Yanga, a retail account designed exclusively (Only) for women by Unity Bank Plc has garnered more than 97, 000 customers across the country in just one year of launch. The Yanga Account was launched into the Nigerian market in November 2021.
The numbers came from Plateau State (45, 000); Katsina State (30, 000); Sokoto State (9, 000); Lagos (8, 000) and Uyo-Akwa Ibom State (5, 000).
Mr. Funwa Akinmade, Divisional Head, Retail, SME & E-Business at Unity Bank Plc said in an exclusive interview with Business Journal in Lagos that the Yanga Account model is a win-win product for women in Nigeria, the Central Bank of Nigeria (CBN) policy on financial inclusion and Unity Bank Plc.
“The Yanga name for the account is to have a name that relates and resonates with women. We established the account for women only because present market research indicates that 52 percent of unbanked people in Nigeria are women. This implies that millions of women in the country are left hanging (gap) in terms of having access to financial services, especially market women. Accordingly, the Yanga Account is a great opportunity for women without bank account in Nigeria to enjoy the services of banks without much stress or hassle, in addition to a lot of value-added services from Unity Bank Plc.”
Akinmade listed some of the value-added services for Yanga Account holders to include capacity building seminars/workshops, customized debit card, dedicated sales agents and opportunity for savings & investment.
He named health insurance provision for the account holders as yet another major benefit for women who signs up for the account. He said the health insurance scheme is offered through the services of two leading Health Management Organisations (HMOs) namely Ventura HMO and Ultimate Health.
The major features of the Yanga Account model include fast & seamless opening process, zero documentation, zero opening balance, maximum single deposit of N50, 000 and maximum balance of N300, 000.
