MTN Ghana and Fidelity Bank Ghana has taken a judicious step by launching another innovative product called: “MTN Y’ello Save Account “.
The Y’ello Save Account which is a Mobile Money wallet -based savings product, is designed to offer subscribers a convenient way to save and earn attractive interest.
Speaking at the launching ceremony in Accra, the Chief Executive Officer of MTN Ghana, Mr. Ebenezer Tsum Asante, stated unequivocally that the innovative product being launched on the their Mobile Money Service Platform integrates the banking and telecommunications sectors.
Adding that, the product is consistent with their quest to deepen financial inclusion in Ghana.” Savings as we know, contribute significantly to the growth of economies around the world.
Savings also play a significant role in the development of individual’s wellbeing.The ability to archive goals or capitalize on opportunities are many times made possible by access to savings”, he emphasized.
This is the reason we are elated to launch another innovative product with our partners from Fidelity Bank Ghana Limited (FBGL). ” We believe that with over eight million MTN Mobile Money subscribers and 58, 000 agents , the Y’llo Save Platform will become an important avenue for subscribers to harness the benefits of savings”, he added.
According to Mr Asante, their position as a leading operator in Ghana signifies that they have a big responsibility in national development.
This he said, reaping the benefits of cash-lite society are part of that development. It is in this regard, MTN continues to form strong partnerships with financial service providers to develop products that move the country to a cash -lite society and further add value to their subscribers. “We have partnered with over 16 banks in Ghana to deliver financial products of great value to our customers. One of such products is the TBILL4ALL service we launched last year, which currently has over 54000 subscriptions “, he noted.
According to him, they have paid a total of 34, 343,000 as a quarterly interest to their Mobile Money customers in 2016. This simply confirms that MTN is indeed committed to ensuring that its customers reap the benefits of using Mobile Mobile Service.
He therefore encouraged all and Sundry to be part of the Y’ello Service especially; Traders, Drivers, Sachet water Sellers, Shop Owners ,Artisans in order to benefit from signing up to the service.
The Managing Director of Fidelity Bank Ghana Limited (FBGL) Mr. Jim Baiden , noted that over the years, the bank has introduced some innovative products unto the Ghanaian market.
In 2014, we introduced an award winning SMART account to all Ghanaians. Today, the bank has 300, 000 SMART Account customers. And over 1000 Fidelity agent shops across the country.
This he said, the Y’ ello Save adds the string of innovations in their quest to break -down the barriers to people having banking services. “We have all witnessed the exponential rise in mobile money over the last few years.
Today we are told that there are about 8million active mobile accounts with over Ghc 1. 3bn in float balances. Clearly, mobile money has succeeded reaching the masses”, he said.
According to him, it is in this regard, they are partnering with MTN, the leading Mobile Money Service provider, to create a product that will provide the growing of mobile money users.
“Fidelity Bank remains optimistic that its partnership with MTN will empower Ghanaians to save to change their fortunes and attain financials security for themselves and their families through the Y’ello Save account “, Mr Mr. Jim Baiden, added.