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Bank News 25 March 2021

Stanbic IBTC Launches Blue Blossom Account for Women in Business

Determined to extend its equal opportunity policy beyond its business and further boost its reputation as a gender-friendly organisation, Stanbic IBTC Bank PLC continues to take giant strides to ensure every woman is given an equal opportunity within its workforce and beyond. To this end, Stanbic IBTC Bank PLC has introduced a new product, the Blue Blossom account, specifically for women. 

 The Blue Blossom account, which recently launched at a virtual event, is tailored to help women get better and easier access to business finance. "This product aims to help bridge the financing gap for women in careers/businesses and to promote women's economic empowerment, in line with the CBN's Nigerian Sustainable Banking Principles," said Wole Adeniyi, Chief Executive Stanbic IBTC Bank PLC.

 Giving further information on the product, the Bank said with a minimum account opening balance of N20,000, a Blue Blossom account holder has a zero current account maintenance (CAM) fee, with access to loan facilities at highly competitive rates. Furthermore, the account holder gets access to business clinic sessions, a discounted fee of 0.50% on loan management fees, a branded debit card, and a cheque book.

 Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, also mentioned that the Stanbic IBTC Blue Blossom account is in line with Stanbic IBTC Bank's long-standing commitment to enable enterprise and empower women, their businesses and careers.

 To ensure women are the Blue Blossom account's major benefactors, Stanbic IBTC Bank explained that only businesses with 50% or more female ownership structure would qualify, and the account signatories must be women.

Olajumoke Bello, Head, Product and Strategic Partnerships, Stanbic IBTC Bank, while unveiling the product, stated that the Blue Blossom Account confirms its unabated drive to promote financial inclusion, especially among women. 

 Olajumoke further applauded Stanbic IBTC Bank for being at the forefront of women empowerment in Nigeria, especially with laudable initiatives such as its seed funding initiative for women in agriculture in partnership with the United Nations, the Stanbic IBTC HeforShe initiative which seeks to promote gender equality, and the Stanbic IBTC Founders Institute, which provides mentorship to female-owned startups. 

 Speaking on the uniqueness of the product, Omolola Fashesin, Head of Sustainability, Stanbic IBTC Holdings PLC, added that the Blue Blossom account consolidates Stanbic IBTC's support for women development. She also stated that the new offering is a product of an intense research study by the organisation, which revealed that over 40 per cent of its customers are females.

 Nike Majekodunmi, Founder and CEO, Nuts About Cake Ltd, who was also the Guest Speaker at the virtual product launch, advised current and aspiring female entrepreneurs to take advantage of the Blue Blossom Account, as sourcing for capital for any business venture can be challenging.

Relaying her personal experience, she said: “Looking for money for my business was one of the most humbling experiences of my life. I have accessed finances several times from different institutions, so I’d encourage every woman to go for it.”

Other requirements to open the account include a completed account opening form, valid company registration documents, two recent passport photographs of each signatory, valid means of identification card for each signatory, proof of residential or official address/utility bill and Bank Verification Number (BVN) of all signatories.

 The Stanbic IBTC Group, a member of Standard Bank Group, promises to continue supporting women's development and growth through targeted initiatives and products.

 The Bank enjoined women to take advantage of the new product as it comes with numerous benefits and other opportunities that will help boost their businesses. To open a Blue Blossom account, customers can visit the Stanbic IBTC Bank website or call at 0703 333 3333. You can also send an email to [email protected]  or visit any Stanbic IBTC Bank branch near you.