Introduction

Polyunwana Microfinance Bank Nigeria Ltd has two broad missions approved by the Central Bank of Nigeria, one of which is the social mission. This ‘save and win promo’ of Polyunwana Microfinance Bank Nigeria Ltd is intended to promote the financial inclusion initiative of the Central Bank of Nigeria which aims at banking the unbanked and underbanked sectors of the economy. It is targeted at the not sophisticated sectors and individuals in the environment where the Bank operates. Part of what the Bank intends to achieve with the promo is financial literacy and education, to this sector, and by so doing make them better financial managers of their finances, contribute more to the national GDP, which will in turn make them live more fulfilling lives, thereby fulfilling the Bank’s social mission.

The Bank intends to positively impact its immediate environment through the promo and it is intended to be cyclical going forward.

1. Reasons for the promo:

a. To reach the unbanked in the various communities, in line with the Central Bank of Nigeria (CBN) Financial Inclusion Program.

b. To encourage savings culture for people at that level.

c. Enhance financial literacy in our host community and environs which is our social mission and the core objective of the Bank.

2. Target audience/client

The proposed promo targets are okada riders, keke riders, bus and taxi drivers, petty traders, artisans/craftsmen, market association members, market women and men.

3. Nature of product being promoted

The tool for achieving this social mission is a deposit product called "Polyunwana Daily Savings Scheme (PDSS)", designed for the purpose of encouraging low income earners and the unbanked populace.

The key personnel in charge of the promotion are:

Mrs Nkeiruka Oko, Managing Director. 07066358426

Mrs Janefrancis A. Ugwoke, Head of Credit and Marketing.08065365784

Mr. Oko Inya Oko, Afikpo Branch Manager. 07066833323

Features:

1. 6% interest rate per annum is paid on the account
2. Allows the use of withdrawal slip
3. Account is operated solely by owner
4. No charge of maintenance fee