Keystone Bank Limited, one of Nigeria’s leading retail lenders, has launched a special savings account for business owners tagged, ‘Keystone Apprentice Settlement Savings Account.’
According to the bank, the new account also known as ‘Oga
Account’ which was formally launched on Wednesday, in Lagos, is ‘aimed at
meeting the needs of its customers across Nigeria involved in the
apprenticeship system.
The lender noted that the account is a purpose-driven
savings account, with zero account maintenance charges, that allows customers
who are entrepreneurs, popularly known as ‘Oga’ to save conveniently and
seamlessly towards building up funds to settle their apprentice/servant upon
the completion of their service.
Speaking at the launch, the Managing Director/CEO of
Keystone Bank, Mr. Olaniran Olayinka represented by the Regional Head, Region
1, Lagos and West Directorate of Keystone Bank, Mrs. Helen Maiyegun said “It is
our tradition at Keystone Bank to consistently deliver products and services
that support the needs and aspirations of retail businesses and SMEs, which are
the economic drivers of growing and emerging economies globally.
“In furtherance of this commitment, we are currently
providing capacity training, access to investment, and financial grants of N3
million (Three Million Naira) each, to SMEs in our Keystone Start Up Advantage
Program aimed at equipping small business owners with requisite skills and
funds required to navigate the infancy stage of their business existence.
“Therefore, in our bid to continue in this stride by
delivering products and services that speak to the needs of our customers, we
charged ourselves with the challenge of developing a product that addresses
business owners’ needs at the point of settling their boys or apprentices that
have meritoriously served them for an agreed period.
“We want to reassure our customers that we will continue to
innovate and re-imagine financial products and services to meet their ever
evolving needs and expectations, backed with excellent customer experience across
all our channels and touchpoints to help them achieve their goals, which
resonates with our corporate slogan ‘We grow together.”
Speaking on the features and benefits of the savings plan,
Mr. Anayo Nwosu, Divisional Head, Retail, SME and Value Chain of Keystone Bank
noted that the plan is positioned to speak to the lifestyle needs of the bank’s
customers to encourage them to save towards a goal and build financial
discipline.
He added that the product solves a market need that is as
old as the Bible, stressing that apprenticeship is an African culture.
“The apprenticeship model is a way of thinking about how to
finance and invest in human resource entrepreneurial activities to promote
economic growth, stability, and sustainable livelihood. This approach has a
reputation for being highly effective, so much so that the Harvard Business
Review recently decided to include it as a case study.
“The plan is designed for all classes of individuals within
the Low-Income Persons (LIPs) or High-Income Persons (HIPs) and has a minimum
opening balance and daily operating balance of N5,000.
“A specific lump sum is targeted at the point of entry by
the customer and progressive savings are made monthly until the set target is
achieved.
“The savings could be made monthly or at any time until the
set target is achieved and as an incentive for actualizing their goals, the Oga
Account offers higher interest earnings than the regular accounts.
“The plan also allows cash, cheques and dividend warrant
lodgments (cheques and dividend warrants, subject to allowable daily deposit of
N2m with respect to the CBN policy.
“Customers can also access up to 50% of the amount saved as
cash-backed credit at 14% p.a. and 1% management fees.
Some of the customers who spoke at the event, commended the
bank for the initiatives and promised to key into it.
Keystone Bank is a technology and service-driven commercial
bank offering convenient and reliable solutions to its customers.
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