Global Trust Bank (GTB), a medium sized commercial bank in Uganda has launched a deposit promotion dubbed Poyessa Deposit and Win Promotion aimed at attracting more deposits to the bank.
The promotion was launched on Sept. 17 in Kampala and it runs until January next year.
Commercial banks have in the recent past struggled to obtain deposits from the market after the country’s inflation spiked to a 30.4% mark, the highest since 1993 that led to the high cost of doing business.
As a result the cost of funding by commercial banks went up after the central bank raised its policy interest rates to curb inflation.
Banks are currently running promotions aimed at attracting more deposits to do profitable business.
Morenikeji Adepoju, managing director GTB said the bank’s customer base was growing and expected many to participate in the promotion.
She said there shall be prizes to win by the participants.
Adepoju said any customer’s deposits recording an incremental sum of Shs250, 000 and more will stand chances to win prizes. Depositors of Shs1million and above will get instant gifts.
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