One of the leading financial institutions in the country, Sierra Commercial Bank (SLCB) Limited on Saturday, 4 March 2023, launched two new products – Mi Yone Islamic/Hajj Account and Women’s Banking Account.
According to the Deputy Managing Director of the Bank, Festus Sowa, the launching of the products came after a health walk of the Bank’s staff from Cline town and Aberdeen beaches to their Headquarters car Park at George street Freetown.
The MD said this latest development was part of the Sierra Leone Commercial Bank’s strides to support the Government of Sierra Leone (GoSL) in building a stronger economy by reaching out to the unbanked communities with appropriate products
Also, the Director of Business Moses Cumboh Sesay threw light on the products. He said the Miyone Islamic/Hajj Account is for customers who want to save for themselves, their spouses, and relatives that may want to perform the Holy pilgrimage and turn their dream into reality.
Sesay noted that the features of the Islamic Account are; an initial deposit of NLe50, with no withdrawals within six months from the date of opening of the Account, zero interest, availability to all ages, and accounts with withdrawals before six months will be classed as a normal account, adding the Islamic account requires a duly completed application form, valid identification card, utility bills, proof of address, and two passport size photos.
In addition, Sesay asserted that the Women’s Banking Account is a combined savings and credit product primarily aimed at market Women and petty Traders to support women’s businesses and livelihoods of women and allow them to manage their financial life with ease and confidence.
Furthermore, the Director of Business said the Women’s Banking account includes: a flexible low-interest rate per month, low initial deposit, stable account balance that qualifies the Account holder to access a loan under the scheme, loan to boost working capital, and invoicing financing.
Moses however explained that the benefits of the account are: saving lost income from leaving customers, opening and servicing the Account in the markets where customers live and work, competitive interest rates, low-interest rates on loans, and transacting digitally with ease and reliability.