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Sierra Leone Commercial Bank Launches 2 New Products

HomeAYV NewsSierra Leone Commercial Bank Launches 2 New Products

Sierra Leone Commercial Bank Launches 2 New Products

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AYV News January 18, 2023

The Sierra Leone Commercial Bank Limited (SLCB) has launched two new products – Mi Yone Pikin Account (SKS) and Mi Yone VIP Savings Account.

Managing Director of the Bank, Yusufu Abdul Silla launched the two new products during the official launch of the Bank’s 50th Anniversary Jubilee Celebration at their Headquarters Car Park on George Street, Freetown.

He the latest development is part of SLCB’s assiduous stride to support the Government of Sierra Leone (GoSL) in building a stronger economy by reaching the unbanked with appropriate products, adding that to demonstrate this commitment, SLCB over the years had invested hugely in digitalisation.

The managing director explained that the Mi Yone Pikin Account is for customers who want to save for their kids ranging from 0 to 18 years every month from their income, and also for students pursuing their education in recognised learning institutions and colleges but are below 18 years and wanting to save their college fees. Those students will be able to open the account with adequate proof of admission acceptance.

For kids below 18 years, Mr. Silla furthered that to open the account, the Bank will need the parent’s or guardians’ ID Cards, proof of address, and the kids’ birth certificates and passport pictures.

The account would attract an interest rate of 8 percent with a minimum of only one withdrawal a month, otherwise, interest would be forfeited, the MD stressed.

The MD said the features of SKS include savings account for minors up to 18 years and students going through college showing valid ID Cards with a minimum balance of Le20 and a minimum deposit of Le60; opened as a joint savings account with the birth certificate of the kid or university acceptance form of the student or student ID Card, which can be converted to normal savings after once the holder turns 18 years by closing the smart kids account and linking it to a normal savings account.

He continued that the benefits of SKS include no fee charge, one withdrawal fee, free annual statements, instant mobile app sign-up, an invitation to SKS Fun Fair, Free Brand Gifts for kids yearly, and access to school fees loans.

For Mi Yone VIP Savings Account, Mr. Silla said the requirements needed are an ID card, proof of address, and passport-size photos, adding that its features are a minimum account balance of Le10,000.00 and a regular source of income, monthly charge of Le10.00 on withdrawals, checkbook issued, and an interest rate of 6 percent if no withdrawal is done in a month.

Its benefits are a dedicated cashier or teller, VIP Card for convenient banking without going to the queue, yearly branded corporate gifts, attendance to a yearly VIP Cocktail, a checkbook, a premium visa card, and an instant SLCB MobileApp sign-up.

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