Business Hilights
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Why Access Bank floated Awoof Berekete, a savings reward scheme

More explanations have emerged on why leading financial giant and largest bank in Africa, Access Bank Plc has flagged off a campaign tagged ‘Awoof Berekete’.

Giving insights on the new promo, Head, Business Development and Planning at Access Bank, Chinedu Onuoha said apart from driving the newly introduced Access Mobile Wallet service which is designed to jump access to financial services, Awoof Berekete will also consolidate the bank’s position as the largest bank with customer base.

According to him, “We are the largest bank in terms of customer base. Cumulatively, we have about 30 to 31million customers. By 2022, we intend that this should be a minimum of 65million customers and to achieve this, we came up with Awoof Berekete, which is another way to reward our customers.

“Awoof Berekete intends to encourage those whose accounts have been dormant or inactive due to various reasons – insufficient documentation, BVN etc. Customers will get 20% cash back up to N1,000.00 when they purchase airtime on their Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.

“What we are essentially doing is incentivizing them (customers) to be more productive. Sometimes you pay N200 as transport fare to go and pay somebody N2,000. What we are saying is that you can stay in the comfort of your home and do that transfer; also that market woman on her way home can drop the vegetables for you. Those kinds of things can happen and help people promote efficiency and also make them live better lives,” Onuoha averred.

Business Hilights gathered that Awoof Berekete is a savings reward scheme, which runs from August to November 2019. It will see customers rewarded handsomely weekly for using their Access Mobile Wallet to make transactions.

For instance, customers can get 20% cash back up to N1,000.00 when they purchase airtime via Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.