By Dipo Olowookere
The Micro, Small and Medium Enterprises (MSMEs) has remained one sector of the economy that has not fully received supports in Nigeria and Unity Bank, a financial institution in the country that cares about this ‘small but mighty’ segment of the market, has launched a product to tailored for the division.
This, it did with the introduction of the Unity Biz Account, which aims to support SMEs in the country.
The value proposition embedded in the UnityBiz current account lies in the fact that structured businesses in the SME space are able to access both the asset and liability side of the product at concessionary rates, which benchmark the best pricing offered in the industry.
The SME space is a key market focus for the Bank as it provides the platform that will enable it tap into the business opportunities in the segment which has been identified as being the fulcrum of economic growth in the country.
The SME target market includes Retailers, Social Services, Schools, Contractors, Professional Service firms, Wholesalers, Manufacturers, Hospitality, NGOs, Clubs and Associations, Suppliers and the Agri-business value chain.
The purpose is to offer the SME product that offers unbeatable value.
The UnityBIZ current account is also bundled with the Business Debit Card; a Verve- card which allows a maximum of five cards per SME such that each card can be programmed with separate transaction dynamics.
Unity Bank also offers SMEs financial advisory services as well as a free quarterly counseling and networking sessions to guide businesses that subscribe to the Unity Biz scheme.
Financial products analysts are of the opinion that Micro, Small and Medium-sized Enterprises, manufacturing, retail as well as wholesale segments of the market stand to benefit from the Unity-Biz product.
Unity Bank, a major promoter of agro-businesses, expects that agro-allied and packaging companies keying into the on-going diversification efforts of both federal and state governments will find the Unity-Biz account useful as a supporting tool for their operations.