Stanbic IBTC is signing off on the International Women’s Month on a high note with the launch of a specialized product to cater for women in business aptly named “Blue Blossom”. This development stems from the Bank’s objective to support and seek women’s advancement. The new product, “Blue Blossom” for women according to the Bank is in line with the apex banks Nigerian Sustainable Banking Principles, as the Blue Blossom account is specifically to offer women better and easier access to finance for their businesses as well as bridge the financing gap for women in their various careers and businesses while also promoting their economic empowerment.
According to Babatunde Akindele, Head, Relationship Banking, Stanbic IBTC Bank PLC, explained that women are usually not favoured when it comes to finances for the business, thereby downplaying their role in societal development. The Blue Blossom account was created to remove obstacles that may have existed and give women the much-needed support to achieve their financial goals and dreams.
With a minimum account opening balance of N20, 000, a Blue Blossom account holder will have a zero current account maintenance (CAM) fee, access to loan facilities at highly competitive rates and business clinic sessions. There will also be a discounted fee of 0.50% on loan management fees, a branded debit card and a cheque book. Omolola Fashesin, Head Sustainability, Stanbic IBTC, said the Blue Blossom Current account also aligns with the United Nations Sustainable Development Goal (“SDG”) 5, which is focused on gender equality and empowering all women. She mentioned that female financial inclusion, which Blue Blossom addresses, is one way to achieve SDG 5.
Businesses can only hold blue Blossom account with at least 50% female ownership structure, and all account signatories must be women. To open a Blue Blossom account, prospective customers are advised to visit the Stanbic IBTC Bank website or send an email to firstname.lastname@example.org. They will be required to fill account opening forms, possess valid company registration documents, two recent passport photographs of each signatory, valid identity cards and BVN of all signatories, as well as proof of residential or official address/utility bill. Akindele assured the public of Stanbic IBTC Bank’s continuous support for women in their quest for growth through its products, services and operations.