Artikel Terbaru

22 December 2016

Motshelo Savings Account

Free funeral cover of P2,000 each for 10 nominated members. Check. Free cheque book. Check. Free SMS alert notifications. Check. Attractive interest rate for a better return on savings. Check. Monthly interest paid into the account. Check. Free cash and cheque deposits. Check. All these and many more comes with the award winning Motshelo Savings Account offered by Barclays Bank Botswana.

Motshelo Savings account was introduced in September 2012 to cater for unbanked market of traditional group savers. Though metshelo groups have been around for many years, this group of thousands of youths, elderly, underserved and more affluent Batswana did not have access to bank services. As a way of promoting financial inclusion, Barclays bank offered this service after they observed that the reports of security, lack of accountability, missing funds and lack of reconciliation within metshelo groups were on the rise.

Not only does Motshelo Savings account offer funds security and accountability but it also fosters the spirit of social relations (Kutlwano) and cooperation where members come together to pool funds towards common goal with the intention to grow interest
Metshelo groups have long been used as vehicles to pool money for common goals amongst the members and as such, any goal that requires funds to undertake can be saved for.

Importance of Saving

It is usually hard to save individually due to unforeseen spending, but most people find it more beneficial to save as a group.
  • The money is there when you need it – it offers easy access to your money.
  • Your  money works for you – the more you save the more interest for your savings you are likely to get.
  • The main objective of metshelo is to save towards common goal which can include major life-changing goals such as weddings, building a house and paying for your children’s school fees.

Requirement to open the Barclays Motshelo Savings Account

Most people are usually not optimistic about opening bank accounts because of their requirements but Barclays has simplified the process of opening the Motshelo Savings Account. It only requires P500 opening and operating balance, minimum of at three members, Omang or passports of two signatories and proof of residence The group does not have to have a formal constitution.

The benefits of starting a motshelo group are countless but saving the funds in a savings account will ensure that the benefits are maximised as it offers both protection and accountability for the funds and that is why opening Barclays Motshelo Savings account is a smart step for every motshelo group that wants to safeguard their vision and wants to see their goal for farther.

To know more about your savings options at Barclays, visit the official site here.