In an attempt to demonstrate an increased commitment to promoting financial inclusion and empowering women, Nigeria’s retail lender, Unity Bank Plc, launched Yanga Account, a new retail product designed to deepen the beneficial impact on micro-small and medium-sized enterprises, women-run MSMEs in mass market retail space.
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.
A statement from the Bank said that the benefits of signing up for the Yanga account boiled down to “The Yanga Experience”. This means that as we are targeting all women in the mass market retail space, Yanga account holders will enjoy many benefits including stress free savings and investments, access to agent services, dedicated sales, branch banking services close to their business location, special business seminar and training on how to grow your business, access to microloans, personalized debit cards and other banking products bundled online.
Speaking at the product launch in Abuja on Tuesday, the Managing Director / Managing Director of Unity Bank Plc, Ms. Tomi Somefun, said that “the Yanga account is launched as a bold attempt to reach out directly to women and their families. respective companies. “
The boss of Unity Bank therefore said that the account “is open to all women in the market in the fields of agriculture, styling, sewing, frozen food, pastry and baking, cosmetics. , jewelry design and manufacture, skin care, restaurants and eateries, etc. in communities or cities.
“The Yanga account is designed and engineered for 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 ”.
Speaking further, Somefun 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 that translates into by creating wealth, but also to stimulate insurance penetration, which is currently at 2% in Nigeria. We therefore believe that 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 opportunities for wealth creation in the financial services sector ”.
In addition, Mr. Funwa Akinmade, Group Head of Retail, SME Banking and E-Business, Unity Bank Plc, said: “The official launch of the Yanga account is an extremely important step for us as a bank as it is a a step that brings our services closer to Nigerian women as Unity Bank strives to further expand its market presence.
“At Unity Bank Plc, we have devoted the past few years to constantly innovating with banking solutions to enable us to foster greater financial inclusion in different market segments, but the Yanga account is presented as a bold attempt to respond directly to women. and their businesses.
“Unity Yanga is a well-packaged banking product that combines several services that most small women-owned businesses will need to become profitable. We are optimistic that Nigerian women will embrace the Yanga Account and take advantage of all its advantages to develop their activities.