UBA launches a premium bank account 'for women only'

Nov 09, 2011

Several initiatives to boost access to finance for women have recently been introduced in Africa.

Several initiatives to boost access to finance for women have recently been introduced in Africa.

Now, a new bank is being established in Rwanda that aims to make it easier for those living in rural areas to reach funding.

UBA bank has also just introduced a new product dedicated to females, called the Ruby Premium Account for Women.

"Women control more than 60 percent of the household spending. Besides, there is an increase in the number of women in executive positions. A new category of women that are becoming more and more financially independent and that significantly contribute to economic growth," Ecofin news agency quoted Director of the Banking Retail Group division Chidi Okpala as saying.

The Ruby Premium Account places no limit on withdrawals or deposits and offers preferential interest rates, discounts on partner's commercial offers, as well as a debit card and chequebook customisation.

It is believed by the World Bank that efforts must be made to facilitate access to credit for African women because there are many of them in the less productive areas of the informal sector.

The International Finance Corporation, a branch of the World Bank in charge of operations in the private sector, has invested $170 million (€124.7 million) as part of an initiative in favour of entrepreneurial markets based on gender. Millions of women have benefited from this initiative in 23 sub-Saharan countries.ADNFCR-2976-ID-800791456-ADNFCR