01 Nov 2015

Barclays Bank Botswana consumer director, Mr Brighton Banda says they are delighted to share new developments specifically the upfront interest fixed deposit.

Speaking at Media Invitation Engagement at the bank’s head office on October 29, Mr Banda explained that term deposits are financial instruments by which a bank depositor agrees to lodge a fixed sum of funds with the bank for a fixed rate of interest, which is usually at the time the deposit is made.

He said there is a growing demand for fixed deposit accounts in the country; of which the desire is accompanied by a strong desire for a more flexibility by the customer.

“This has required us as a bank to re-look the financial engineering of the product within our portfolio for all our customers,” he said.

He said Barclays Bank of Botswana is the only bank to offer the upfront Interest Fixed Deposit Solution and as a result bringing to their customers a first to market.

“In the face of more agile non-traditional competition and liquidity challenges, change to incorporate flexibility is imperative.  

This solution will be suitable for those clients who would rather not wait to receive their interest at maturity periodically,” he said.

He revealed that the Upfront Interest Fixed Deposit product enhancement will cater for clients with different cash-flow profile or needs not met by the above Term Deposits.

“We can all agree this is a remarkable offering, which highlights our positioning as a bank to help you save for tomorrow and ultimately plan ahead and prosper; we identify ourselves as a customer focused bank which develop products which are needs based,” he said.

He further said their aim is to be seen as the Go-To-Bank in the country, adding that there is a need to continue to be seen as a bank which has the largest range of products to satisfy different customers’ needs.

“Over and above the upfront interest fixed deposit solution, we also have other financial solution in the investment sector, such as the monthly fixed deposit, multi-nits fixed deposit and fixed deposit,” he said. Ends