AB Bank Rwanda has embarked on innovative strategies to promote savings culture among Rwandans in a bid to drive up economic growth and development in the country, the Bank has said.
One of the strategies AB Bank Rwanda has successfully developed to keep its customers engaged with the savings culture is through constant and relevant savings promotions like "Sure Deal” and "Ongera Ubwizigame Utsinde”, which are promotions intended to encourage people to increase savings for their own interests – and for boosting investment in the country. On top of that, they will get some benefits brought about by such initiatives.
The promotion "Ongera Ubwizigame Utsinde” consists of a customer saving a minimum of Rwf30,000 and become eligible for a tombola in which many prizes are to be won like branded mugs, branded notebooks, branded pens among others.
Cedric Nsengiyumva, Marketing Manager at AB BANK Rwanda said that one of the most critical issues for developing countries is how to increase the level of savings and stimulate investments backed by these savings.
Rwanda has a vision to reach upper-middle-income status (with $4,035 or about Rwf3.7 million per capita per year) in 2035, and a high-income country by 2050, according to the 7 Years Government Programme dubbed National Strategy for Transformation 2017 – 2024.
One of the requirements for this target to be achieved is to lift significantly the rate of domestic savings to boost investment, the Strategy pointed out.
It indicated that through financial sector development, including the introduction of innovative savings mobilisation schemes, the private domestic savings rate is projected to increase from 12.1 percent in 2017 to 23.9 percent in 2024.
AB Bank Rwanda’s savings initiatives are well responding to such a vision that the country has outlined.
"We sensitise our customers on the benefits of savings through promotions,” Nsengiyumva said.
"Currently we have a promotion running: "Ongera Ubwizigame Utsinde”. As you see, the focus is saving and creating brand awareness, which is aligned with the theme "Izigamire Ugire Ejo Heza” from the Ministry of Finance and Economic Planning (MINECOFIN) and the 6th pillar of the Rwanda National Savings Mobilization Strategy,” he observed.
"We offer secure and diversified means of saving. As a result of our efforts, closed to 50 percent of accounts at AB BANK are savings account,” he said.
Nsengiyumva said that the Bank serves customers around the country through its nine locations and is expanding to increase financial services accessibility.
"We offer a wide range of tailored financial products to fit any client’s needs. At AB BANK, we are moving from a conventional market approach to a customer-centered philosophy,” he said.
In this regard, he explained that a customer can call the Bank (on 078 831 91 08) and set an appointment with its advisors, all in the comfort of his/her business or home.
"We make the extra step to make it easy for people to interact with AB BANK,” he concluded.