Suga Loan Saver to Promote Inclusivity and Empower Women to Save and Access Future Opportunities

0
401

Apia, Samoa: The National Bank of Samoa   introduced a groundbreaking savings product tailored exclusively for women, the “Suga Loan Saver” Account, launched together with the celebration of the 2024 International Women’s Day theme of “Invest in Women: Accelerate Progress”.

The nbs team at the launch of Suga Loan Saver, March 2024.

This innovative offering represents one of the Bank’s initiatives aimed at promoting inclusivity and empowering women to save and gain access to other financial opportunities in the future.

“This is how we empower women to make investments and pursue their aspirations, contribute to their families, communities, and nation while building a secure financial future,” said NBS Board Vice Chair, Seulupe Michelle Macdonald.

Empowering Women, Driving Progress

Suga Loan Saver is not just a traditional savings account; it’s a vehicle for financial empowerment.

“By recogniding the unique financial needs of women, we aim to provide a secure and inclusive platform for them to grow their savings and take control of their financial futures,” added Seulupe.

Seulupe Michelle Macdonald.

Key Features of the Suga Loan Saver:

Competitive Interest Rates: Suga Loan Saver offers an attractive blended interest rates in the market of 3%. This consists of a base and a bonus rate, applicable only when the holder saves and does not perform any withdrawals in a month, creating the potential to incrementally increase every hard-earned dollar.

Flexible Savings Plans: Understanding the diverse financial goals of women, Suga Loan Saving offers flexibility, allowing holders to customize how much they wish to save, from as low as $20 per month or more towards their short-term objectives or long-term aspirations.

7 Days of Positivity and Lower Prices at all SSAB Stores.

Empowering Women to Build Credit: Suga Loan Saver not only promotes saving but also empowers women to build their creditworthiness over time. This unique feature opens doors for financial opportunities, including potential access to credit facilities based on responsible saving habits.

Financial Education Initiatives: In line with the 2024 International Women’s Day’s theme, nbs is committed to empowering women with financial education. Suga Loan Saver account holders will have access to resources and workshops aimed at enhancing their financial literacy.

SOS – back in store at Togafuafua and Salelologa branches.

Papalii Sam Swann, CEO of nbs, stated at the launch that “savings is not top of mind among many. We have seen that women are very money minded, putting away small change to achieve various goals. This is a healthy financial habit we want to encourage”.

Papalii said women will be further encouraged through innovative saving products offered by nbs.

If you don’t have a credit history, this will help. Suga Savings represents our commitment to providing innovative solutions that empower women economically. By introducing the concept of financial worthiness, we aim to revolutionize the way creditworthiness is assessed, making financial services more accessible and inclusive,” added Papalii.

Samoa is the Home of Taula.

The National Bank of Samoa call for a renewed dedication to constructing a more equitable world where every woman and girl has the opportunity to succeed.

NBS Collaboration with Financial Technical Partners

nbs is proud to collaborate with esteemed financial partners such as the International Finance Corporation (IFC) and the New Zealand Ministry of Foreign Affairs and Trade (NZ MFAT). This collaboration underscores our dedication to leveraging expertise and global best practices to deliver cutting-edge risk and gender financial solutions to our customers.

About National Bank of Samoa

National Bank of Samoa (nbs) is a licenced Bank in Samoa that operates to provide Samoans with greater access to banking services via new media such as mobile phones, internet banking and ATM’s. It has goals to facilitate a positive change in Samoan’s attitude and approach to saving and investment, and to improve financial inclusion for all local Samoans.

Public Notice from UTOS

Price of Unit for March!

ɓn