By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Enterprise Bank Limited said it has created the SimpleSave account for the unbanked.
According to a Statement from the bank by Igwe Igwe, head, corporate communication and made available to InvestAdvocate, the SimpleSave account is part of the bank’s resolve to be a strong force in the retail segment of the financial market,
‘’The efforts of the bank at developing SimpleSave are in line with the initiative of the central bank of Nigeria (CBN) to bank the unbanked said to stand presently at 46.3 per cent of the adult population of the country,’’ the Statement said.
According to Enterprise Bank, the product is in two (2) variants, SimpleSave and SimpleSave Plus accounts, designed for individuals in informal employment such as personal security guards, cooks, valets, petty traders, small-time farmers, road-side auto tyre repairers (vulcanizers), mechanics, labourers, tricycle operators, garage boys, bus conductors among others.
‘’Generally, these products are beneficial to largely uneducated individuals above 18 years of age who perform menial tasks for a living and neither have statutory means of identification nor access to banking facilities because of the heavy documentation often required for the commencement of banking relationships,’’ Enterprise Bank said.
The bank affirmed that documentation is made very simple to enable the subscribers experience stress-free banking relationship withEnterprise Bank. ‘’To open a SimpleSave Account, the physical presence of the customer is not required. On the other hand, for the SimpleSave Plus variant, any form of identification subject to authentication by the bank will be acceptable. These include valid Identification cards such as national identification card, voters’ card, international passport, association identification cards, drivers’ license and employer’s staff identification cards among others,’’ the bank said.
Enterprise Bank further affirmed that its SimpleSave account requires zero opening and minimum balances and comes with the enjoyment of the Enterprise MasterCard Debit Card which is optional to the customer.
‘’Running on the back of the bank’s mobile banking service, the maximum single deposit for SimpleSave is N20, 000.00 and for the SimpleSave Plus N50, 000.00 while the maximum balance of N200, 000.00 and N400, 000.00 respectively apply to the two product variants,’’ Enterprise Bank said.
