The Y’ello Save adds to the string of innovations of Fidelity Bank in its quest  to break-down the barriers to people having banking services.   Speaking at the launch in Accra, Mr Jim Baiden, the Managing Director of Fidelity  Bank, said one of the key areas of focus for Fidelity, as the leading private sector  indigenous bank in the country, was to provide its services to a large audience.

 He said it had over the years introduced some innovative products into the  Ghanaian market including SMART Account and Agency Banking.   Mr Baiden said the exponential rise in mobile money, over the last year, had  resulted in about eight million active mobile money accounts with over Ghc 1.3 billion  in float balances.

 “That is why we are proud to partner with MTN, the leading mobile money service  provider, to create a product that will provide the growing number of mobile money  users a savings product that they can open instantly and build their savings with.    “All you need is a mobile phone and the MTN mobile money app downloaded on the  phone and guess what you have a Y’ello save account on your phone. Go ahead and follow  the service options on your mobile money menu, you will see Y’ello save option.

“This means you have opened a Y’ello save account. You can then push money from  your mobile wallet into your Y’ello save account any day and time at your  convenience,” he said. Mr said Fidelity Bank remained optimistic that its partnership with MTN would  empower Ghanaians to save to change their fortunes and attain financial security for  themselves and their families through the “Y’ello Save Account”.

He expressed gratitude to IT Consortium, one of the leading Fintech companies,  for providing the technology to make the Y’ello Save product happen.     Mr Ebenezer Twum Asante, the Chief Executive Officer of MTN Ghana, said Mobile  Money was playing a crucial role in making banking services accessible to previously  unbanked populations in developing countries.

He said he believed that with over eight million MTN “Momo” subscribers and 58,000 agents, the Y’ello Save platform would become an important avenue for subscribers to harness the benefits of savings.  Mr Asante said MTN would continue to form strong partnerships with financial  service providers to develop products that move closer to a cash-lite society and add  value to customers.

He, therefore, encouraged Ghanaians to be part of the Y’ello Save Service,  including all people operating within the informal sector, to sign up and benefit from  the Y’ello Save.