Women’s World Banking and Diamond Bank Launch ‘KWIK’ Loan for Women.
Diamond Bankin collaboration with Women’s World Banking has rolled out a savings account for low-income women entrepreneurs who had previously been saving only through informal methods, such as piggy banks or savings groups. Diamond Bank’s BETA Savings account, offers a more reliable and convenient savings solution to this segment of Nigeria’s mostly unbanked population (as of 2012, 73% of Nigerian women and 64% of men had no formal banking relationship). The bank sent more than 500 agents called BETA Friends into the market to reach out to the business owners and help them open savings accounts. Thanks to the success of BETA Savings, which has led to 154,000 new accounts —35% opened by women—Diamond Bank has decided to add another benefit: extending short-term loans to its BETA Savings clients. The new KWIK Loan program, set to launch in May 2015, will give low-income women, loans to help sustain and grow their businesses or support them during emergencies.
Women’s World Banking has played a key role in designing Diamond Bank’s KWIK Loan pilot, helping the bank align the offering with its business goals and its clients’ needs. For the bank, the pilot loan program offers an opportunity to learn more about this sizeable market segment and its credit behavior. For clients, the chance to access short-term loans can lead to larger bank loans in the future.
BETA Kwik Loan PosterThe new KWIK Loan pilot offers terms designed to meet local clients’ financial capacities and ambitions. Women’s World Banking tested a prototype on two groups of BETA Savings clients: large and wholesale business owners, and small business owners and both client segments affirmed a need for short-term credit to bridge business and personal cash flow liquidity gaps. During the KWIK Loan pilot program, the bank will offer preapproved loans in small amounts at a 30-day term.
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