‘We want to encourage customers to rethink their approach to cash usage’ – BOV COO

Bank of Valletta (BOV) Chief Operations Officer Ernest Agius said that the bank wants to encourage customers to rethink their approach to cash usage, as it announces a new Cash Migration Incentive.

The initiative, running from 1st March to 30th June 2025, aims to educate customers on the advantages of reducing cash dependency by embracing digital payments, which offer "enhanced security, convenience, and better control over personal finances," said BOV in a statement.

With financial habits evolving rapidly, BOV added that it recognises the importance of helping customers make informed choices about their money. Through this campaign, the bank is encouraging customers to shift towards card transactions and reduce unnecessary cash withdrawals.

To be eligible for the incentive, customers must withdraw €300 or less in any given month from ATMs, branches, or non-BOV ATMs and make at least one retail transaction using a BOV Debit or Credit Card. Those who meet these criteria will automatically enter a draw, where every month, 60 winners will be randomly selected. A total of 240 customers will benefit throughout the campaign, with each winner receiving €125, credited directly to their account. Winners will be notified by phone within a week of each draw.

BOV Chief Operations Officer, Ernest Agius highlighted the importance of this initiative, saying, “as part of our ongoing commitment to financial literacy, we want to encourage customers to rethink their approach to cash usage. Digital payments are not only more convenient but also offer increased security and better money management tools. This initiative rewards customers who make conscious choices about their financial habits while reinforcing the benefits of reducing cash dependency.”

The campaign is also an opportunity to create awareness about financial responsibility and the advantages of going digital. Chris Degabriele, Head of eBanking added, “customer habits are evolving, and this initiative is designed to help accelerate the shift toward digital banking. We want to empower our customers with the knowledge that using their cards and digital wallets instead of withdrawing cash can help them manage their finances more efficiently while also improving security. Our role is not just to provide banking solutions but to educate and support our customers in making the best financial decisions.”

For more details, click here.