Unity Bank Plc has launched a product known as ‘Yanga Account,’ through which it hopes to empower no fewer than 5 million women-owned Micro, Small and Medium Enterprises (MSMEs) in the South West region.

The Managing Director/Chief Executive Officer of the Bank, Mrs Tomi Somefu, launched the Yanga Account for the South-West region in Ibadan on Tuesday.

“Yanga Account heralds a new dawn for my fellow women operating businesses in South West Nigeria.

“The Yanga 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, among others whether living in the communities or cities.

“The 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 per cent of the financially excluded Nigerians have access to basic and life-changing financial services,” she said.

The bank’s new brand ambassador, King of Boys star, Sola Sobowale, urged all Nigerian women who operated businesses in the South West to embrace the Yanga Account to grow their businesses.

Shobowale said: “This is the first time that a bank will specifically design a product to cater for women and I am excited about the inherent benefits of this account and the endless possibilities that it brings to my fellow women.

“I invite all my fellow women in South-West Nigeria to sign up for the Yanga Account and watch their levels change.”

The Group Head, Retail, SME Banking and E-Business, Unity Bank, Mr Funwa Akinmade, said: “Female-led MSMEs in South West Nigeria continue to play pivotal roles in the contribution of the MSMEs to the economy of Nigeria and that has informed this special activation of Yanga Account in Ibadan today.

“The Yanga Account 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 Ibadan women and all others across South West Nigeria will embrace the Yanga Account and leverage its full benefits to grow their businesses.”

The bank said the launch of the Yanga Account underscored its retail strategy, which aligned with the vision of the Central Bank of Nigerian to provide needed support for Nigerian women by enhancing access to wealth-creating opportunities in the financial services sector.

The News Agency of Nigeria (NAN) reports that Unity Bank earlier launched the Yanga Account in Abuja.

Yanga Account is a complete suite of services designed to promote financial inclusion among women through stress-free savings and investment.

It provides 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.

It also offers access to microloans, customised debit cards and other bundled e-banking products.