Banks in season of consumer promo
By Dele Ojo
The current volume of currency outside the banking system is giving the operators sleepless night as it rose to N2.837 trillion at the end of September this year, against the N2.426 trillion in September 2020, signifying an increase of 16.94 percent. This was contained in a Central Bank of Nigeria (CBN) statistics released recently.
In the midst of unattractive savings interest rates resulting in low savings in the system, banks are devising strategic methods to attract deposits into the banking system to stem the tide of high level of currency in circulation.
The interest on the normal savings account in Nigeria has been stable at 1.25% per annum, since CBN’s decision to peg savings account deposit rates at 1.25% late last year. Now, some banks have also introduced the high interest savings accounts in Nigeria which can give up to 3.5% per annum interest on savings. Current inflation rate as at September 30 stood at 16.6 percent. Therefore juxtaposing the interest rate against inflation rate, it points to the fact that one’s fund deposited in the bank’s diminish in value by 13.10 per cent per annum.
There is excess money supply when the amount of money in circulation is higher than the level of total output of the economy. When money supply exceeds the level the economy can efficiently absorb, it dislodges the stability of the price system, leading to inflation or higher prices of goods.
Stanbic IBTC Reward4Saving Promo
And envisaging continuous rise in depositors apathy towards savings and the upward movement in currency outside the banking sector, Stanbic IBTC Bank has introduced the Stanbic IBTC Reward4Saving Promo which is currently running. The Promo is designed to reward Nigerians who take advantage of the promo to strengthen their finances by winning several cash prizes. Customers who participate in the promotional campaign stand a chance of winning cash prizes ranging from N100, 000 to N1.00 million.
For the Stanbic IBTC Reward4Saving Promo, the Bank’s prospective customers are expected to open savings accounts or @ease wallets and make a deposit of at least N5,000; while existing customers are required to make new deposits of N5,000 minimum in their existing accounts and leave in their accounts for a minimum of 30 days, within the period of the campaign.
Wole Adeniyi, Chief Executive, Stanbic IBTC Bank said the Stanbic IBTC Reward4Saving Promo serves as an avenue to give back to Nigerians for their loyalty and patronage over the years. He added that the campaign is also geared towards imbibing a culture of savings amongst Nigerians, in addition to being potentially rewarded for participating in the promo.
Mr. Adeniyi said, “We are happy to encourage our customers and reward them for taking financial steps required to build up reserve funds, thereby imbibing a savings culture. We also urge them to take advantage of this opportunity to win cash prizes ranging from N100,000 to N1 million. All that our current and prospective customers need do is make deposits of a minimum of N5,000.00 in their savings account or @ease wallets.”
He further encouraged the bank’s customers to take advantage of its online account opening features on the Mobile App and Quick services to open their accounts as it is quick, safe, convenient, and easy to use.
Union Bank Save & Win Palli Promo
Similarly, Union Bank also introduced the Save & Win Palli Promo, to offer Nigerians some relief (a.k.a. ‘palliative’) from the economic hardship brought on by the COVID-19 pandemic and other issues.
Under the promotion, any customer that is able to beef up his/her account by N10,000 or more monthly stand a chance to win amazing cash prizes and other exciting gifts.
According to the bank, 50 customers will be rewarded with N100,000 each at the end of every month, while three customers will win N1,000,000 each at the end of every quarter. Also 300 customers will win a bag of rice and a bottle of oil for Christmas, and one lucky winner will go home with the grand prize of N5,000,000. The promo will end December 2021 but rewards will be paid out monthly, quarterly and in December.
Fidelity Get Alert in Millions Campaign (GAIM) Season 4 savings promo
Recently, Fidelity Bank Plc announced plans to enrich the lives of fifteen Nigerians with a total of N39 million at the final draw of the Get Alert in Millions Campaign (GAIM) Season 4 savings promo, which was held in the third quarter of this year. The savings promotion, specifically aimed at promoting the culture of saving among Nigerians, is one of the bank’s many initiatives aimed at rewarding new and existing customers for their unwavering loyalty and patronage.
Despite the fact that the promotion was halted in 2020 due to the Coronavirus (Covid-19) Pandemic and the resulting global lockdown, hundreds of Nigerians have benefited from the unique reward scheme in which lucky customers are credited with millions of naira and consolation prizes via a draw system.
The Chairman, Promo Committee, Fidelity Bank Plc, Richard Madiebo expressed delight at the resumption of the savings promotion, stating that the campaign seeks to reward customers for their loyalty and patronage. According to him, for the past twelve years, the bank has empowered new and existing customers, providing an avenue for many to change their fortunes through its savings Promo.
He stated that the bank takes pride in keeping its promises, adding that the lender would continue to look out for innovative ways to satisfy and enrich its customers across the nation.
“And as we wind down on the 4th season of the GAIM promo, we are elated at the prospect of not only driving financial inclusion across Nigeria, but also at the unique opportunity to enrich the lives of our customers especially in times of economic uncertainties”, noted Mr. Madiebo.
Over the years, the leading tier two Bank has continued to intensify its efforts and innovate ways towards ensuring customer and stakeholder satisfaction. Through this promo, Fidelity Bank has promoted financial inclusion through digital channels and enriched the lives of its customers even in times of economic uncertainties.
UBA Bumper Account promo
For UBA, the Launch of its Life-Changing Promo Tagged ‘UBA Bumper Account’ a hybrid account, was targeted at transforming the lives of its customers. The new account is in line with the bank’s mission of creating superior value for its stakeholders while encouraging saving cultures among Nigerians.
The account, carefully crafted to improve the lives of the UBA customers, offers account holders opportunity to win cash prizes of up to N2 million.
Speaking during the launch and monthly draw which was held at the UBA Head Office, in Lagos, the Group Head, Retail Banking, Jude Anele said, the New ‘UBA Bumper Account’ was created with the customer in mind.
Mr. Anele said, “We have in recent times deepened our focus on the most important aspect of our business – the customers we serve. Hence, our huge investment in technology to make banking easier and seamless, even as we introduce new offerings such as this Bumper Account, that will deliver improved value to stakeholders.
He explained that new and existing customers of the bank need to ensure they have a minimum deposit of N5,000 in their UBA Bumper Account to qualify for draws. According to him, current UBA customers are to dial *919*20*1# to migrate to the UBA Bumper Account whilst potential customers should dial *919*20# if interested in opening a UBA Bumper Account.
In the first draw which was held live during the official launch in Lagos, a total of 100 customers emerged winners, who won N100,000 each. From here on, lucky customers will win from N10,000 to N2 million each in the monthly, quarterly and targeted draws,” Mr. Anele stated.
He added that a monthly shopping allowance of N100, 000 for a year is also up for grabs. “No fewer than 50 account holders will get a whopping N2 million each across all participating regions. This account is open to both existing and new customers of the bank who save a minimum of N5,000.”
Standard Chartered Bank More, Score More campaign
Following the cue is the Standard Chartered Bank which of recent announced the launch of Bank More, Score More campaign, aimed at rewarding customers with authentic Liverpool FC-branded merchandise.
Through the promo, customers are given the chance to win amazing prizes, including a lifetime trip to Anfield to watch Liverpool match play, when they open accounts through the bank’s digital platform or sign up to its Wealth Investment product. The bank said the campaign seeks to deepen the saving culture while giving millions of Nigerians an opportunity to earn rewards from their passion.
Head of Corporate Affairs and Brand and Marketing of the Bank, Dayo Aderugbo, said the campaign would reward those who transact more. The bank, she said, is leveraging its relationship with Liverpool to reward both existing and new customers.
“Bank More, Score More’ is an exciting initiative for us to launch at Standard Chartered Bank. We aim to engage and reward our existing clients while welcoming new ones across the participating markets. As the name suggests, the campaign will reward those who transact more. The Liverpool Football Club is amongst the most beloved football clubs in the world, with over 770 million fans. So, we are proud to offer such compelling prizes to our customers”, she explained
David Idoru, Head, Consumer, Private and Business Banking Standard Chartered Nigeria, said the campaign offers a unique experience to customers looking forward to enjoying the live match. According to him, the Grand Prize , a trip to Anfield would be awarded to winners selected via a raffle and shall consist of: Two return economy class flight tickets to Manchester Airport, UK.
Up to three (3) nights’ hotel accommodation in Liverpool on a twin share basis inclusive of breakfast.
Airport transfer to Liverpool from Manchester Airport. A tour of Anfield Stadium for two people.
Two (2) football game tickets for two persons to attend a LFC first team match at Anfield.
A special dinner with an LFC legend. Ground transport for all activities above.
Winners can travel with any partner of their choice. LFCLFC Branded Items include – Baseball Cap, Water bottles, Travel Mug, Mini Football, Notebook, Pens.
Access DiamondXtra Mega promotion
Meanwhile, Access Bank has launched its DiamondXtra Mega promotion Season 13. The season officially launched in August 2021. Over 2,000 customers are to win a total of hundreds of millions in rewards, as one customer will be rewarded with the star prize of Salary 4Life (Winner will earn ₦100,000 every month for the next 20 years).
Other prizes to be won in the draws include : Rent for a year for 14 winners, Family health coverage for seven families, cash prizes of ₦1,000,000, ₦500,000, ₦100,000, ₦50,000,etc. loyalty prizes and lots more.
DiamondXtra Cluster draws will be held for customers in various associations, market, clubs etc. and customers in any of these clusters stand a chance to win cash prizes ranging from ₦10,000 to ₦50,000 .
According to the bank, the season would also feature segmented draws for Women and Senior Citizens, as one lucky woman will win the star prize of ₦1,000,000, while nine others will win cash prizes of ₦250,000 each, while ten senior citizens will win ₦350,000 each and a star prize of ₦1,000,000
Existing Customers only need to increase their DiamondXtra account balance with a minimum of ₦5,000 every month, while new customers can open a DiamondXtra account with a minimum of ₦5,000 and increase their balance with a minimum of ₦5,000 every month.
“In special recognition of our women, the ‘W’ banking team will be holding a special draw for female DiamondXtra customers. One lucky woman will win the star prize of ₦1,000,000, while 9 others will win cash prizes of ₦250,000 each,” the bank stated.
Banking is all about taking customers’ deposits and then lending them in exchange for interest income.
Nigerian banks spend billions annually chasing customer deposits through various means such as hiring marketers, building branches across the country, investing in mobile banking applications, adverts, promotions, and any other means legally possible.
Banks with the largest customer deposits have humongous economies of scale that they can rely on to fund mega money making projects that create jobs, huge returns for the lenders and returns for the bank.
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