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.
