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Al Mazyona instills prudent savings culture in Oman

Al Mazyona instills prudent savings culture in Oman

·                     RO 400,000 grand prize draw on 5th  January

·                     BankMuscat 2012 scheme to maintain leadership position  

 

MUSCAT, 1 January 2012 - Twenty years on, Oman's popular al Mazyona Savings Scheme from BankMuscat continues to cast its spell, winning the hearts of citizens and residents across the Sultanate. All these years, al Mazyona has led the way, rewarding customers with life-changing experiences and inculcating a strong savings culture in Oman.

 

Countdown begins for RO 400,000 grand prize

Countdown for the climax of al Mazyona savings scheme has begun with the grand draw for RO 400,000 to be held in on 5th January 2012 at Markaz al Bahja. The life-changer al Mazyona experience affirms the Bank's vision and constant efforts to fulfill the aspirations and ambitions of the largest banking family in Oman. BankMuscat is proud to take the popular savings scheme deeper to the hearts of people and link it to issues benefitting society, encouraging prudent savings and spending habits.

On the memory lane

 

Al Mazyona is one of the earliest savings schemes to be launched in the Sultanate. Over the years, the scheme has provided customers a means of meeting their financial aspirations and improving their lives. Initially, the rewards comprised gifts, including wrist watches, luxury cars and villas. In 2001, based on customer feedback, which revealed preference for cash prizes, the Bank introduced a big, bold prize for the first time in Oman – RO 20,000 every week. The move instantly made al Mazyona a household name.

 In 2003, al Mazyona launched the jackpot prize of RO 100,000. This propelled al Mazyona to the No.1 position in the country. In 2006, al Mazyona rewards moved beyond cash prizes and introduced free personal accident insurance as a value-added benefit for customers. The Bank then launched the unique daily 'Double-Your-Salary' scheme in 2009, thus widening the basket of winners across different cross-sections of society.

During the 20-year journey, al Mazyona brand has evolved with landmark campaigns, including

'My dream come true' in 2007 and 'Smiles' in 2008. The scheme made a thumping endorsement in 2009 with the 'Win 10 times more' campaign. Commemorating the 40th Renaissance anniversary under the Bank's 'Oman Celebrates' campaign in 2010, al Mazyona exuded happiness and prosperity, offering high value daily, monthly and jackpot prizes.

Said Al Badai, AGM – Branches, said:  “al Mazyona marks a milestone for Oman and reaches out to all citizens offering exciting rewards for different segments of savers at an unbeatable frequency. For 20 years, al Mazyona, reckoned the savings scheme for the nation, has made dreams of innumerable customers come true."

Al Badai added: “Innovation has long been the buzzword in BankMuscat and the flagship al Mazyona Savings Scheme reflects the distinction of quality and uniqueness that keeps it ahead of competition. The Bank attaches great importance to inculcating prudent savings and spending habits and has tailored al Mazyona scheme with this objective in mind. The scheme constantly evolves based on focused market research and innovative methods in reaching out to customers."

al Mazyona extends a bouquet of exclusive offerings and its strategy is simple and consistent. The customer-focused scheme offers maximum winning chances for all. With distinct appeal to different customer segments, the chances are proportionate to savings. Loyal customers enjoy additional chances to win as the Bank ensures continuous value addition beyond prizes.

 Key firsts unique to al Mazyona

–              1st savings scheme to go beyond traditional prize schemes by bundling group insurance benefit for customers

–              1st bank to launch 'Double-your-Salary' for salary transfer segment

–              1st savings scheme to be certified by external auditors (Ernst & Young)

–              1st savings scheme to use social media in promoting its prize draw

–              1st bank to launch a thematic scheme on the occasion of 40th National Day

–              1st bank to launch loyalty bonus chances linked to savings scheme

 

 

20 years of life-changing experience

 

In 2011, al Mazyona marked 20 years of fulfilling dreams with a never-before offer guaranteeing bigger and better winning chances for customers across the Sultanate. With attractive weekly, monthly, quarterly and bi-annual grand prizes, the highly inclusive scheme was designed to ensure high-value prizes throughout the year to maximum number of customers.

The 20th anniversary of al Mazyona marked a milestone for Oman. The distinguishing element of the prize draws was the generous use of the theme of 20 and its multiples thereof, establishing al Mazyona's status as the savings scheme for the nation. On this occasion, BankMuscat rewarded loyal customers with bonus winning chances based on the duration of their association with al Mazyona.

Winning with al Mazyona has never been simpler as customers are not required to block their money for long and no average balance is also required, which makes the savings scheme sensible.

The weekly prizes included RO 2000 each for 12 guaranteed winners from all the Sultanate's regions. The monthly prize was an exciting RO 20,000 each for two winners. The quarterly prizes included RO 200,000 every three months. The climax of al Mazyona was the grand prize of RO 400,000 every six months. The first grand prize winner was picked in June and the second winner will be picked this month.

 

Plenty of reasons to smile throughout the year

 

Al Mazyona customers have plenty of reasons to smile throughout the year, thanks to the scheme that multiplies the winning chances for all. al Mazyona offers one of the biggest prize money in the savings scheme history in Oman. The prize money is an incredible incentive for al Mazyona customers, aimed at offering a life-changing experience.

Big prize money is not the only way by which al Mazyona seeks to transform the lives of prudent savers. The scheme is targeted to accommodate all segments, including children and youth, thereby inculcating a strong savings habit among citizens who will be responsible for the future development of Oman.

Said Al Badai said: “al Mazyona has consistently been a huge success. Winning big prizes, which is the dream of all, provides a solid base to build a new life. The life-changing al Mazyona experience has proved valuable for countless number of customers. The windfall has led to instilling a sense of security and financial freedom among the large number of winners. The objective of al Mazyona is to create a lifetime change for winners and allow them to invest their prize money in things that will make a lasting difference and the well-being of their families."

Al Badai added: “al Mazyona customers reflect a strong shift in their attitude towards saving, especially against the backdrop of the prevailing economic conditions. They understand the value of savings and the security it brings. al Mazyona customers are rewarded for regular saving and the prize scheme is a bold step to encourage them to maintain the savings habit."

First to tap social media to inculcate prudent savings habit

 

BankMuscat is the first to tap social media to inculcate prudent savings and spending habits in Oman. As part of year-long 'Oman Celebrates' campaign coinciding with the 40th Renaissance anniversary of the Sultanate, the Bank launched a micro website generating nation-wide response to what prospective al Mazyona winners will do in the event of winning the big prize. The micro site www.almazyona400000.com was a marketing innovation in the Sultanate aimed at generating social interaction and healthy discussion on prudent savings and spending habits. The novel marketing campaign elicited strong response with the site recording over 50,000 hits and more than 3,000 participants responding on what they intended to do with the prize money.

The website of the Ministry of Education and social media sites such as Facebook and popular English and Arabic discussion forums also had links to al Mazyona micro site with respondents posting interesting plans on spending the RO 400,000 al Mazyona grand prize.

 Prudent savings habit pays off for winners

Mohammed Abdullah Ali Al Shamsi from Falaj Al Qabail branch won the first RO 400,000 jackpot prize of 2011. Al Shamsi represents the experienced generation aware of the responsibilities to maintain prudent savings habits. A vehicle trader by profession, Al Shamsi commented on the life-changing experience: “I am delighted to win this big prize from BankMuscat. As a businessman, I maintain accounts with various banks, but do most of my banking transactions with BankMuscat. I am very happy with the banking facilities and the helpful and courteous approach by staff."

Zubaida Al Raisy of Muscat branch won the first RO 200,000 al Mazyona quarterly prize for 2011. The big prize indeed came as a life changing experience for the Omani housewife. She has been a consistent small saver all these years with a modest balance. “I always dreamt of winning a prize and it has totally changed not only my life but also the future of my family." She is familiar and happy with the BankMuscat products and services. Personally, she recommends BankMuscat to friends and relatives because of the many value-added services offered by the Bank.

Said Ali Mohammed Al Hinai from Suwaiq branch is one of the monthly prize winners of RO 20,000. He commended BankMuscat for consistently building up the savings scheme and fulfilling the dreams of people in the country. “This is an exciting scheme reflecting the dreams and ambitions of Omani people. We are glad to be a part of this initiative which has a positive impact on the people and nation."

 

'Double-Your-Salary' scheme

The Bank launched the 'Double-Your-Salary' scheme in 2009. The scheme entitles customers maintaining a salary account with the Bank to win a free bonus salary. There are no pre-conditions attached to the scheme, except that the salary must be transferred to any BankMuscat branch in Oman. All customers who transfer their salary to BankMuscat get a chance to double their salary through the bonus salary prize. While customers may earn their salary only once a month, with BankMuscat they have a chance to win an additional bonus salary every month. The prize scheme is open to all customers with a minimum monthly salary of RO 250. For instance, a customer whose salary is RO 500 can win an additional salary prize of RO 500 whereas another customer whose salary is RO 1250 can win back an equivalent bonus salary of RO 1250. While there is no maximum salary amount which can be transferred to the Bank, the maximum bonus salary a customer can win is limited to RO 2000.

 

 

Certification and validation of al Mazyona draw

In order to maintain the tradition of providing complete transparency of the scheme, BankMuscat conducts al Mazyona prize draws at public places and get these tested and certified by external auditors. al Mazyona prize draws and general purpose controls surrounding the draw are fully tested and certified by Ernst & Young - a member of the Big 5 consulting firms. BankMuscat pioneered this proactive step and is proud to continue this tradition in Oman. al Mazyona scheme has been certified by Ernst & Young for communicating good governance and transparency.

Loyalty benefits

A notable attraction of al Mazyona scheme is that the winning chances get multiplied by the number of years customers are associated with the savings scheme. For example, a customer who has been saving for 5 years will multiply his chances by 5 times. Those who have been saving for 20 years will get to multiply their chances by 20 times and so on. The new scheme guarantees a life-changing experience and a never-before opportunity to reap immense benefits. This is the first savings scheme in the Sultanate to reward loyalty for customers depending on the duration of relationship.

 

Distinct customer experience

Providing distinct customer experience, al Mazyona prize draws are held at public places closer to customers. In a true sense, al Mazyona can be termed a savings scheme for the people and by the people. The draws have gone beyond branches, significantly enhancing its credibility. The prize winners are picked by customers themselves and representatives of the cross-section of society.

 

Al Mazyona Children's Account

Al Mazyona Children's Account provides a life changing experience to children. With just a monthly minimum balance of RO 50, the child enjoys continuous benefits, starting from the time of opening the account till he / she turns 18 years of age. They can participate in al Mazyona Children's Account monthly prize draws offering 10 prizes of RO100 each every month in addition to 10 Birthday prizes every month worth RO 100 each. They get double chances to win the ongoing al Mazyona prizes with RO 100 balance.

al Mazyona Children's Account holders are entitled to a free 'al Mazyona Super Card' which opens up a world of exciting possibilities - gifts, discounts at favourite outlets and fun events all across Oman. In the unfortunate event of death of the child's parent, the school education continues uninterrupted until he / she turns 18 with RO 100 per month paid by BankMuscat. When the child turns 18, he / she will be eligible for an interest-free 4-year education loan. The loan amount will be linked to the tenure and annual average balance maintained in al Mazyona Children's Account.

Over the years, al Mazyona has succeeded in inculcating a culture of regular savings habit in Oman. The flexible scheme makes regular saving easier and is available across the largest network of 130 branches Oman.

The offer for 2012

The Bank has conducted a country-wide market research to gather feedback from customers for their preferences and needs. The Bank is getting ready to announce an even better savings scheme this year which has been structured after taking into account the findings of the market research, which will be well appreciated by different customers and will once again showcase the leadership position enjoyed by al Mazyona in the market and banking industry.