a balance of $20 000 or US$100 during the promotion period.
Up for grabs are three brand new
Toyota Rush Cars that will be won by lucky customers at the grand final draw that
is being dubbed “Big Bash with the Big Bank”.
There will be other consolation prizes according to Nemapare.
She said the campaign aims “to give back to our customers for their patronage over the years in a meaningful way”.
Part of Saturday’s event is a concert with leading entertainers in Zimbabwe, Jah Prayzah , Nutty O and Reverb 7.
