Mr Michael Kwetey, a customer of Stanbic Bank, has won the ultimate prize of GHC100, 000 as a reward for sustaining a savings habit in the final draw of the bank’s Pure Save campaign held in Accra.

Mr Kwetey was selected from 36,931 entries in a draw conducted by the National Lotteries Authority, using the Caritas Platform.

Five customers were also rewarded with gold coins for being among the highest depositors.

The draw brings to a close the Pure Save Campaign, an initiative of Stanbic Bank, aimed at inculcating and stimulating a savings culture among Ghanaians, as well as promoting financial inclusion.

The need for a savings culture remains critical to a nation’s economic growth.

“Countries that have a consistent savings culture automatically have a high savings rate, and are able to overcome recessions faster than those with low savings rate, “Nana Dwemoh Benneh, Head of Personal and Business Banking, Stanbic Bank, said.

“Savings allow the necessary investment to improve a country’s capital stock and its long –run growth trajectory,” he added.

According to the World Bank, the gross service rate in Ghana is below 20 per cent. The situation is similar to that of other African countries, such as Burkina Faso (8.59 per cent), Togo (11.66 per cent), Nigeria (12.049 per cent) Benin (16.75 per cent) and South Africa (15.14 per cent).

Also, some 70 per cent of Ghanaians are unbanked and of the 30 per cent with Bank Accounts, only a few have a consistent savings habit. China with a gross savings rate of about 46 per cent has become a global economic giant with the world’s largest cash reserves at its disposal largely because it cultivated a national savings habit”.

Nana Benneh said savings helps one acquire valuable assets, provide financial security and improve people’s standard of living of families.

It also serves as a buffer during emergencies and also goes a long way to foster a countries economic growth and development.

Nana Benneh called on financial institutions to churn out products that offer rewarding incentives on savings through simpler and attractive investment plans.

During the period of the Pure Save Campaign, several customers have won cash prizes of GHC 10,000, 32-Inch Samsung LED TV sets, iPhones and many souvenirs during weekly and, monthly draws, conducted using the Caritas Platform of the National Lotteries Authority.

To crown the final activities on the campaign, Stanbic Bank will give away a GHS 100,000 cash prize to the ultimate winner at the end of today’s draw Stanbic BANK has over the years rolled out a myriad of savings and investment products that offer unrivaled financial security to its customers.

These include the multi-currency money wallet, unsecured personal loans and EduPlan, which helps parents to provide uninterrupted quality education for their wards to the highest level.

The Pure Save Campaign started on April 3, 2017 and ended on August 2, 2017.