The Jula Account is a star product which allows an individual unlimited deposits and unlimited withdrawals as may be required. The Jula Account is designed to encourage a savings culture amongst Gambians, banked and unbanked and for this reason the minimum opening balances and operating balances are kept at the lowest minimum.
This product is specifically designed for self employed professionals working in the informal sector with the need to have access to a relevant personal pension plan product to cater for their retirement. For most of these people, they do not have access to any form of social security benefits and therefore their sources of income dries up the moment they stop working. This product creates that comfort wherein the person’s savings is interlinked with protection. People within these sectors are given the opportunity to save towards their retirement and access a lump sum payment at maturity which is guaranteed even in the event of premature death.
The Education Plan is targeted at parents who want to start saving towards the future education of their children. Generally each year thousands of high school graduates fail to continue their education in tertiary institutions based on the lack of finances from their parents. This product will provide a savings plan for each parent whether working in the formal / informal sector of the economy to see their children through university or other forms of tertiary education through better financial planning.
Affordable housing schemes have been absent in the market for most Gambians whether in the formal or informal sector. This product aims to actualize the dreams of most Gambians by providing the platform where one is able to save up enough to serve as collateral for a micro housing loan (once criteria is met). This will create an avenue where people can acquire their own property as opposed to paying rent to another individual for the rest of their lives.
This is a special product that encourages a stricter regime of savings. It encourages frequent deposits but allows limited withdrawals. This product is specifically designed for the active saver.
The Entrepreneurial Savings Account is a contractual savings plan for individuals aspiring to start a small business or existing entrepreneurs who need capital for future growth and expansion plans. After the end of the contract period, the saver is eligible to borrow up to 3 times their savings balance. The contractual tenor can be from 6 months to 12 months.
Open a minor account today for your child to instill a culture of savings in them and also set them on the route to financial independence. Once the child reaches the age of 18, they can then access the funds in the account.
The cash management account is specifically targeted at Business Owners who have the need to pay suppliers or other entities. They are issued with a co-branded cheque book for their business use.
The Deposit for Development scheme is a new socially responsible investment initiative launched on the 18th of April 2007.
Institutions can elect to deposit a minimum of D250K for a minimum tenor of six months, renewable on expiry. There are four deposit tiers:
These deposits are then used by Reliance to finance micro, small and medium size businesses in the chosen community.
In order to meet their Corporate Social Responsibility (CSR) obligations, investors are given the opportunity to choose the sectors and groups whose activities align with their corporate objectives and values as priority intervention segments for Reliance. At the end of the investment period, the agreed interest is paid on the investor′s deposit, after which there is an option to re-invest in the scheme for another period.