MTN, Fidelity Launches Y’ello Save Account

The quest to deepen financial inclusion has taken a step further in the financial sector as MTN and Fidelity Bank introduces Y’ello Save Account for MTN Mobile Money subscribers to save and earn 13percent interest.

Speaking at the official launch, the Chief Executive Officer (CEO) of MTN Ghana, Mr. Ebenezer Twum Asante said the Y’ello Save Account, which is a Mobile Money wallet-based savings product, is designed to give subscribers a convenient way to save and earn attractive interest.

“We believe it is a good way to mobilize funds and help people acquire the habit of saving. Mobile Money is now playing a crucial role in making banking services accessible to previously unbanked populations in developing countries. We believe that with over eight million MTN Momo subscribers and 50,000 agents, the Y’ello Save platform will become an important avenue for subscribers to harness the benefits of savings,” he stated.

Mr. Asante added that reaping the benefits of a cash-lite society are part of the developmental agenda of MTN and so MTN continues to form strong partnerships with financial service providers to develop products that move them closer to a cash-lite society and add value for our subscribers.

“We have partnered with over 16 banks in Ghana to deliver financial products of great value to our customers. One of such products is the TBILL4ALL service we launched last year, which currently has over 3000 subscriptions,” he intimated.

The MTN Boss emphasised that the quarterly interest payments to their Mobile money users as at quarter three of 2016 was GHC21, 681,987.73.

According to him, this confirms that MTN is indeed committed to ensuring that its customers reap the benefits of using the Mobile Money service.

Mr. Asante encouraged all Ghanaians to be part of this Y’ello Save service including traders, drivers, ice water sellers, shop owners, artisans and all people operating within the informal sector would especially benefit from signing up to Y’ello Save.

The Managing Director of Fidelity Bank, Mr. Jim Baiden said the Bank has partnered with MTN, the leading mobile money service provider to create a product that will provide the growing number of mobile money users, a savings product that they can open instantly and build their savings with.

He noted that after listening to customers, they have designed this Y’ello save account in a special way by removing all paper work to ensure that anyone can open the savings account in just a few minutes from anywhere and the best part is, you enjoy 12percent interest.

“All you need is a mobile phone and the MTN Mobile Money app downloaded on the phone and guess what, you have a Y’ello Save account on your phone,” he stated.

According to him, this is an account that has been specially designed to offer mobile phone users access to a unique savings product that gives you high interest earning.

Mr. Baiden indicated that one of their key areas of focus for Fidelity as the leading private sector indigenous bank in the country is to provide their services to as many people as possible.

“Anybody who can have a bank account should also be able to have a Y’ello Save Account too and enjoy benefits,” he stressed.