29.04.2005 Business & Finance

Standard Trust Bank introduces cashless account

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Accra, April 29, GNA - The Standard Trust Bank on Thursday launched a new banking product, Standard Cashless Savings Account that enables customers to open an account without paying any deposit.

The product, which aims at encouraging people in the informal sector to enjoy banking services, would also afford a customer the convenience of building up savings at his or her own pace. Mr Aaron Badza, Divisional Head of Retail Banking, explaining the features of the product said a customer needed to deposit at least 50,000 cedis within one month of opening.

He explained that due to the flexibility of policies, on the new product, a prospective customer was allowed to maintain a minimum balance of 20,000 cedis.

He stated that a prospective customer only needed two passport-size photographs, an identity and must be above 18 years.

A customer would be given an account number, withdrawal booklet, would enjoy electronic banking services and could also use the account balance as collateral for credit from the Bank and receive earnings or wages.

'Research has shown that majority of Ghanaians did not have accounts with any bank and as such were not able to benefit from wide range of financial products and services available on the market," he said.

Mr Badza said the Standard Cashless Account, therefore, sought to provide Ghanaians irrespective of their socio-economic background with at least access to a form of banking product.

The Banks main target groups are individuals, who do not currently have bank accounts and those saving through the "susu" products in the informal sector.

Mr Badza invited low-income earners in the formal sector and those whose salaries are paid over the counter as well as students in tertiary institutions to enjoy the new product.

He said "we are making the dream of accessing banking products in the Ghanaian market a realistic one...gone are the days when one needed huge amount of money in hand before you can open an account".

Mr Obeahon Ohiwerei, Managing Director of the Bank, launching the product said: "Standard Trust's main objective was to democratise the financial services industry in Ghana, introduce new variations and place special emphasis on customers as well as make its products widely accessible to all.

He presented a chequebook and a T-shirt to two people, Mr Foster Agubawe, a Cleaner, and Miss Irene Gati, a Senior Secondary School Leaver, who has started saving at the Bank through the new product.

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