Keystone Bank Limited, is set launched the ‘Keystone Apprentice Settlement Savings Account,’ a special savings account for business owners.
According to the bank, the new account, dubbed the “Oga Account,” which was formally launched on Wednesday in Lagos, is “intended to meet the needs of its customers across Nigeria involved in the apprenticeship system.”
According to the lender, the account is a purpose-driven savings account with no account maintenance fees 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 completion of their service.
Speaking at the launch, Keystone Bank’s Managing Director/CEO, Mr. Olaniran Olayinka, who was represented by Mrs. Helen Maiyegun, Regional Head, Region 1, Lagos and West Directorate, 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) to SMEs through our Keystone Start Up Advantage Program, which aims to equip small business owners with the necessary skills and funds to navigate the infancy stage of their business existence.”
“As a result, in order to continue in this stride by providing products and services that speak to the needs of our customers, we set ourselves the task of developing a product that addresses the needs of business owners when it comes to settling their boys or apprentices who 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-changing needs and expectations, backed by 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, stated that the plan is positioned to speak to the lifestyle needs of the bank’s customers in order to encourage them to save toward a goal and build financial discipline.
“We want to reassure our customers that we will continue to innovate and re-imagine financial products and services to meet their ever-changing needs and expectations, backed by 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, stated that the plan is positioned to speak to the lifestyle needs of the bank’s customers in order to encourage them to save toward a goal and build financial discipline.
“The plan is designed for all classes of individuals in the Low-Income Persons (LIPs) or High-Income Persons (HIPs) categories, with a N5,000 minimum opening balance and daily operating balance.”
“A specific lump sum is targeted by the customer at the point of entry, and progressive savings are made monthly until the set target is met.”
“The savings could be made monthly or at any time until the set target is met, and the Oga Account offers higher interest earnings than regular accounts as an incentive for achieving their goals.”
“The plan also allows cash, cheques, and dividend warrant deposits (cheques and dividend warrants, subject to the CBN policy’s allowable daily deposit of N2m.
“Customers can also access up to 50% of their savings as cash-backed credit at 14 percent p.a. and 1% management fees.”
Some of the customers who spoke at the event praised the bank for the initiatives and pledged to participate.
Keystone Bank is a technology and service-driven commercial bank that provides its customers with convenient and dependable solutions.