| | Treasury Products and Services
As a full service bank, AKIBA has historically been committed to providing its clients with attractive savings services. Savings have historically also represented AKIBA’s primary source of funds and AKIBA plans to continue this strategy. As at the beginning of 2004, AKIBA offered five primary savings products, in addition to the compulsory savings account required of group borrowers. These voluntary savings products include normal savings accounts, children’s savings accounts and fixed deposit accounts. Besides these, we also offer various forms of current accounts innovated around the special needs of our customers. It is important to point out here that one of the major inspirations and sources of satisfaction at AKIBA has not just been the question of our microfinance loans, but being able to teach people the culture of savings and giving them opportunities to own savings accounts. The impact of this becomes clearer when seen from the background of the fact that 80% of the customers who walk into AKIBA are people who have never held a bank account before, not out of choice, but because no other bank would give them the opportunity to open a bank account. Giving them this opportunity has done a lot in elevating their status, building their self – esteem and putting them on the road to better managing their financial affairs and counteract emergencies. The value that they derive out of this is captured in the following comment heard recently in one of our banking halls, “Even people like us can now walk into a bank and be served by a bank manager”! The success brought about through the strict discipline to save on a regular basis, and to repay loans as and when they fall due has in itself been a major attraction for our savings customers, who today number …….. up from 21,000 in December, 2003. It is also worth noting that our loans to deposit ratio has always been the highest in the market, a clear indication that we don’t ‘hatch’ on deposits but get it to work as soon as we receive it from our customers.
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