[News] Stanbic IBTC Launches Blue Blossom Account for Women in Business

As an institution that supports and seeks women’s advancement, Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has launched a new product, “Blue Blossom” for women.

In line with the Central Bank of Nigeria’s Nigerian Sustainable Banking Principles, the Bank launched the Blue Blossom account 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.

In a statement by 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, visit the Stanbic IBTC Bank website or call 0703 333 3333. You can also send an email to [email protected]. Interested customers are 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.