Bank spends N80m on savings promo

Sterling Bank Plc said it spent N80 million last year, as rewards to customers, out of which 12 emerged millionaires, in the New Sterling Bank Sterling Plus Cash Reward promo.

The move, which saw other winners emerge in other categories of the promo, winning N500,000; N100,000; and N50,000 each, was part of its efforts to enrich lives if its lucky customers.

According to the bank, New Sterling Plus account remains a new proposition for the retail segment of the market.

A breakdown of the winnings in the 2016 edition of the promo made available to newsmen in Lagos at the weekend, showed that 25 customers went home with N500,000 each, 80 won N100,000 each, while over a thousand won N50,000 each.

The newest two millionaires are Ekiwu Daniel of Okpara branch, Enugu State, and Yaya Saidu Habu of Unity Road branch, Kano State, who were selected during the Id El-Malud and Christmas draws via an electronic raffle draw. Winners in other categories also emerged from various parts of the country.

The Group Head, Branding and Communications, Henry Bassey, said the promo was instituted to reward customer loyalty and encourage a savings culture among Nigerians.

He disclosed that the Season 3 of the promo would commence soon, explaining that all customers with a minimum balance of N5,000 automatically qualify for the draws with one ticket, while subsequent multiples of N5,000 will result in additional tickets.

He described the Sterling Plus account as a hybrid offering with the promise of many goodies and freebies such as free Lenovo smart phones pre-loaded with cool financial and entertainment applications among others for individual customers.

Bassey disclosed that the account which can be accessed at any Sterling Bank branch with a minimum balance of N5,000 is the perfect solution for individuals interested in enjoying the benefits of both current and savings account offerings, without the associated cost of running a current account.

He stated that customers with the New Sterling Plus account will be entitled to a free cheque book, free debit card and free transaction alerts (SMS and e-mails) on their transactions adding that 20 people would win N50, 000 every week for a period of one year while 10 people would win N100, 000 monthly.

According to him, “two people would win N500, 000 quarterly and one lucky individual would win N1 million on special holidays; as declared by the federal government.

“The New Sterling Plus account was developed after an extensive market research to address the need of our existing and potential customers. It is part of the bank’s contribution to boost and encourage savings in the country. The choice of gifts for customers, especially the free smartphones was in consideration of the increasing demand and use of mobile platforms for financial and non-financial transactions in the Nigerian market.”