Ecobank Malawi out to boost saving culture
Ecobank Malawi says it is committed to boosting Malawians’ saving culture to ensure that their customers have a steady income in time of need.
Olufemi Salu, Ecobank Malawi managing director, said this on Tuesday when the company launched ‘Win Big With Ecobank’ Promotion at their head office in Blantyre.
He said 2012 is the year of the customer for Ecobank Malawi and the Group.
As a subsidiary of Ecobank Transnational Incorporated (ETI), which is Ecobank Group’s parent company, Ecobank Malawi benefits from the mother pan-African network of 1 151 branches spanning the breadth of the continent and its international operations in London (United Kingdom), Dubai (United Arab Emirates) and Paris (France).
Salu said the promotion will run from July to December 2012.
“The promotion is open to all prospective and existing Ecobank current and savings account holders both individuals and SMEs. Any customer who opens a current or savings account and deposits a minimum of K50 000 (about $200) will get an automatic entry,” he said.
For existing account holders, Salu said a minimum deposit of K50 000 must be made to enter the promotion and the amount must be maintained throughout the promotion period to be eligible for the grand draw.
In the promotion, the bank will be giving out monthly prizes of one plasma TV screen, a cooker, genset, two cash prizes of K20 000 (about $80) each and 10 Ecobank T-shirts.
At the end of the promotion, the bank will give a grand prize of K1 million piece of land and K500 000 (about $2 000) cash prize for developing the land.
Apart from that, Ecobank, as part of celebration for winning the Africa’s Banker of the Year award, will be open three branches: Mzuzu, Capital City and Lilongwe Old Town as well as installing 18 automated teller machines (ATMs).
Ecobank is a pan-African bank with a presence in 32 countries in Africa and is considered by many investors as a gateway to the African financial market offering world class products and services.
Salu said by the end of this year, the bank will have a presence in 35 countries in Africa.
In an earlier interview with Business News, Salu said the bank is committed to boost Malawi’s trade, especially exports, and is in talks with local authorities to expand its current intermediation levels in this area.
He said Ecobank Malawi is concerned that most of the country’s participation in intra-regional trade is more inward than outward, which means the country is not exporting enough.
ETC has pumped $5 million [K1.3 billion] into the Malawi operation and will put more capital by the end of this year.
