Savings culture fuels Letshego deposit drive

DAR ES SALAAM: STRENGTHENING the savings culture is critical to deepening financial inclusion and increasing the flow of funds into the formal financial system, as financial institutions step up efforts to encourage households and businesses to save.

Letshego Faidika Bank Tanzania Limited Chief Executive Officer, Baraka Munisi said strengthening savings habits was important in expanding access to formal financial services and encouraging Tanzanians to build a consistent culture of saving.

The bank has launched a 12-week deposit mobilisation campaign, dubbed “Weka Tukuwekee!”, offering customers weekly cash prizes, monthly bodaboda rewards and a grand prize of a cargo tuk-tuk.

“As part of the campaign, the bank will use branded activation vans to take banking services closer to communities, allowing customers to open accounts, receive cards and activate them on the spot,” Mr Munisi said.

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The campaign, which runs until December this year is being implemented across the bank’s five operating zones— Southern, Northern, Central, Lake and Western.

“The campaign was designed to make saving more accessible, convenient and rewarding. This campaign is our commitment to making saving accessible, rewarding and convenient for every Tanzanian,” Mr Munisi said.

He said the bank had expanded deposit channels to make it easier for customers to save, including branches, satellite offices, wakala agents and mobile money platforms such as M-Pesa, Airtel Money, Tigo Pesa and HaloPesa.

Letshego Faidika Bank Head of Business Eddie Mhina said the campaign was also targeting entrepreneurs, particularly those seeking to develop a consistent savings culture as they grow their businesses.