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Can Georgia Develop a Knowledge-Based Economy?


Wednesday, April 23, 2014
News Making Money

“Save Money While You Spend”

Written by Nana Mghebrishvili, The FINANCIAL

05/02/2012 22:45 (807 Day 13:15 minutes ago)

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The FINANCIAL -- Bank of Georgia is offering a new service - ‘Electronic Money Box’ - which is a very simple way of saving money to one’s deposits.

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“Any time our clients complete a transaction they have the possibility to collect a defined amount of money on their deposit accounts,” said Irakli Gilauri, General Director of Bank of Georgia . “This is an unprecedented offer in the Georgian banking sector.”

Money from 0.5 GEL/USD/EUR/GBP up to 10 GEL/USD/EUR/GBP will be transferred to the deposit after clients complete any type of transaction including getting money from an ATM or paying for something with their card.

“The new service is free,” Gilauri explained. “Having a plastic card and a deposit at Bank of Georgia is enough to be eligible for Electronic Money Box. The total amount that is accumulated in the deposit depends on the number of operations performed by the client. Money saved by Electronic Money Box will have the same terms as the deposit itself and get the same interest rate as well.”

The deposits have to be addressed to the individual who owns the plastic card. Clients also have the possibility to attach several of their own debit cards to Electronic Money Box and use all of them to save money. In terms of a child’s deposit, both their mother and father can collect money on their child’s deposit.

The ‘electronic money box’ is quite a popular way of saving money in many countries throughout the world, but the Electronic Money Box of Bank of Georgia is unique in Georgia.

“Bank of Georgia is always trying to offer new products which can create a difference for our clients. The issue of saving and collecting money is very important for our clients. But due to different problems they cannot always do this. Now any of our clients can save money by using the electronic money box without the need for any additional effort,” the General Director stated.

Bank of Georgia is a leading bank in Georgia. The Bank holds 36 percent of the market according to data of the Georgian National Bank. As the number of Bank of Georgia ’s clients is so great the Bank’s representatives claim that all types of people will become users of their ‘electronic money box’.

“Electronic Money Box is for everyone, especially those who intensively use their Bank of Georgia card,” he added.

Bank of Georgia offers several types of deposits including Accumulative, Before Demanding, Maxima and Children’s deposits. Different deposits are adjusted to the needs of clients and they offer different interest rates. All types of individuals can find a suitable deposit at the Bank to meet their needs.

Bank of Georgia is a leading bank in Georgia. The Bank holds 36 percent of the market according to data of the Georgian National Bank as of June 30, 2011. Net Interest Income of the Bank in the second quarter was 51.7 million GEL (28.0 million USD), and Net Non-Interest Income - 29.6 million GEL (16.1 million USD). Total Operating Income (Revenue) for the same period was 81.3 million GEL (44.1 million USD).

Bank of Georgia currently has 425 ATMs, the biggest network in Georgia. The number of their service centres has reached up to 151 across Georgia. Seven of these centres are working 24 hourly and 23 are located on the underground. The Bank owns 627,000 plastic cards, out of which 112,000 are credit cards. Bank of Georgia has issued 521,167 debit cards and 122,180 with 99,364 American Express cards as of November 30, 2011.

 

 

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