Owerri, Nigeria, September 15, 2016: – Today, FINCA Microfinance Bank Ltd Nigeria officially launched a new product called FINCA Freedom Account. FINCA Freedom Account is a savings account designed for trade-masters or businesses that need to settle funds for apprentices at the end of their apprenticeship.

In the apprentice system, craft and trade masters sell their skills in craft activities to the learner by providing training and necessary mentorship. However, in recent times, there has been a hindrance to the adoption of the system due to a lack of trust and uncertainty with regards to the settlement of payment to complete the mentorship. Many times, business owners have failed in their responsibility to settle their apprentice due to lack of funds at the point of settlement, which have in many cases culminated into socio-economic and psychological trauma for the apprentices.

The FINCA Freedom Account would be available to businesses who have apprentices. The trade master can open the account in the apprentice’s name and will be the sole signatory to the account. The account holders will earn a competitive and attractive interest rate on the account and the trade master determines how much to contribute and how long the account will run. This account comes with a 50% of the accrued savings amount as startup loan.

Speaking at the launch of the new product, Philip Takyi, the Chief Executive Office of FINCA Microfinance Bank Ltd Nigeria, said that “FINCA developed this product as part of its commitment to its mission of serving the unbanked and its commitment to raise the next army of entrepreneurs in Nigeria. We also wanted to recognize the inherent challenges trade-masters and apprentices go through to settle their apprenticeship. We know that most apprentices, upon completion of their apprenticeship, are unable to startup their own businesses because the Oga (trade master) refused to settle them.”

The Chief Executive Officer said that the rationale behind the name of the new product is because of the freedom that the trade master is giving to the apprentice to be his/her own master.

Aside from the new Freedom Account, FINCA offers Nigerians a number of other deposit-based products to enable more Nigerians to save their earnings. The FINCA Instant Savings Account, a hassle free account that requires little or no documentation, has a maximum single deposit of ₦50,000 and cumulative balance of ₦300,000. The Easysaver Account is a savings account that can be opened with a valid secondary means of identification while enjoying all of FINCA’s value added services. The maximum single deposit into this account is ₦100,000 and a cumulative balance of ₦500,000. FINCA Classic Savings is an unlimited savings account. This account gives access to all of FINCA’s value added services. The Aspire Savings Account is FINCA’s esusu or target account which gives account holders the opportunity to save periodically towards achieve a goal.

About FINCA Microfinance Bank Ltd Nigeria

FINCA Microfinance Bank Ltd. is a leading microfinance bank in Nigeria, operating in the country since 2014. The bank provides a full range of financial services to more than 18,000 active clients through its branches in Owerri-Imo State. Since its launch, clients have accessed over ₦2.2 billion in loans and over ₦210 million in voluntary savings. FINCA Microfinance Bank Ltd. in Nigeria is part of the global FINCA microfinance network, serving nearly 2 million clients in over 20 countries, with a double bottom line of financial sustainability and social performance.