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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

Federal Government Declares Public Holiday For Christmas, New Year Celebrations

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The federal government has declared December 25-26, and January 1, 2025, as public holidays.

The public holidays are to commemorate the “Christmas,” “Boxing Day,” and “New Year’s Day” celebrations, respectively.

Olubunmi Tunji-Ojo, the minister of interior, announced the dates in a statement signed by Magdalene Ajani, the ministry’s permanent secretary.

He extended his greetings to Nigerians for the holidays and encouraged them to use the festive period to reflect on the values of “love,” “peace,” and “unity” that the season signifies.

He further emphasized that the yuletide is a time to foster harmony and strengthen bonds across families and communities.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the statement reads.

The minister also urged Nigerians to remain committed to the peace, unity, and progress of the nation.

He assured citizens of the federal government’s commitment to peace, security, and prosperity across the nation.

Tunji-Ojo added that the “Renewed Hope Agenda” of the President Bola Tinubu administration will usher in a prosperous economy that will be the envy of the world.

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Tinubu’s 50% Transport Reduction Scheme May Begin Tuesday

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The proposed 50 percent interstate transport fare price slash by the Federal Government, initially planned to commence on December 20, 2024, may now begin on December 24.

The slash is aimed at alleviating high transport costs during the Yuletide season.

Recall that the Federal Government, through the Ministry of Transportation, announced last Thursday that it had reached an agreement with stakeholders in the road transport sector to support Nigerians who will be travelling during the holiday season.

The government stated that it would cover 50 percent of the transport fare for travelers, alongside the commencement of free rail transportation for citizens on December 20, 2024.

This initiative, according to the Director of Press and Public Relations, Federal Ministry of Transportation, Olujimi Oyetomi, was part of President Bola Tinubu’s broader effort to provide transportation palliatives for Nigerians celebrating Christmas and New Year.

Oyetomi said that the agreement was signed between the Federal Government and key transport stakeholders, including the National Union of Road Transport Workers, the Road Transport Employers Association of Nigeria, and the Association of Luxurious Bus Owners of Nigeria, among others.

The ministry’s spokesperson explained that under the arrangement, passengers traveling from Abuja and Lagos (Oshodi) to various destinations across the country would pay only half of the usual fare.

A senior official in the transportation ministry, speaking on condition of anonymity, stated that while the rail initiative was set to transport 340,000 Nigerians during and after the Yuletide, details about the road transport component remained unclear.

“The minister will most likely unveil the scheme tomorrow (Monday) at the Eagles Square, and detailed information will be provided accordingly.

“We were supposed to commence on the (December) 20th, but due to some imperfections, it has been delayed. By God’s grace, it should start on Tuesday. However, the MoU and other agreements have been adequately signed.”

When contacted, the Chief Executive Officer of God is Good Motors, Enahoro Ekhae, confirmed signing the MoU but noted that the scheme had not yet started.

“Yes, we indeed signed an MoU, but we are yet to begin the implementation,” he said.

When asked about the delay, he responded, “It is the government that can explain that. We, as GIGM, will begin once we reach an agreement with the government to start.”

Meanwhile, it was learned from the Federal Ministry of Finance on Sunday that the initiative was delayed due to funding challenges.

The programme, which was expected to begin on December 20, has been stalled as transport unions await payments promised under the scheme.

Sources at the finance ministry told one of our correspondents that efforts to secure funding were ongoing, with stakeholders hopeful for a resolution in the coming days.

The initiative, which aims to provide subsidized transportation through partnerships with transport unions, was supposed to start at Eagle Square in Abuja but failed to take off.

“We have signed the MoU, but the minister believes that the transport unions should receive their payments before starting, so that we can maintain accurate records,” a source at the finance ministry explained.

“The transportation minister has been working with the finance ministry to secure the funds, including those for the rail component.”

While the rail part of the initiative continues because it is managed solely by the Federal Government, road transport remains stalled due to the lack of government-owned buses.

“The route involves transportation unions. The Federal Government does not have buses to operate the system. We want the transport unions to take ownership and run the program. They are expected to account for the money given to them, as we have monitoring mechanisms in place,” the source clarified.

Despite ongoing efforts to secure funds, the process has been slow. “He (the minister) has been going to finance. He couldn’t secure the funds. That’s why we couldn’t start.”

The plan includes a payment of 50 percent of the agreed average fare to transport unions for each route, covering road trips from Abuja to state capitals and from Oshodi in Lagos to other destinations.

“The government is supposed to pay the transport unions 50 percent of the average fare we’ve already agreed upon for each route,” the source added.

However, no funds have been disbursed yet, leaving transport unions unable to mobilize. “All transport unions with whom we signed the MoU will have to bring their vehicles to Eagle Square. But no one has received any money yet. Therefore, everyone has been asked to remain on hold.”

The source expressed hope that the issue would be resolved soon. “I believe that as early as tomorrow (Monday) morning, the minister will press the Minister of Finance. The finance minister will understand the urgency, as it’s a directive from the President, and they will find a way to release the funds. Then, the process will begin.”

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BIG STORY

Inside Ogun: Wife Flees After Setting Cop Husband Ablaze During Dispute In Iperu

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A wife, Sarah Ayinde, is on the run after setting her husband, a special constable with the Ogun State Police Command, Abidemi Ayinde, ablaze in the Iperu area of the state.

A source, speaking anonymously, said that the incident occurred on December 12 after the couple had engaged in a minor dispute.

The source, on Sunday, disclosed that the dispute escalated, and the wife resorted to setting the cop on fire in a retaliatory attempt.

The source said, “There is an incident in Iperu. A police constabulary was set on fire by his wife. They argued, and the wife set him on fire. He is currently hospitalised.”

Confirming the incident in a telephone conversation (with The Punch), the spokesperson for the state Police Command, Omolola Odutola, on Sunday, said that the victim was hospitalised following the incident.

She narrated that efforts were underway to apprehend the wife.

“On December 12, 2024, at approximately 10:00 a.m., an attempted murder incident occurred in Iperu. Reports indicate that at No. 20 Igboore Street, Abidemi Ayinde, a male special constable with the police division, was set on fire by his wife, Sarah Ayinde, following a minor dispute.

“The victim was quickly taken to the Bolawatife Hospital for medical attention and is currently in a stable condition.

“The suspect, Sarah Ayinde, remains at large, and efforts are underway to apprehend her. The division’s crime branch is conducting further investigations into the matter,” Odutola said.

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