- Metshelo and other ‘folksy’ accounts expected to flock to the account
- Innovative account aims is to bolster financial inclusivity
- The account attracts no service charges
- Access Bank says the launch was a success
Access Bank Botswana announced the successful launch of its new offering, the Community Account.
The bank says the account is specially designed to cater to registered non-governmental and non-profit organisations operating in Botswana to help them better manage their finances, and most importantly, safeguard their money.
The recent launch event was well-attended, with leaders from some of Botswana’s top non-government and non-profit organisations. The bank says this reflects Access Bank’s commitment to providing innovative solutions for the communities it serves.
Said Access Bank Head of Wholesale Banking, Pauline Motswagae, commenting on the new account: “We are thrilled to offer this specialised account as it is testament to our concerted efforts in uplifting and supporting our communities. The development of the offering in the Botswana market was driven by a need for an affordable, simple bank account with no added fees. The Community Account allows us to tap into a new market that was previously underserved and we look forward to the access that this bank account will provide these organisations.
The Community Account is a complete transactional account that allows clients to perform banking activities such as mobile and Internet banking, as well as make deposits and POS payments. Clients have access to a full suite of solutions to fulfil their banking needs without any monthly fees. In addition, the organisations can make cash deposits at no cost whilst receiving a 50 percent discount on POS setup fees, rental charges and a POS merchant commission.
Further to the functionality, the Community Account offers account holders access to the Women in Banking programmes and services, provision for Youth Banking services, insurance solutions, competitive fixed deposit rates and the option to open an interest-earning Call Account. The bank says these initiatives position Access Bank as a true partner that is prepared to help organisations get the full advantage they need to grow.
“At Access Bank, we understand and appreciate that NGOs and NPOs continuously face many challenges, and we wanted to help them lift the burden off their shoulders by offering a tailormade, exceptional banking solution that makes transacting accessible, simple and affordable. We are excited to bring such a compelling product to the market,” said Motswagae, noting that the Community Account forms part of the bank’s newly stated growth strategy.
She added that the bank has “received overwhelming support and feedback since the Community Account was launched and looks forward to working together with its new customers from this chosen market segment. Access Bank afterwards said the launch was a great success and that is already engaging prospective clients to explore various partnerships with some of Botswana’s highly esteemed non-government and non-profit organisations.
