Ecobank Malawi launches ‘Save as You Spend’ account to encourage a savings culture
Ecobank Malawi, a subsidiary of the leading pan-African banking group Ecobank, has launched a new product named ‘Save as You Spend’ (SAYS) account, which allows customers to automatically save a percentage of their spending transactions.
The SAYS account is designed to help customers build up their savings while they spend on their everyday needs, says a press statement that has been released on Tuesday.
It adds that customers can choose to save between 1% and 10% of their spending transactions, which will be transferred from their current account to their SAYS account, which offers attractive interest rates and flexible withdrawal options — and attract zero monthly fees as the account is free.
Customer can also access, view and track their savings using the Bank’s digital channels namely Ecobank Online and Ecobank Mobile app anytime anywhere.
The product is available to all Ecobank customers who have a personal current accounts and a savings account with the bank and they can activate by visiting any Ecobank branch to fill in a consent form or send the same via email to view balances.
Ecobank Malawi’s Head of Consumer Banking, Sophie Kalambule is quoted in the press release as saying the product “is part of the bank’s commitment to promote a savings culture in Malawi and assist customers to achieve their financial goals”.
“We are delighted to introduce the Save as You Spend account, which is a simple and convenient way for our customers to save money while they spend.
“This is a unique and innovative savings account that automatically debits up to 10% of every transaction one makes — hence help our customers save effortlessly as they spend on their daily needs.
“This product will enable our customers enjoy the benefits of saving, such as earning interest, securing their future, and accessing credit. We believe that this product will contribute to financial empowerment of our customers and the nation at large,” she said.
She added that the product is aligned with the bank’s digital transformation strategy, which aims to provide innovative and convenient banking solutions to its customers.
“The bank has invested in technology and infrastructure to ensure that the product is secure, reliable, and accessible. The Save as You Spend account is one of the many products and services that Ecobank offers to its customers.
For more information about SAYS and other Ecobank products and services, customers are encouraged to visit www.ecobank.com/
Or to contact Tidzi Chalamba, Head: Brand, Marketing & Corporate Communications on +265991575965 or via email [email protected]
Ecobank Malawi Ltd is part of the Ecobank Transnational Incorporated — the parent company of the Ecobank Group, which is the leading independent pan-African banking group.
Ecobank Malawi is part of the Ecobank Transnational Incorporated, the parent company of the Ecobank Group, the leading independent pan-African banking group operating in 35 African countries.
The bank provides a full range of banking products, services and solutions to individuals, governments, financial institutions, local companies and international organisation.
Ecobank Malawi is also integrated with all the mobile money providers in Malawi, enabling its customers to seamlessly do transactions without time restrictions.
The Ecobank Group employs over 14,000 people and serves about 29 million customers in the consumer, commercial and corporate banking sectors across 33 African countries.
The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates.
The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth, and asset management.
Ecobank Transnational Incorporated is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.
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