In an effort to assist customers with financial needs, First Capital Bank Botswana has launched a zero-cost savings account called Lefika Savings Account.
First Capital Bank Botswana is a subsidiary of FMBCapital Holdings Plc, which provides banking and financial solutions through its operating subsidiaries in five Southern African Development Community (SADC) markets – Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Nevertheless, a savings account is an interest-bearing deposit account held at a bank or other financial institution.
Speaking at the Lefika Savings Product Launch held in Gaborone on Monday, First Capital Bank Head of Retail Liabilities, Lonyalo Seabe said Lefika Savings Account, with its unique and compelling functionality was the first of its kind in the
“In addition, we strongly believe that this product will offer customers the support they need with regard to their savings goals as we have engaged with them prior to the development of this product,” she said.
Seabe further revealed some of the feedback they got from the customers during their feasibility study. “One of the key insights we got is that, although we have a variety of savings plans across the market, it is very expensive for them in terms of fees hence they are struggling to achieve their savings goals. Furthermore, the argument is that when you look at the fees that are in the savings product versus the interest that is paid into the savings account, there is a mismatch.
Therefore, Lefika Savings Account comes to address this gap in order to encourage a culture of saving,” said Seabe.
The First Capital Bank Head of Retail Liabilities further highlighted that Lefika Savings Account is a zero-cost savings account that will enable customers to save with ease and get value for their savings.
“It does not charge any maintenance or service, or penalty fees that already exist in the market but the opening is P100.00 and it is open for every customer even if he or she does not have existing products with us, and enjoy a competitive rate of 3.5 %. Additionally, it has an added benefit of a free P5000.00 Funeral Cover, however, it does have a debit card as we do not want customers to access their money at any given time hence there will be no point in saving,” highlighted First Capital Bank Head of Retail Liabilities.
For his part, First Capital Country Manager – Retail Lending, Thatayaone Matlapeng said; “The launch of this product is a testament to walking the journey with our customers as their trusted financial advisors.
Our aim is to make banking convenient and simple for customers so that they can have peace of mind knowing that their future is secured.
As First Capital Bank we are focused on our customers’ financial needs and we are introducing relevant products that our customers grow not only their businesses but their personal savings too,” said Thatayaone Matlapeng.
