Access Bank (Gambia) Ltd, a leading and fast growing bank in the Gambian financial industry, has introduced a new product for companies known as MPOWER Salary Account.

“This is a salary account product designed to benefit companies and their employees through an automated payment system to reduce the administrative work associated with payroll disbursement while financing the personal lifestyle/living expenses of the employee,” Ms Bintou Macauley, Retail Banking, Access Bank, said yesterday at the product launching ceremony held at the Senegambia Beach Hotel.

Presenting the new product to the audience, Ms Macauley said the product’s features include 75% of net monthly salary as advance/overdraft (cleaned up monthly); 25% of net annual salary as personal loan covering household items, education, health, travel, rent, etc.; and minimum of 5% of net monthly salary as default savings (amount is automatically debited from salary account and moved to customer investment/savings account otherwise stated).

The benefits to organizations adopting M-Power, according to Ms Macauley, are as follows: automated payment system to reduce administrative work on HR Units; salary advances (up to 75%) to the valued staff of big organizations; 5% of monthly salaries will go into an investment savings account (7% interest paid), and it gives employees of corporate organizations financial freedom.
She also highlighted the product feature for employer, the benefits to employer and customer employee, as well as the requirements of the scheme.

The Managing Director of Access Bank (Gam) Ltd, Mr. Yomi Akapo and his team of senior staff responded to questions on some of the modalities of the product, which centred on employee loan risk and size and turnover of companies for eligibility.

Ms Dede Nal Williams in charge of Public Sector chaired the programme and Ms Isatou Nasir Cham, Retail Banking, delivered the closing remarks.