Ghanaians have been urged to cultivate the act of savings to channel funds to the critical sectors of the economy that readily need money for investment.
With this, Commercial banks have also been charged to developing various strategies to increase savings among Ghanaians.
In an interview with Citi Business News Managing Director of Fidelity Bank, Jim Baiden is optimistic the move will also promote a cashlite economy.
“It will encourage savings in this country so in a sense we are promoting savings by mobilizing these deposits to channel the deposits into productive ventures in the economy. So that is what we are doing for individuals to protect their monies and also to do it for the economy to channel resource to productive sectors of the economy”, he said.
Mr Baiden spoke to Citi Business News at the sidelines of the launch of the new Fidelity Fast and Easy Loan in Accra.
He stated the loan has a processing duration of 24 hours with interest rate of 10%.
Mr. Jim Baiden added that the Fast and Easy Loan is carefully designed to help Ghanaians protect their money and still get a loan to do anything they want to do.
“Bring to Fidelity Bank the Cedis, Dollars, Pounds, Euros in your hands and Fidelity Bank will give you a Fast and Easy Loan that will cost you a net interest rate of only 10% p.a. within a matter of only 24 hours. Repayment is flexible; the loan can be re-paid in 12 months or any duration suitable to the customer” he explained.
“The icing on the cake is that if the customer is able to pay the loan fully within 12 months, the Bank will give back 10% of the interest paid to the customer to say thank you. All Ghanaians and non-Ghanaians resident in the country qualify to take a Fidelity Fast and Easy Loan. It does not matter whether Fidelity Bank is your Bank or not, you will qualify.” he added.