Dalex Finance has launched a savings and investment product called SWIFT. The product which is targeted mainly at Ghanaians who are looking for easier but more rewarding ways of investing their monies is aimed at bridging the gap between the rich and the poor.
SWIFT which is an acronym of ‘Safe Wise Investment For Tomorrow’ provides a convenient, and easy way for ordinary Ghanaians to save at their own convenience, using their mobile money accounts.
Launching the product, Director of Operations at Dalex, Joe Jackson said the product was created essentially to engender a savings and an investment culture among Ghanaians for a brighter future. Savings, he said, is a good thing no matter how one looks at it.
“People who save are better off as individuals, are better off as families, communities and/or nations. Getting the masses especially those who were previously either excluded or underserved save regularly and as well have their monies invested he said would not only improve the national statistics on financial inclusion improve, but also affect the national economy positively” he added.
He indicated that SWIFT is not only a contributory system that allows people to save something from the little money they earn but also provides them an easy way of saving – using their mobile phones. Their mobile phone numbers therefore become their account numbers. The mobile-money platform he said provides a very convenient mode of transaction or payment for users hence the decision by Dalex to utilize it.
There are currently over 19,000 mobile money outlets in the country. That according to Mr. Jackson gives Ghanaians an unfettered opportunity to save via any of these outlets. He however, added that post offices, Banks (16 Commercial Banks) as well as ATMs and national lottery agencies could be used to make contributions.
SWIFT, he added, could be accessed at more than 20,000 outlets, and this he said is to enable people make payments into their savings accounts easily. “As low as GH¢1.00 to as much as one can afford, Mr. Jackson said one can contribute. Unlike the 5 to 8% interest being paid on savings by commercial banks in the country, SWIFT will be paying 15% interest on contributions. The interest on the contributions will also be compounded to ensure exponential growth for patrons,” he stressed.
An added advantage SWIFT will be providing according to Mr. Jackson will be the loans that would be offered to customers without breaking the investment pattern.
Chief Executive officer of Dalex Finance Ken Thompson gave assurance that SWIFT guarantees security and that no one should be worried about the safety of his/her contributions.
“Dalex Finance is not only number 16 on the Ghana Club 100 but is also a large and well-established financial institution which is regulated by the Bank of Ghana,” he noted.
Dr. Kwesi Botchwey, Chairman of National Development Planning Commission, who delivered the keynote address indicated that the Bank of Ghana has been at the forefront in that national effort to improve financial inclusion in the country.
This he said is because the bank recognized that improving financial access is essential for the efficacy of monetary policy.
For him, financial inclusion has become even more important following Ghana’s signing onto a 3-year IMF program.
Dr. Botchwey hinted that the Central Bank is putting in place a number of systems including a Payment System Council to advice government of payment policy issues, Point of Sale Acceptance guidelines to promote POS penetration, Cost of Cash Index and education on the need for reducing cash transactions among others all in furtherance to the national commitment to promoting financial inclusion.
SWIFT, Dr. Botchway indicated would no doubt go a long way in enhancing the great potential held by mobile money as the game-changer in accelerating the agenda of financial inclusion in the country.
Minister for Gender, Children and Social Protection Nana Oye Lithur thanked Dalex finance for the introduction of what she called ‘a product with potential to deliver a number of women from poverty” and implored the company to do all it can to secure the product and ensure it live its dream.
Mobile phone giants MTN and Vodafon lauded the initiative and assured of unflinching support to make the product succeed.