Nigeria’s retail lender, Unity Bank Plc on Tuesday launched Yanga Account, a new retail product designed to deepen beneficial impact on Micro Small and Medium Enterprises, MSMEs operated by women in the mass market retail space.
Launched in Abuja, the product targets to boost grassroots women entrepreneurs, and is intended to create Yanga Experience, from promoting the business, capacity building to health insurance scheme for Account holders.
The account has a savings account interest rate and holders are entitled to micro financed loans. A yanga card will be given to them and they will benefit some level of education; In terms of financial management and investment, training on SME’s and petty trading.
“This means that as we target every woman in the mass-market retail space. The Yanga account holders will enjoy many benefits including stress-free savings and investment, access to the services of dedicated Sales Agents, Agency Banking services close to the location of their businesses, special business seminar and training on how to grow business, access to microloans, customized debit cards and other bundled e-banking products,” the bank stated.
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Speaking at the product launch in Abuja, Tomi Somefun, Unity Bank MD/CEO said that the Yanga Account was being launched as a bold attempt to directly cater to women and their respective businesses.
“Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services.”
According to her, the Account is open to all market women in farming, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. whether living in the communities or cities.
Quoting outcomes of a recent research by Enhancing Financial Innovation & Access (EFInA), Somefun noted that women need economic opportunities if countries are to realize the full potential of their human capital, as financial inclusion can benefit individuals, families, and businesses, supporting key outcomes such as GDP growth.
“The Yanga account will also be incorporating an affordable Health insurance scheme not only as a part of the product bouquet underpinning the Bank’s belief in health and wellness which translate to wealth creation but also to drive insurance penetration which is presently at 2% in Nigeria,” she further stated.
“We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.”
She said that through products like Yanga Account, Unity bank will continue to align with the vision of the Central Bank of Nigerian and the financial services ecosystem to provide needed support for Nigerian women by enhancing access to wealth-creating opportunities in the financial services sector.
Funwa Akinmade, Group Head, Retail, SME Banking and E-Business, Unity Bank Plc, said the Yanga Account, through direct Agents, will bring the bank services closer to Nigerian women as Unity Bank makes the efforts to further expand its retail footprints in the market.
He said: “At Unity Bank Plc, we have devoted the past few years to constantly innovate with banking solutions to enable us to drive more financial inclusiveness in different market segments.
“Unity Yanga is a well-packaged banking product that combines several services that most small businesses owned by women will need to become profitable. We are optimistic that Nigerian women will embrace the Yanga Account and leverage its full benefits to grow their businesses,” he stressed.
In her remarks, Ada Obiri, Head youth banking and mass market, reiterated that the initiative will be used to drive financial literacy among women at the grassroots and help them in wealth creation.
“This product is open to all market women whether you live in the village or in the city and covers all the women who are into all kinds of businesses including farming, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants,” she added
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