Unity Bank targets women across Nigeria, launches Yanga Account
In its bid to demonstrate increased commitment towards promoting financial inclusion and women empowerment, Nigeria’s retail lender, Unity Bank Plc has launched Yanga Account.
The new retail product was designed to deepen beneficial impact on Micro Small and Medium Enterprises (MSMEs) operated by women in the mass market retail space.
Unity Bank says the benefits for signing up to Yanga Account are summed up as ‘The Yanga Experience’ which entails promoting businesses, capacity building, and health insurance scheme.
Yanga Account holders will enjoy stress-free savings and investment, access to dedicated sales agents, Agency Banking services close to the location of their businesses, seminars and trainings on how to grow business, access to microloans, customized debit cards and other bundled e-banking products.
At the launch of the product in Abuja on Tuesday, Unity Bank Managing Director/Chief Executive Officer, Mrs. Tomi Somefun described Yanga Account as a bold attempt to directly cater to women and their businesses.
Somefun explained that the account is open to 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 communities or cities.
“Yanga Account is conceived and designed for the financial literacy and empowerment of 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.
“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.
“The Yanga Account will 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.
“We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.
“At Unity Bank, through products like Yanga Account, we continue to align with the vision of the Central Bank of Nigeria (CBN) and the financial services ecosystem to provide needed support for women by enhancing access to wealth-creating opportunities in the financial services sector.”
Group Head, Retail, SME Banking and E-Business, Mr. Funwa Akinmade said launch would bring unique services closer to Nigerian women as the Bank makes efforts to further expand its retail footprints in the market.
“At Unity Bank Plc, we have devoted the past few years to constantly innovating banking solutions to enable us to drive more financial inclusiveness in different market segments.
“Unity Yanga is a well-packaged 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.”
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