ComBank unveils ‘Anagi Women’s Banking’ with exclusive new products and services

Commercial Bank MD/Group CEO S. Renganathan and COO Sanath Manatunge launching the webpage of Anagi Women’s Banking at the official launch ceremony 

• Partners with IFC to enlarge scope of its female empowerment initiatives 

The Commercial Bank of Ceylon has unveiled ‘Anagi Women’s Banking’ with a new loan scheme under an expanded portfolio of initiatives designed exclusively to support the aspirations of women.

The ‘Anagi Women’s Banking’ portfolio just unveiled by Sri Lanka’s benchmark private bank will comprise of the existing ‘Anagi Women’s Savings Account’ and the new loan product – ‘Anagi Business Loan for Women Small and Medium Entrepreneurs (WSME)’ and will introduce many more new products and services in the future, the bank said.

The portfolio was designed in collaboration with the International Finance Corporation (IFC) – under the IFC-DFAT Women in Work program – using its expertise in increasing access to finance for women – an important but under-served segment.

The bank said it will introduce other products and non-financial benefits under the Anagi Women’s Banking portfolio in the future, geared towards the empowerment of women and to help expand their financial horizons. 

The Anagi Business Loan for Women Small and Medium Entrepreneurs provides female entrepreneurs with loans for working capital or investment purposes. Available exclusively for female business owners and businesses with female business partners or directors, this scheme enables applicants to receive loans from Rs. 2 million to Rs. 250 million at competitive interest rates and with flexible grace periods.

Commenting on this initiative, Commercial Bank Managing Director/Group Chief Executive Officer S. Renganathan said: “The launch of Anagi Women’s Banking is part of a continuously expanding effort to empower women who make up more than half of the population in Sri Lanka and are an intrinsic part of the economy. They deserve recognition, attention and financial support in order for us to experience inclusive economic progress in the country.”

Remarking on this innovative product, IFC Sri Lanka and Maldives Acting Country Manager Victor Antonypillai said: “Investing in women entrepreneurs is essential for economic growth. In Sri Lanka, a quarter of the one million small and medium-sized enterprises (SMEs) are owned by women – making it a critical market segment. The launch of ‘Anagi Women’s Banking’ initiative with Commercial Bank of Ceylon – one of IFC’s longstanding partners in Sri Lanka – will help strengthen access to finance for women-owned SMEs and help them sustain and grow, overcoming the challenges posed by the pandemic.” 

The Anagi brand name was first used by Commercial Bank with a Women’s Savings Account launched in 2012 with the intention of influencing Sri Lankan women to build their financial stability by empowering them with features such as a higher interest rate over regular savings accounts and zero restrictions on withdrawals. Accountholders are offered a branded ‘Members Only’ passbook and an Anagi shopping Debit Card with exciting year-long promotions. In 2020, the bank also introduced a Personal Accident Insurance Cover of up to Rs. 500,000, free of charge, affiliated with Fairfirst Insurance, for Anagi accountholders who maintain an average balance of Rs. 250,000 over a period of six months. Either a Statement Savings Account or a Passbook Savings Account can be opened, as preferred by the applicant.

All products and services offered under Anagi Women’s Banking will be accessible to women via a Commercial Bank branch closest to them. 

Notably, the Commercial Bank of Ceylon has been in a longstanding and successful relationship with the IFC, both in financial and advisory capacities. In 2020, the bank undertook a strategic initiative by partnering with IFC – under the IFC-DFAT Women in Work program – to carry out a ‘Gender Advisory Project’ to further improve its focus on the needs of female customers. This is positioned as a 360-degree approach to focus on both financial and non-financial aspects, including training to further improve the quality of the interaction between bank staff and this customer segment.

In 2021, the bank was presented the award for the ‘Best CSR project on women empowerment by an organisation’ at the 10th edition of the ‘Top 50 Professional and Career Women Awards, Sri Lanka & Maldives’ – an event organised by Women in Management (WIM), a leading organisation in Sri Lanka dedicated to the success of women, together with the IFC. 

Commercial Bank MD/Group CEO S. Renganathan receiving their Anagi badge, which affirm support for women’s banking