Saving money doesn’t need to be so difficult. According to Havard Business School scholar, Peter Tufano, “The most interesting ideas—indeed the oldest—try to make savings a fun or satisfying experience.” However, the problem is that people do not make a habit of doing it and that is why it appears difficult to save.
The importance of imbibing a savings culture cannot be overemphasized especially in a country that has undergone recession two years in a row. Due to the fact that Nigeria is a monolithic economy which depends essentially on proceeds from crude oil, the impact of global shakeups on oil prices has direct effect on the economy.
The implication is that if people do not save or start to imbibe savings culture, there is little they could do to cushion the impact of financial crisis on their purchasing power, thus shrinking the opportunities available to them to have a good life. This is largely because our economy is not shielded from effect of global headwinds, especially as it relates to the volatile oil and gas sector and other macro-economic issues.
But as the need to save and grow funds becomes more apparent in the revived economy, particularly for low-income earners, attention should be focused on how to use the banks to achieve financial goals of the citizenry and demands against the rainy day.
By default, banks are meant to help you save and grow your money by providing a variety of savings accounts that not only keep your money safe but help it grow and the banking industry has witnessed efforts by several players in the sector to encourage savings habits and mobilise cheap funds through various savings promotions that offer more than paltry interest rate.
A very good example is what Skye Bank is doing with its highly subscribed Reach for the Skye Millionaire promo, the reward campaign which has seen several customers of the Bank winning N1million, and other consolation and monetary prizes.
Giving insight into how the Million naira windfall had impacted their lives three of the past winners of the promo; Imaobong Michael Etuk, a female customer of Okpara Avenue branch, Enugu state, spoke of how divine the money was to her family. She disclosed that it came in handy when all hope seemed lost on a family member who needed money to undergo surgery to correct a health challenge.
“The one million naira from Skye Bank was a prayer answered as we had combed everywhere to raise money for a surgery for a relative without success. My family will never forget Skye Bank as we pray for the institution every time. Our relative is back on his feet and is bubbling again courtesy of the Reach for the Skye jackpot”, Imabong enthused.
Olusola Olusegun Ezekiel, a civil servant with Lagos State Government said that the promo is real and I am a beneficiary of the reward. He had won One Million Naira which was invested on a capital project he had embarked upon. According to him, “The money was invested in building a residential house for my personal use in Ikorodu.”
For Oloyede Abiodun, a lecturer with Osun State College of Education in Osun State he had nothing but appreciation for the promoters of the campaign. According to him, he used the money to complete what he referred to as his abandoned house project. “I used the money to complete my personal house project in Ibadan where I live with my family at present,” he said.
“I can categorically confirm that this exercise is real, though I least expected it when the money came. It came as a pleasant surprise when I received a phone call informing me that I had won a million naira. I never believed until I got to the manager of the branch where my account is where I confirmed it was real”. Dr. Abiodun stated while urging the banking public to give it a trial as they may be the next millionaire.
Olusola Olusegun Ezekiel, Mrs. Ohaeme Elizabeth; Aminu Buhari and Tolani Ahmed/Omole Akanni, joint account owners, among a host of others have already emerged winners in the combined reloaded edition and the season I of the promo with various consolation prizes won by several customers and prospects of the bank.
The promo which is additionally designed to encourage savings and to reward customers for their loyalty with the brand at this post-recession economy, has turned more than 45 customers into millionaires to their amazement; besides several other consolation cash and other prizes won by numerous other customers.
Since it was introduced, the Skye Bank ‘Reach for the Skye Millionaire’ reward promo has been changing the lives of many for the better. The campaign, which is a feature for the bank’s flagship savings products, is meant to encourage savings culture amongst the mass market segment.
According to a statement from the bank, “the promo provides a unique opportunity for the Bank to stay in touch and reward its savings customers, who have a unique role to play in the country’s economic expansion”.
It further disclosed that, “part of activities lined up for the event is the instant reward for people who open any savings account during the draw, adding that “the instant reward items at the draw venue include; generator sets, refrigerators, blenders, phones, table gas cookers and even recharge cards. Skye Bank is Nigeria’s leading retail bank with wide-ranging electronic solutions promoting consumer lifestyle and e-commerce experience for its customers.
Interestingly, a cross-section of banks in Nigeria in a bid to reward loyal customers and empower them, had equally in the course of the year instituted various programs. Notable amongst them are First City Monument Bank (FCMB) Limited, Heritage Bank Ltd, Fidelity Bank Plc. and Diamond Bank Plc., among others.
FCMB unveiled a reward scheme tagged ‘FCMB Millionaire Promo’ designed to provide extra empowerment and create value for customers of the Bank. Also Heritage Bank limited’s promo tagged ‘Happy Days Promo’ has equally been designed to encourage savings at this period of tight economic situation.