…Resorts Savings and Loans introduces saving culture

The products: Resort Daily Savings Account (REDSA) and Resort Group Savings Account (REGSA) were launched recently in Lagos as part of a drive to encourage long term savings by customers.Giving an insight into the new products, the bank’s head of treasury, Mr. Jeff Ejemai said the products were specially designed to encourage “little by little […]

The products: Resort Daily Savings Account (REDSA) and Resort Group Savings Account (REGSA) were launched recently in Lagos as part of a drive to encourage long term savings by customers.
Giving an insight into the new products, the bank’s head of treasury, Mr. Jeff Ejemai said the products were specially designed to encourage “little by little savings targeted towards solving yearly and strategic needs”.
The needs, according to him, range from saving towards mortgage loan, payment of rents, school fees, land purchase and other sundry needs.
He explained that with the products, the bank’s customer can be assured that their most important needs are met without much hassle.
“We reasoned that Nigerians often have the problem of meeting up with some of their needs that sometimes leads to some form of embarrassment for them. So, to forestall such embarrassment, we came up with the products to assist them save some funds while not feeling the pain of saving,” Ejemai said.
Customers who subscribe to the products have opportunity participating in the bank’s yearly raffle draw, entitled to business advisory and training, enjoy higher interest rate per annum and entitled to personal accident insurance cover.
The group savings account on the other hand, according to Ejemai targets traders.
Existing customers who form themselves into groups can also benefit from the product which entitles them to an automatic loan.
He explained that prospective customers who form themselves into groups of between 10 and 20 people are also eligible to enjoy the fallout of the product.
The group is expected to maintain a group purse with contributions of a minimum of N1,000 from each member of the group. The operation of the account can is dynamic and accessible by all.
 While encouraging customers who are interested in the products to get details as they make contacts with the mortgage bank which is spread across the country, he said, “These accounts are serviced by contributing daily, weekly or monthly towards solving yearly needs.
“Individuals are expected to save in different categories (N500, N1,000, N5,000 and N10,000).
“The account is maintained for a minimum of one year without any withdrawal to be able to qualify for a raffle draw at the end of every year. There are exciting gifts to be won.”