Enterprise Bank Limited has introduced a new product into the nation’s financial Market. The product SimpleSave, meant to reach the financially excluded persons (FEPs) of the society.
The bank explained that the development of the products is in line with the initiative of the Central Bank of Nigeria (CBN) to bank the unbanked which stand presently at 46.3 per cent of the adult population of the country.
The product, which is in two variants, SimpleSave and SimpleSave Plus accounts, is designed for individuals in informal employment such as personal security guards, cooks, valets, petty traders, small-time farmers, road-side auto tyre repairers (vulcanizers), mechanics, labourers, tricycle operators, garage boys, bus conductors among others. The product according to the bank generally, beneficial to largely uneducated individuals above 18 years of age who perform menial tasks for a living and neither have statutory means of identification nor access to banking facilities because of the heavy documentation often required for the commencement of banking relationships.
As such documentation is made very simple to enable the subscribers experience stress-free banking relationship with Enterprise Bank. To open a SimpleSave Account, thephysical presence of the customer is not required. On the other hand, for the SimpleSave Plus variant, any form of identification subject to authentication by the bank will be acceptable. These include valid Identification cards such as national identification card, voters’ card, international passport, association identification cards, drivers’ license and employer’s staff identification cards among others.
