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[2007-04-18] Barclays Targets Low Earners Barclays Bank has announced the introduction of new accounts called the Barclays Isago Bank Account and the Barclays Isago Savings Account.
According to the bank's Managing Director, Thuli Johnson, the Isago bank account is aimed at providing affordable banking services to customers who earn between P500 and P749.99. The bank says the minimum opening balance for this account is P60 for salaried customers and P500 for non-salaried customers. This account according to the bank entitles account holders to an embedded funeral cover.
The Barclays Isago Savings Account is aimed at providing customers with low cost savings account with a minimum balance of P60. Its features include a flat credit interest of 5%, credit interest accrued on daily balance and paid monthly and on one free withdrawal per quarter.
Johnson said the move is in line with their vision of being the leading contributor to Botswana's future. "Many people do not make use of banking services as they believe they do not have the earning power to have accounts in the formal banking sector. The result is that many Batswana remain un-banked and are never able to build up a credit record and improve their lifestyles by accessing bank services," said Johnson.
The bank has undertaken extensive research in the market and will launch efforts to attract new customers with a transactional account and a savings account designed to offer customers access to banking services. These accounts offer low initial deposits to open accounts, free withdrawals, low transactional costs and access to all Barclays ATMs and branch networks. In addition access to Barclays bank services has been improved by the introduction of Direct Sales Teams and an increased footprint through the opening of Express branches.
Both the new accounts are card based and offer customers the safety associated with card driven accounts. People therefore do not need to keep money at home or carry large amounts of cash.
Johnson said that Barclays would in future be assessing all markets it operated in and would be taking major steps in bringing banking to the people. "We intend making it easier for customers to reach us and making banking more accessible to all," said Johnson.
