A mother that is busy of managing a produce stall in Lagos’s crowded Balogun market has sufficient urgent things to deal with—keeping her company afloat, feeding her family members, spending her children’ school fees—and investigating loans from banks hardly ever makes her to-do list. She might be dreaming of that loan to develop her business and place her household on more ground that is stable however the possibility of borrowing cash from the bank appears not only daunting, but unattainable. To date, she has relied on restricted credit from companies, buddies, or family—when and when they allow it to be available—so she can satisfy her most pressing monetary needs.
Enter Nigeria’s Diamond Bank, which in collaboration with Women’s World Banking rolled down a checking account for low-income ladies entrepreneurs that has formerly been saving just through casual techniques, such as for example piggy banking institutions or cost cost savings teams. Diamond Bank’s BETA Savings account, provides a far more reliable and convenient cost savings treatment for this portion of Nigeria’s mostly unbanked populace (at the time of 2012, 73% of Nigerian females and 64% of males had no formal banking relationship). (more…)