Market-women

PRODUCT DESCRIPTION

This is a TIER 2 Low KYC Savings Account under the Bank of Sierra Leone guideline designed to encourage the un-banked and the under-banked to have bank account in line with the Financial Inclusion strategic intent of the Central Bank. This account type how ever has higher transaction limits.

KYC TYPE

This type of account is opened and operated on LOW KYC basis with the following minimal documentation requirement:

1. Completed account opening forms.

2. Internal due diligence form

3. Passport photograph.

 

4. Letter of reference attested by one of the following local authorities

 –  Chief

– Member of parliament

– Councilor

– District Council Chairman

–  LUCs of Sierra Leone

 –  Police official

– Judge ü Minister

– Pastor/Imam

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Target Market
• The Un-banked and the Under banked. i.e Artisans;

• Students of tertiary institutions;

• Farmers;

• Traders;

• Motorcyclist;

• Junior Civil Servants;

• Bus drivers;

• Unemployed individuals;

• Labourers/Field workers;

• Fishermen Rural dwellers and communities where banking is still alien

Features
• Zero opening balance.

• SLL 30,000 minimum operating balance.

• Maximum operating balance of 5,000,000.

• otherwise account should be converted to Regular Savings Account. • Daily and Monthly withdrawal limit of SLL 1,000,000 and SLL 5,000,000 respectively

• Allows funds transfer within Sierra Leone

• No Independent verification of customer information required

• May be opened by agents without validation by financial institution

• Can accept deposit from third parties

• Withdrawals by third parties not allowed

• Cross border transactions not permitted

Benefits
• Access to internet and mobile banking

• Access to debit card (for ATM and POS transactions)-restricted to local use

• Attractive interest rate. • Can be linked to a bank account or mobile money account in the name of the same customer