Stanbic Bank has unveiled its Achiever Banking package targeted at the middle-class customers earning a regular salary to better serve clients and be competitive in the market.
Madam Lovelace Adjei-Aku, Head of Achiever Banking explained at the launch on May 9 that there is now different proposition for clients with different needs and wants adding the offerings were borne out of engagements with stakeholders and clients factoring in their feedback.
She said there was a Bundle Package and Pay As You Go under the achiever banking umbrella adding “the bundle package comes with an insurance component however for one to be eligible to enjoy the package, he or she must draw salary regularly and be a permanent employee.”
Having gone out to the market, it emerged there were contract workers who needed the services too so the Pay As You Go packages was molded for such people. They can also get an insurance cover although it stands out as a distinct policy to be taken.
She stated at the Mövenpick Ambassador Hotel event that as a responsible financial institution calling Africa and Ghana home, there was need to drive growth here so the rendering of this package is to advance the wellbeing of its clients.
Under the Bundle Package, Madam Adjei-Aku noted there is a Retrenchment, Hospital Care and Funeral Benefit package when the facility is subscribed to. She added the loans given out are insured as well to not overburden its clients in times of misfortune.
“In difficulty times, when a bread winner is handicapped from continuing to work, 10 percent of the client’s original loan is given to the family or estate.”
Managers of the Achiever Banking scheme say it is to make banking convenient where clients do not have to come to the banking hall when there’s a need to effect a transaction.
A 24-hour customer call centre with toll free lines (18080 MTN) or (080010009) are operational for client’s to make enquiries, stop cheques or initiate processes to have a corrupted PIN worked on.
Although the Achiever Banking package has been around for two years, according to Madam Adjei-Aku, feedback from the public has led to the improved version which was outdoored to the public.
For those who bring their salary or income accounts to Stanbic Bank. Their current account comes with free card, PIN and VISA electronic card which can be used nationally.
With Achiever Cash, the holder can take a pre-approved overdraft or personal loan. There is also a hospital cash cover which should the bearer be involved in a road crash and get hospitalised get him or her paid GHc100.00 per day for 180 days.
Should the policy holder also lose his or her job because of being retrenched as a permanent employee, Stanbic Bank will pay GHc1000.00 each month for 3 months because as the Achiever Banking Head puts it “bills need to be paid (electricity and school fees).”
There’s also many payment options linked to the account to make transaction easy and Stanbic says it does not charge extra once the monthly fee is paid for those on the Bundle Package.
For his part, the West African Head for Wealth at Stanbic Bank; Benjamin Mensah took Human Resource Heads, Finance Directors, Journalists and related parties at the launch through a crash course of a masterclass on financial fitness where he held that as much attention is paid to physical and health fitness, financial fitness cannot be ignored.
He observed the middle class typically spend heavily while earning relatively little leading to a cycle of debt.
To avoid the pitfall, “salary earners must set aside 20 percent of their salaries before they spend,” Mr. Mensah stated.
He held that Stanbic took its digital and mobile banking seriously because the era calls for it noting “Google, Amazon, Facebook, Apple and the others have created platforms allowing people to get things done by a click of a button.”
The West African Head also urged all to bear in mind the cycle many go through so as not be caught unguarded.
“Create and Build, Live and Enjoy, Save and Invest and Share and Legacy,” cycle he stated should guide our earning, spending and investment decisions.
By Michael Eli Dokosi/goldstreetbusiness.com