The management of DD Microfinance bank (MFB), formerly DavoDani MFB, has rewarded its customers who participated in the Save and Win (SAW) initiative, a product designed to create an improved and long term saving culture among deposit customers.
Speaking at the event recently held in Lagos, John Ologe, MD/CEO, DD Microfinance Bank said the Save and Win promo product was designed to create an improved and long term saving culture among deposit customers, majority of whom operate in the informal sector.
He further said that the bank was able to accrue about N200,000,000 (two hundred million naira) in savings from the product within a year. “These figures could have increased but for the cash crunch issues that sprung up at the end of the promo season,” he said.
Also at the event, Tony Ozorie, group head audit and compliance, DD MFB, buttressed the firm’s commitment to reduce the underserved and unbanked in Nigeria’s commercial hub.
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“We do that by way of encouraging those who cannot save to save and then we give them loans to also enhance their businesses but it is given only to economically active people. The kind of facility you are able to access is a function of the business that you do, how large it is, how small it is or how micro it is,” he said.
According to him, “I save my money with ease and I can access it easily when I need it,” Taiwo Fojie, a phone accessories dealer in computer village Ikeja, said.
Fojie, who is also a customer of the microfinance bank said: “The experience I’ve had in the past was that some MFB agents approached me to come and save but at the end of the day, they vanished with one’s hard-earned money.”
Oluwasogo Kolawole, business development department at DD MFB, said: “The essence of our gathering today is to see those who qualify for the raffle draw and those who will be eventual winners.
“The forum is organized to reward customers who buy into any of the three categories; bronze, silver and gold. Once you key into any of those programs and you meet the conditions of those groups, then you are qualified for a raffle to win gifts such as air conditioners, flat screen television, deep freezer, and other household items.”
Kolawole further said: “The regulators know there are a lot of people at the bottom end of the pyramid, hence our save and win initiative. This method has helped them save more money than they thought, and some even started or expanded their businesses with their savings. Also, we feel more confident in helping them access finances because we have seen how committed they are to saving.