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A number of financial institutions are providing products of this kind. These banks and FinTech offer a mix of traditional and innovative services. They range from high-interest savings accounts to low-interest loans for women-owned businesses, and even easily accessible investment opportunities. This article presents you with some of those services, so you can choose the ones that suit you best. Here they are:
SARA by Wema
SARA is a community for women powered by Wema Bank. Its main offerings are loans, financial tools, health plans, webinars, workshops, and opportunities for networking and collaboration. Members enjoy access to special packages and discounts, financial education facilitated by experts, and resources to help them improve their personal finances.MHSS Loan
The Maternal Health Service Support (MHSS) loan from Access Bank is a credit product designed for women, specifically those who need financial aid for fertility treatments, natal support, pediatric care, and other concerns related to the health of mothers and their newly born children. Loans of up to ₦10 million are available for health procedures. The bank says it has instituted a flexible payment regime for recipients of this loan.One Woman by Sterling Bank
Sterling Bank’s “One Woman” proposition is a collection of products and services placed under a single banner, one dedicated to the economic and financial empowerment of women. These solutions include quick loans, banking services for teachers, tech-enabled health services, and access to an e-commerce platform. Customers also get a special debit card and access to several discounts on lifestyle offerings within Nigeria.HerVest
HerVest is a digital platform that helps women with savings, loans, and investment opportunities. It promises low interest rates on its loans and flexible repayment plans. Women who invest with HerVest have their funds pooled together and used to fund agricultural products owned and led by other women. In return, they receive a share of the profits from those projects (along with their principal). Learning resources for financial planning and business are also available on the platform.Herconomy
Herconomy is a savings and investment app for Nigerian women. It has an interesting array of products: a savings plan that pays interest daily; a high-interest account that lets mothers save for their children’s future; and a vault that delivers even higher returns on sequestered funds. In addition to these, there are a number of savings challenges run by Herconomy that encourage its users to save even more every day.Sign up for the Connect Nigeria daily newsletter
Blue Blossom Account
Stanbic IBTC Bank’s Blue Blossom Account caters to working women who want better access to business finance. Account holders don’t pay a current account maintenance fee, can get loan facilities at competitive rates, and are invited to business clinic sessions. However, only businesses with at least 50% female ownership qualify for this product.Z Woman
Zenith Bank describes its Z Woman product as a contribution towards closing the financial gap faced by female-owned businesses. Z Woman is a loan that supports asset acquisition, machinery and infrastructure upgrades, business expansion, and the purchase of raw materials. The broader program provides training, coaching, and networking opportunities to female entrepreneurs as well.FirstGem
The FirstGem Businesswomen Account is a product from First Bank. It’s built to drive the business success and financial prosperity of Nigerian women. Account holders can save towards setting up and expanding their investment portfolio; learn business skills and wealth management strategies; receive business and personal loans; attend workshops and trainings; and be mentored by experienced women.Standard Chartered Women Account
Standard Chartered Bank’s Women’s Savings Account is a regular account with a few significant tweaks. It’s for women, and it has a higher than average interest payment on savings for a major brick-and-mortar bank (about 8.18% per annum). Other perks are competitive interest rates on loans, invitations to sponsored trainings and personal development programs, and participation in Standard Chartered Bank’s “Women in Tech” program.Keystone Pink Account
The Pink Account from Keystone Bank combines financial incentives and lifestyle benefits in a single package. The savings account pays interest on deposits monthly, and comes with a Pink Debit Card with which holders can take advantage of discounts at select hotels, spas, and laundry services. The current and SME versions of this account offer discounted interest rates. In addition to these, account holders enjoy mentorship programs, skills training, free medical checkups, and a community of like-minded women.Register to attend the CN Business Mixer
Final Words
This ends our brief review of 10 financial products for Nigerian women. Here, we have explored various offerings from several banks and FinTech companies, and given you a variety of options to choose from. We hope that these products and services will enable you to strengthen your finances and build a more economically stable future for yourself.Featured Image Source: ICB
Did you find this article useful? Contact us: editor@connectnigeria.com
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