Unity Bank targets women’s financial inclusion campaign

James emejo

Nigeria’s retail lender Unity Bank Plc launched the Yanga Account, a new retail product designed to deepen the beneficial impact on micro-small and medium-sized enterprises, women-run MSMEs in the space mass market retail.

This decision demonstrates its increased commitment to promote financial inclusion and empower women.

Speaking at the product launch in Abuja, the Bank’s Managing Director / Managing Director Ms. Tomi Somefun said, “The Yanga account is launched as a bold attempt to reach out directly to women and their respective businesses. .

She pointed out that the account “is open to all market women in agriculture, fashion design, dressmaking, frozen food, pastry and baking, cosmetics, design and manufacturing. jewelry making, skin care, dining and dining, etc., whether they live in communities or cities. “

As a product to stimulate Nigerian women entrepreneurs, the initiative aimed to create Yanga Experience, from business promotion and capacity building to health insurance scheme for Yanga account holders.

In a statement, the bank added that the benefits of signing up for the account boil down to “The Yanga Experience”.

Some amused said, “This means that as we are targeting all women in the mass market retail space, Yanga account holders will enjoy many benefits including savings and stress-free investments, the access to the services of dedicated sales agents, agency vanking services close to their business location, a special business seminar and training on how to grow their business, access to microcredits, personalized debit cards and other bundled online banking products.

She added, “The Yanga account is designed and engineered for the financial education and empowerment of Nigerian women. This is to ensure that our women, who represent 55% of financially excluded Nigerians, have access to basic and life-changing financial services. “

Recent research by Enhancing Financial Innovation & Access (EFInA) has shown that “women need economic opportunities if countries are to realize the full potential of their human capital. Financial inclusion can benefit individuals, families and businesses, supporting key outcomes such as GDP growth ”.

She said, “The Yanga account will also incorporate an affordable health insurance plan not only as part of the product mix that underpins the Bank’s belief in health and wellness which results in the creation of wealth, but also to stimulate insurance penetration which is currently 2 percent. cent in Nigeria.

“So we believe this will provide essential ingredients for the growth of a business as well as greater added value for Yanga account holders.

“At Unity Bank, through products such as the Yanga Account, we continue to align with the vision of the Central Bank of Nigeria and the Financial Services Ecosystem to provide the necessary support to Nigerian women by improving access. to the wealth creation opportunities in the financial services sector ”.

In addition, Mr. Funwa Akinmade, Group Head, Retail, PME Banking and E-Business, Unity Bank Plc, said that the official launch of the Yanga account is an extremely important step for the bank as it brings services closer to Nigerian women. as a financial institution. is making efforts to further expand its retail footprints in the market.

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