In a bid to promote a culture of saving, I&M Bank Rwanda has rewarded lucky account holders with gift hampers and school fees in its Back to School campaign that ran until 30th January and were open to holders of the bank’s Young Savers Account and FuturePro Students’ Account.
These accounts were not only introduced to promote a savings culture but also to ensure financial inclusion that does not leave anyone behind. It is hoped that young people can now learn about saving, banking and making prudent financial decisions like saving for the future. The Back to School campaign was aimed at motivating others to open accounts and win prizes each week.
Nine winners won a school hamper, and in a ceremony on Wednesday three winners walked away with school fees for a whole year. Shema Karema, a nursery student at Ecole Belge, received Rwf 650,000; Arnold Ngabo, secondary student at Saint Jean Nyarusange won Rwf 850,000 and Dative Ingabire got Rwf 1,000,000,
“The purpose of this campaign was to encourage depositing, to further enhance education on saving and utlisation of bank accounts and to promote the culture of saving,” said I&M Bank Rwanda’s Managing Director Robin Bairstow. “And I think it’s born fruit, we’ve seen a huge uptake.”
“Last year, we’ve been focusing on increasing the accounts of the student population across the country, which attracted over 10,000 new customers to the bank,” he added.
To participate in the Back to School campaign, parents of young savers and students simply had to make deposits on a Young Saver or FuturePro Accounts. These accounts also come with other benefits such as a waiver on maintenance fee and attractive interest on savings.
I&M Bank Rwanda has gone a long way in listening to clients’ demands and preferences and creating such unique products to cater for the different segments of the market and to improve financial inclusion. It is evident that more work needs to be done to get more people into the financial system.
The 2016 Finscope Survey revealed that only 26% of the adult population is formally banked. Such statistics point to a national challenge viewed by the bank as an opportunity to innovate and serve more people and in better ways using tailor-made products such as the Young Savers’ Account and the FuturePro Account.