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Unity Bank Targets Women; Launches Yanga Account

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In its bid to demonstrate increased commitment towards promoting financial inclusion and women empowerment, Nigeria’s retail lender, Unity Bank Plc has launched Yanga Account, a new retail product designed to deepen beneficial impact on Micro Small, and Medium Enterprises, MSMEs operated by women in the mass market retail space.

As a product targeted to boost the Nigerian women entrepreneurs, the initiative was intended to create Yanga Experience, from promoting the business, capacity building to health insurance scheme for Yanga Account holders.

A statement by the Bank said that the benefits for signing up to Yanga Account are summed up as ‘The Yanga Experience’. This means that as we target every woman in the mass-market retail space, the Yanga account holders will enjoy many benefits including stress-free savings and investment, access to the services of dedicated Sales Agents, Agency Banking services close to the location of their businesses, special business seminar and training on how to grow business, access to microloans, customized debit cards and other bundled e-banking products.

Speaking at the launch of the product in Abuja on Tuesday, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun stated the “Yanga Account is being launched as a bold attempt to directly cater to women and their respective businesses.”

The Unity Bank Boss, therefore, asserted that the Account “is open to all market women in farming, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewelry designs and making, skincare, eateries, and restaurants, etc. whether living in the communities or cities.”

“Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services.”

Recent research by Enhancing Financial Innovation & Access (EFInA) has shown that “Women need economic opportunities if countries are to realize the full potential of their human capital. Financial inclusion can benefit individuals, families, and businesses, supporting key outcomes such as GDP growth”.

Speaking further, Somefun said: “The Yanga account will also be incorporating an affordable Health insurance scheme not only as a part of the product bouquet underpinning the Bank’s belief in health and wellness which translate to wealth creation but also to drive insurance penetration which is presently at 2% in Nigeria. We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.

“At Unity Bank, through products like Yanga Account, we continue to align with the vision of the Central Bank of Nigerian and the financial services ecosystem to provide needed support for Nigerian women by enhancing access to wealth-creating opportunities in the financial services sector”.

Also, speaking, Group Head, Retail, SME Banking and E-Business, Unity Bank Plc, Mr. Funwa Akinmade said: “the official launch of the Yanga Account is an extremely important step for us as a Bank because it is one step that brings our services closer to Nigerian women as Unity Bank makes the efforts to further expand its retail footprints in the market.

“At Unity Bank Plc, we have devoted the past few years to constantly innovating with banking solutions to enable us to drive more financial inclusiveness in different market segments, but the Yanga Account is introduced as a bold attempt to directly cater to women and their respective businesses.

“Unity Yanga is a well-packaged banking product that combines several services that most small businesses owned by women will need to become profitable. We are optimistic that Nigerian women will embrace the Yanga Account and leverage its full benefits to grow their businesses.”

BIG STORY

Lagos State Government To Concession Red And Blue Line Rails For Sustainability, Loan Repayment

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The Lagos State Government has announced plans to concession the operations of the Red and Blue Line rail systems to the private sector in order to ensure their sustainability and repay loans taken for the rail projects.

This announcement was made by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, during a recent TVC News interview, where he discussed the measures being implemented to ensure the continued viability of the state’s rail systems.

Osiyemi explained that the concessioning process would involve transferring the operations of the rail systems to private sector players for a defined period. This approach is intended to ensure the continued operation and effective management of the rail projects.

“The ultimate game is for all our rail systems we’ve done—that is, the Red Line and Blue Line—there is going to be some concessionairing with the private sector for a period of time to ensure sustainability and continuity,” he stated.

He added, “The concessioning would help pay back the loans taken for the rail projects.”

The commissioner emphasized that the concessioning strategy aims to ensure efficient operations and long-term financial sustainability, in line with the state’s vision for a world-class transportation network.

  • More Insight

Osiyemi further highlighted the substantial financial and technical challenges involved in operating rail systems, describing them as capital-intensive projects that require significant resources and specialized expertise.

To tackle these challenges and build local capacity, he noted that the Lagos State Government has enlisted foreign partners to temporarily manage the operations of the trains.

These partners are expected to not only ensure smooth operations during their tenure but also transfer critical skills to Nigerian personnel. The plan includes a structured training program lasting one to two years, after which the management of the rail systems will be fully handed over to local operators.

“What we have done is we have consulted foreign partners who, of course, would run these trains for a particular period of time and train our people—that is, transfer of skills.”

“They will train our people for one to two years, then hand over for our own management,” Osiyemi explained.

  • Things You Should Know

The Lagos State Government, under its Lagos Strategic Transport Master Plan, has set out an ambitious vision to develop a network of rail systems across the state.

Currently, only the first phases of the Red Line and Blue Line rail systems have been completed, with passenger services already in operation.

The Blue Line is a 27km electric rail line designed for sustainable operations. Its first phase, covering 13km from Lagos Marina to Mile 2, was completed in 2023 and began commercial operations in September, carrying over 2 million passengers to date.

The Red Line, spanning 37km from Agbado in Ogun State to Oyingbo in Lagos, operates on diesel. Its first phase, a 27km stretch, includes eight strategically located stations: Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

The construction of the second phases of both the Red Line and Blue Line rail systems is being managed by the China Civil Engineering Construction Corporation (CCECC), which also oversees the operation of the trains.

Beyond the Red and Blue Lines, the state has plans for additional rail systems, including the 68km Green Line (Lekki Free Trade Zone to Marina), the 85.7km Purple Line (Redemption Camp to Ojo), the 48km Orange Line (Ikeja CBD to Agbowa), and the Yellow Line, all aimed at enhancing the state’s transportation network.

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BIG STORY

Lagos Commissioner Tokunbo Wahab Condoles With Families Of Epe Accident Victims

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Condolence Message from the Honourable Commissioner for Environment and Water Resources, Lagos State, Mr. Tokunbo Wahab.

I am deeply saddened by the tragic incident that occurred in our community, Epe, claiming the lives of two promising young adults, a dedicated tricycle driver, and leaving several other people injured. This heartbreaking accident has left our hearts heavy, as we mourn the loss of these young souls who were full of hope and dreams, and an industrious individual who worked tirelessly for his livelihood.

As a member of this community, I extend my heartfelt condolences to the families and friends affected by this terrible loss. I can only imagine the pain you must feel, and I want you to know that you are not alone in this moment of grief.

Let us honor the memories of these individuals by advocating for safety and awareness on our roads. As we move forward, may we find comfort in community and strength in one another. May their souls rest in peace, and may their families find solace and healing in the days to come.

Our thoughts and prayers are with you all.

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BIG STORY

JUST IN: Monday Okpebholo Sworn In As Edo State Governor

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Monday Okpebholo, a serving senator, has been sworn in as the governor of Edo State.

Okpebholo took his oath of office at about 1pm on Tuesday during the inauguration ceremony in Benin, the state capital.

As the candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.

He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP), who came second with 247,274 votes.

Olumide Akpata, the candidate of the Labour Party (LP), came third with 22,763 votes.

Dennis Idahosa was also sworn in as the deputy governor of Edo.

Dignitaries, including Vice-President Kashim Shettima, Abdulrahman Abdulrazaq, chair of the governors’ forum; Philip Shaibu, reinstated deputy governor of Edo; and other governors from the party, were present as Okpebholo took the oath of office.

The new governor later rode in an open-top van around the stadium, acknowledging cheers from supporters.

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