HFC Bank Ghana, a subsidiary of Republic Bank of Trinidad & Tobago, has launched a six-month campaign to drive the uptake of a suite of deposit mobilisaation products that it has introduced onto the market.
Managers of the bank are hopeful the campaign will help to grow its market share nearly two-fold to five percent.
According to the Managing Director of the bank, Robert Le Hunte, the products were introduced with the underlining theme ‘You deserve more, make the switch now’ and are in response to consumer demands for needs-based banking services.
The launch of the products is the first major action of HFC after the bank’s protracted takeover last year, and is expected to revolutionise the banking industry and deepen competition among the country’s 28 banks.
“We have leveraged on the strength of Republic Bank and the experience of HFC staff, and developed seven new amazing products that take care of everyone’s needs.
“The new deposit products have unbeatable interest rates and attractive features, derived from our understanding of the varying interests and heightened expectation among stakeholders of the bank regarding new and exciting products; and the fact that the banking industry in general has not offered customers adequate returns on their savings. We believe the customer deserves more, hence the theme ‘You deserve more, make the switch now’.”
Currently, the majority of saving deposit products of the banks attract less than five percent per annum — pushing consumers to consider high-risk saving products with non-bank financial institutions, especially microfinance firms.
Mr. Hunte, however, is strongly convinced the bank’s new products — which include HFC Brainy Child Account, HFC Smartsave account, HFC Susu Plus account, HFC Homesave Plus, HFC I Do account and HFC 55 Plus account — will offer a safer avenue for banking consumers to save and attract interest rates above the average bank rate on savings.
“HFC is a principled bank with strong core values of customer focus, integrity, professionalism and respect for the individual and results orientation, which defines the bank’s identity and underpins our operations. “I assure that the seven new deposit products reflect our core experiential values. You have the opportunity to make that switch to the HFC family because you deserve more,” he added.