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Standard Bank touts growth in deposits

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Standard Bank has expressed contentment with increased levels of deposits and savings from their customers during the period the bank was running the Pamawa Save promotion.

The promotion, which targeted Small and Medium Enterprises (SMEs) and individuals to save not less than K50,000 through a fixed deposit account, provided the customers with an 11 percent interest rate.

Standard Bank Head of Personal and Business Banking, Margaret Kubwalo-Chaika, while she could not be drawn to disclose the actual figures said that the promotion has impacted positively on the bank’s business.

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“I would like to wholeheartedly extend our appreciation to our customers with a Fixed Deposit, Contract Save and Pure Save accounts for coming in large numbers to support the promotion.

“The promotion has further given us insight into the potential waiting to be tapped in the retail sector of our card business,” Chaika said.

She further indicated that the promotion was part of the bank’s initiative to participate in financial inclusion and helping people to save money for a rainy day or for specific events or projects in their lives by putting an attractive interest rate of 11 percent.

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During the grand draw that was conducted early this week, Mtendere Maize Mill from Mangochi emerged winner of the K1 million grand prize in the enterprise banking category whereas Rabia Akimu won the grand prize of K1 million in the personal banking category.

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