A busy mom of three running a produce stall in Lagos’s crowded Balogun market has sufficient urgent things to deal with—keeping her company afloat, feeding her household, spending her children’ school fees—and investigating loans from banks hardly ever makes her to-do list. She are dreaming of that loan to develop her business and place her household on more ground that is stable but the possibility of borrowing funds from a bank appears not merely daunting, but unattainable. Thus far, she has relied in restricted credit from manufacturers, buddies, or family—when and when they ensure it is available—so she can fulfill her most pressing economic needs.
Enter Nigeria’s Diamond Bank, which in collaboration with Women’s World Banking rolled away a family savings for low-income ladies business owners who’d formerly been saving just through casual practices, such as for example piggy banking institutions or cost savings teams. Diamond Bank’s BETA Savings account, provides a far more reliable and convenient cost savings means to fix this section of Nigeria’s mostly unbanked populace (at the time of 2012, 73% of Nigerian ladies and 64% of males had no formal banking relationship). Continue reading