The NPF Microfinance Bank Plc has unveiled a festival savings promo account in its bid to further promote saving culture among Nigerians as well as broaden financial inclusion the bank has unveiled a new product called “Festival Promo Savings Account”. The bank in a statement explained that was specifically designed to encourage customers save toward a festival of their choice.
According to the bank, the product is designed to encourage savings amongst the populace in order to cushion the effect of money crunch faced by most families in Nigeria during festival periods.
The product reportedly the first of its kind designed in the country’s financial sector comes with various attractive features that allow the account holders to win fantastic prices.
The product which attracts 3 per cent interest for the account holder also qualifies the potential savers to win Samsung DVD player, various other gifts and household prizes.
Account holders would qualify for the raffle draw that is scheduled to hold on the 13th of July having saved a minimum deposit of 20,000 Naira for a period of ninety days.
To ensure prompt redemption of prizes, the bank has made all necessary regulatory payment to the National Lottery Commission to qualify for the draw and the draw is predicted to maintain good corporate Citizenship by keeping to the banks promises to her numerous customer and also to add value to its Customer’s life.
The bank says it offers Digital Financial Services of all its products in 28 branches nationwide.
The Microfinance Bank said its unaudited balance sheet size currently stands at over N18.8Billion as at 31st May 2017. The statement also stated that the authorised Share capital of the Bank at inception was N500,000.00 made of 500,000 ordinary shares of N1.00 each and has over the years increased to its current level of N2Billion made up of 4Billion ordinary shares of 50k each of which 2.287Billion Ordinary shares of 50k each are issued and fully paid up.
The Bank commenced business on 20th August 1993 and Lagos having obtained a provisional Licence to operate as a Community Bank in July 12, 1993 from the Apex Bank and later obtained its full licence to operate as a Community Bank on 24thJanuary 2002.
On 31st December 2007 the bank converted from its Community Bank status to a National
Microfinance Bank following the directive of Central Bank of Nigeria to all Community Banks and presently the Bank 18 branch offices in various parts of the country.
Currently the NPF Microfinance Bank plc is engaged in the business of microfinance banking and has emerged as one of the leading microfinance banking institutions in this sub-sector. It is a professionally managed and conservative bank, providing a wide range of banking products and services to consumers at its various locations. Some of the services provided include various types of Current and Savings accounts, Loans and Advances, Money Market Activities and Financial Advisory Services (to members of its Community and the larger society).
Frank Uzuegbunam
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