Stanbic IBTC Bank has introduced a high-yield current account product to help self-employed business owners.
The product is also available to professionals, who want to zero charges as well as maximise their investments.
Consideration for the success of small and medium scale enterprises (SMEs) operators and salary earners underlined introduction of the Stanbic IBTC Bank High Yield Current Account (HYCA).
The product has two variants, HYCA Platinum and HYCA Gold, both available for high networth individuals and individuals in the middle class.
Stanbic IBTC Bank’s Head, Personal Banking, Nkolika Okoli, said: “These products were introduced with the aim of helping customers achieve their savings and investment objectives as well as enjoy the transactional flexibilities that come with regular current accounts. Embedded in the products are robust banking services for people and businesses on the move and managed in a manner that allows them to focus on their core areas. The advisory services attached to the products also ensure best banking solutions round-the-clock.’’
She added that the bank also understands the lifestyle of the target market and has included a lifestyle offering, which allows its HYCA Gold customers access over 1000 VIP lounges in airports across the globe using their MasterCard Gold debit cards.
‘’The cards are enabled on the Lounge Key programme with lounges in almost all International airports and we will explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians,’’ she said.
A major bane of small and medium enterprises (SMEs) is the muddling of financial management, a reason that is cited for denying them access to bank credit facilities. Closely linked to this is the inability to separate personal and business cash flow which has the potential to affect the company’s long term financial viability.
“The simple fact is that a business owner ought to draw a salary or allowance from the business and this should go to a personal account. Beyond regular bank/customer relationship, Stanbic IBTC draws from our group expertise to educate our customers on financial wellness and business best practices to ensure they remain in business in the long term,”Okoli said.