Fidelity Bank in partnership with MTN MoMo has upgraded its Y’ello Save Account with a savings plan feature to encourage customers to adopt the habit of saving.
The upgrade offers customers the opportunity to set up a standing instruction on their Y’ello Save Account to automatically debit a specified amount of money from their MoMo wallets into their Y’ello Save Account on a daily, weekly, or monthly basis. This can be done by simply dialling *170# and following the prompt.
Speaking on the upgrade of the Y’ello Save Account, Managing Director of Fidelity Bank, Julian Opuni said, “We are committed to expanding financial services to the underbanked and unbanked population in the country and our partnership with MTN Ghana for the roll-out of the Y’ello Save Account is one of many initiatives to achieve this goal.”
“We understand that saving money requires a lot of discipline, and we’re making this easy for our customers by automating the savings process to enable them to save effortlessly,” he added.
Commenting on the initiative, CEO of Mobile Money Ltd, Eli Hini commended Fidelity Bank for the upgrade of Y’ello Save service noting it will encourage more people to adopt the savings culture and deepen financial inclusion.
He said the “Y’ello Save service has been widely accepted by MoMo customers, and testimonials we have received since its launch is that Yello Save provides a convenient option for personal savings and investment. It serves as an expedient option for business owners to save sales revenue received through MoMo.
“We are very hopeful that the new feature will help customers achieve financial independence and ultimately help business owners expand their business whilst driving economic growth.”
With an interest rate of up to 8 per cent per annum, the Y’ello Save Account is a savings account that was introduced in 2016 by Fidelity Bank in partnership with MTN Ghana to offer MTN MoMo Customers the opportunity to save funds on their MoMo wallets and enjoy an attractive interest rate on their Y’ello Save Accounts.
Fidelity Bank‘s partnership with MTN Ghana forms part of the Bank’s “Together We’re More” brand promise that views success as a collaborative effort among key stakeholders working together towards a greater good.