FIDELITY Bank Plc has introduced a
reward system with a total annual cash
reward of N700 million 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 N17.8 million 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.