‘Y’ello Save Account’ launched
MTN Ghana, in partnership with Fidelity Bank, has introduced a new product, “Y’ello Save Account”, on the MTN mobile money platform to boost the savings culture in the country.
This means that subscribers of MTN mobile money who subscribe to the new product can earn an interest of 12 per cent per annum on their “Y’ello Save Account”.
The telecommunications operator presently pays seven per cent interest on the balance of all MTN mobile money wallet holders.
“The Y’ello Save Account, which is a mobile money wallet-based savings product, is developed to give subscribers a convenient way to save and earn attractive interest,” the Managing Director (MD) of Fidelity Bank, Mr Jim Baiden, said at the launch of Y’ello Save Account in Accra.
“This is an account that has been specially designed to offer mobile phone users with access to a unique savings product that gives the customer high interest earning,” he added.
He said the bank was partnering MTN to create a product that would provide the growing number of mobile money users with a new product they could use instantly to build their savings.
The MD opined that the product was developed in response to the needs of customers to remove cumbersome paperwork associated with traditional banking which had become a bottleneck for them.
Unlike traditional banking, he said, the Y’ello Save Account would ensure that anyone could open a savings account in just a few minutes from anywhere.
“One of our key areas of focus for Fidelity, as the leading private sector indigenous bank in the country, is to provide our services to as many people as possible,” he added.
Deepening financial inclusion
The Chief Executive Officer (CEO) of MTN Ghana, Mr Ebenezer Twum Asante, said the introduction of the product was further to integrate the banking and telecommunications sectors.
He opined that the product was also consistent with the quest to deepen financial inclusion in the country.
“Savings, as we know, contribute significantly to the growth of economies around the world and it also plays a significant role in the development of the individual’s well-being. So the ability to achieve goals or capitalise on opportunities are many times made possible by access to savings,” he noted.
The CEO said mobile money was now playing a crucial role in making banking services accessible to previously unbanked populations in developing countries.
“We believe that with over eight million subscribers, “MTN Momo” subscribers and 58,000 agents, the Y’ello Save platform will become an important avenue for subscribers to harness the benefits of savings,” he added.
He noted that MTN had partnered over 16 banks in the country to deliver financial products of great value to customers.m