In Ethiopia, a woman carries several responsibilities on her shoulders. While she provides love and protection for her family, she also endeavors to strengthen the economy of her household and serves as a true pillar of family’s economic integration, and look after the finances. On the other hand, Women have their own long term goals.
Access to financial services is key to development, growth and the economic wellbeing of women. Keeping these everyday financial needs of women in mind, Awash Bank offers “Lucy Women Special Saving Account”.
With its gender-smart banking solutions, Awash Bank aims at offering the accountholders at least the following value propositions
- Offering product /solution that are catering to women at all levels of the economic pyramid.
- To encourage women to manage their money better while enjoying certain benefits that are linked to this account.
- To reduce barriers to financial services by providing inclusive range of banking products and financial services to the women populations.
- Creating values for existing and potential women clients by enabling them to invest in economic opportunities and address anticipated household needs.
Feature of the Lucy Women Special Saving Account
- This Special Savings Account is designed specifically to take care of and address the banking and savings needs of the Women Clients to play an essential part of every women’s life, regardless of their financial position.
Benefits of the Lucy Women Special Savings Account Product
Lucy Women Special Saving Account offers women various rewards and benefits;
a) Helps women customers to save and spend according to their wish and convenience.
b) Simplifies banking for the independent women of today.
c) It is a simple savings account tailored for women by delivering a low cost banking services to their satisfaction.
d) The account has the potential to improve saving culture among women and offers other privileges and benefits as a means of empowerment.
e) No restriction on cash withdrawal regardless of the benefits offered by the account.
f) Easy Access and Convenience – customers can access their accounts anywhere on different Bank’s channels, all the times (24/7).
- Client can use ATM, POS, Internet, Mobile, branch, etc. to withdraw cash, purchases at merchant outlets, transfer money, balance enquiry, etc.
g) Better Saving Interest Rate
h) Better liquidity – customers can save any excess cash, earn interest on it and access it whenever required).
i) Lower Initial Deposit
- The minimum initial saving deposit amount shall be similar to ordinary saving account.
j) Free Financial Education
- This innovative financial solutions, backed by expert financial and non-financial advice, will provide the women customers with a truly rewarding banking experience.
- Bank provides financial literacy on how to use bank services such as ATMs, debit cards, Internet banking, mobile banking, and how to interpret their bank statements, etc
k) Open and Operate Smart Children Account with Standing Order Free of Charge
- Mothers who are Lucy Women Special Saving Account holders can open Smart Children Account and give the Bank standing order to transfer specified amount of money periodically from her account to the Smart Children Account free of charges.
As part of its women account initiatives, Awash Bank provides high interest yielding saving product along with various benefits.
- Women in the age group of 18 years and above, singly or jointly.
- Various micro associations (edir, equb, etc.) whose major part (more than 50%) is owned, run and operated by women.
- Incapacitated Women (through legal tutors)
- Salaried and self-employed women, including those in the informal economy.
- Self Employed Women Professionals like Doctors, Entrepreneurs etc.
- Women with independent source of regular income like rentals etc.
Mode of Operation of the Women Special Saving Account
- The customers can operate their accounts using;
- With or without Passbook at a branch – Passbook which is specifically designed for holders of women saving account
- Digital channels
- Internet Banking
- Mobile Banking
- POS for purchase of items at the Bank’s merchants
- Agent banking at the Bank’s agent sites
- Two latest passport size photographs.
- Valid Address and identity proof documents