October 27, 2015
PAN Oceanic Bank (POB) yesterday launched one of its new banking initiatives called the PAOA Deposit Gift scheme.
It is a scheme created purposely for those that deposited a minimum of SBD$25, 000 or more.
In his address as part of launching the scheme, POB’s Chief Executive Officer (CEO) Nihal Kekulawala said, POB acknowledges that Solomon Islands has one of the lowest national savings, 4.21% of GDP, a ratio that POB aims to improve.
“Solomon Islands desperately needs a savings culture, and domestic savings would plug the finance gap.
“Therefore, we feel this is the right time for POB to motivate a savings culture in Solomon Islands, and we started with our children, the future leaders of the country, and are now extending this to our senior citizens and business fraternity,” Mr Kekulawala said.
The scheme also allows those who open an account to deposit for a fixed term, to receive a reward depending on the amounts they deposited.
“Those who open a Fixed Deposit account with POB and meet the minimum criteria, are automatically eligible for a gift voucher for items such as an electrical saw, electrical plane, sandwich maker, fridge and other items.
“Customers also earn a competitive interest on their savings,” a statement from POB stated.
Meanwhile, the statement added that POB continues to support the National Financial Inclusion strategy and is empowering the nation with its initiatives through the Pikinini Savings, Micro SME loans and Fee-free Saving accounts and is open for business 6 days a week.