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Six tips to help you choose the best account as a woman in business

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Gone are the days when women were limited to housekeeping and careers that are considered feminine. In the modern world, women can do whatever they want to do, including business. To succeed in business, a bank account is a must-have. However, choosing the best business account can overwhelm because of the many options available. Fortunately, if you follow the following tips, choosing an account that suits you as a businesswoman becomes as easy as ABC.

Size of the bank

Bigger banks have more branches, more resources and more offerings. Big banks may also offer you some perks of opening certain accounts. Such perks include training and mentorship and networking events and workshops, among others. Smaller banks, on the other hand, may be familiar with the prevailing market conditions and may be more willing to give you loans based on your character and profile. The choice of the bank where you open a business account is largely determined by the needs of your business.

Opportunities for growth

You must have heard that what a woman gets, she multiplies it. This is to mean that women are always growing and increasing what they have. As you chose a business account, consider the avenues that the particular account offers for the growth of your business. For instance, some business accounts offer business owners generous loans with a flexible repayment period. As a business owner, such an account would facilitate the growth and expansion of your business where need be.

Services you need

The bare minimums of a business account include employee checking accounts, debit and credit cards, savings account, and online banking. However, individual business owners have different additional needs. Therefore, ensure that you choose an account that has all the services you need for your business.

Transaction limits

As a businesswoman, you will receive and send more money daily than the average person. Banks limit the amount of money you can send or receive over a given period. The limits are not the same for all banks. Therefore, look for an account that can accommodate the volume of daily monetary transactions in your business.

SEE ALSO: Tips for taking women-owned businesses to the next level

Interest Rates for Deposit Accounts

A wise businesswoman knows the value of saving for the business’s future use. If you plan on opening a business savings account, consider the interest rates of the particular account you want to open. Having an account with good rates provides a better opportunity for your money to grow. Remember to consider the interest rates versus any fees you may be required to pay.

Branch Banking and ATM access

Having a bank with ATM access is a no brainer. ATMs allow you access to your money at any time and from different locations without having to visit your bank to make a withdrawal. If your bank has branches, the better since you can access services even when you are far from your local branch.

Photo by Nick Pampoukidis on Unsplash

Account service fees

Accounts come with a variety of service fees that a business owner is expected to pay. Some of these include wire transfer fees, account maintenance fees, and overdraft fees, among others. As a businessperson, you should always strive to minimize the costs of running your business. If you find that an account is charging exorbitant service fees, drop it and look for a cheaper option.

In a nutshell…

The business account you choose can make or break your business. Therefore, exercise a lot of wisdom when choosing a business account. At the minimum, the account you chose for your business should have low or no service fees, access to an ATM, transaction limits that suit your business and easy to use mobile banking platforms.

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The Festival of Breaking the Fast: Understanding Eid al-Fitr

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As the crescent moon appears in the night sky, marking the end of the ninth month of the Islamic lunar calendar, millions of people around the world transition from a period of deep reflection to one of vibrant celebration. Eid ul-Fitr, often called the “Festival of Breaking the Fast,” is one of the most significant dates in the calendar, representing a harmonious blend of spiritual accomplishment and communal joy.

Why is Eid al-Fitr celebrated?

Eid al-Fitr marks the conclusion of Ramadan, a month-long period where observers fast from dawn until sunset. The celebration is, at its core, a way to show gratitude. After thirty days of practising self-discipline, patience, and increased charity, the festival serves as a reward for the spiritual “marathon” completed during the holy month.

It is also a time to celebrate the revelation of the Quran, which is believed to have begun during the final ten days of Ramadan. By completing the fast, individuals celebrate the strength and willpower they gained, reinforcing their commitment to their values for the year ahead.

The importance of the day

Eid ul-Fitr is far more than just a day off from work or a festive meal; it serves several critical functions:

  • It acts as a bridge between the intense devotion of the previous month and a return to daily life, carrying forward the lessons of empathy and mindfulness.

  • The day begins with a special congregational prayer. This gathering brings together people from all walks of life, emphasising equality and unity within the community.

  • A key pillar of the holiday is Zakat al-Fitr, a mandatory charity given before Eid prayers. This ensures that everyone, regardless of their financial status, can enjoy a festive meal and join the celebration.

What does Eid al-Fitr mean?

While the literal translation is “the feast of breaking the fast,” the deeper meaning of Eid revolves around renewal.

  1. Many view the day as an opportunity to start fresh. It is a traditional time for reconciling differences, forgiving past grievances, and strengthening bonds with family and neighbours.

  2. After experiencing the hunger and thirst of a fast, the “Fitr” (breaking of the fast) takes on a profound meaning. It is a moment to appreciate the necessities of life (food, water, and health) that are often taken for granted.

  3. Beyond the religious context, it is a day defined by hospitality. Homes are opened, special sweets are shared, and children often receive gifts or Eid (money), creating a sense of wonder and belonging that lasts a lifetime. 

Common traditions around the world

While customs vary by region, a few hallmarks remain constant:

  • Wearing new or best-quality clothes to honour the occasion.

  • In many cultures, the holiday is nicknamed the “Sweet Eid” due to the variety of desserts, like sheer khurma or baklava, served to guests.

  • The universal phrase used to wish others well is “Eid Mubarak,” which translates to “Have a blessed Eid.”

In essence, Eid al-Fitr is a beautiful reminder that discipline leads to joy, and that the greatest celebrations are those shared with others.

For more, click HERE to join our WhatsApp channel!

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Feature

The Festival of Breaking the Fast: Understanding Eid al-Fitr

Published

on

As the crescent moon appears in the night sky, marking the end of the ninth month of the Islamic lunar calendar, millions of people around the world transition from a period of deep reflection to one of vibrant celebration. Eid ul-Fitr, often called the “Festival of Breaking the Fast,” is one of the most significant dates in the calendar, representing a harmonious blend of spiritual accomplishment and communal joy.

Why is Eid al-Fitr celebrated?

Eid al-Fitr marks the conclusion of Ramadan, a month-long period where observers fast from dawn until sunset. The celebration is, at its core, a way to show gratitude. After thirty days of practising self-discipline, patience, and increased charity, the festival serves as a reward for the spiritual “marathon” completed during the holy month.

It is also a time to celebrate the revelation of the Quran, which is believed to have begun during the final ten days of Ramadan. By completing the fast, individuals celebrate the strength and willpower they gained, reinforcing their commitment to their values for the year ahead.

The importance of the day

Eid ul-Fitr is far more than just a day off from work or a festive meal; it serves several critical functions:

  • It acts as a bridge between the intense devotion of the previous month and a return to daily life, carrying forward the lessons of empathy and mindfulness.

  • The day begins with a special congregational prayer. This gathering brings together people from all walks of life, emphasising equality and unity within the community.

  • A key pillar of the holiday is Zakat al-Fitr, a mandatory charity given before Eid prayers. This ensures that everyone, regardless of their financial status, can enjoy a festive meal and join the celebration.

What does Eid al-Fitr mean?

While the literal translation is “the feast of breaking the fast,” the deeper meaning of Eid revolves around renewal.

  1. Many view the day as an opportunity to start fresh. It is a traditional time for reconciling differences, forgiving past grievances, and strengthening bonds with family and neighbours.

  2. After experiencing the hunger and thirst of a fast, the “Fitr” (breaking of the fast) takes on a profound meaning. It is a moment to appreciate the necessities of life (food, water, and health) that are often taken for granted.

  3. Beyond the religious context, it is a day defined by hospitality. Homes are opened, special sweets are shared, and children often receive gifts or Eid (money), creating a sense of wonder and belonging that lasts a lifetime. 

Common traditions around the world

While customs vary by region, a few hallmarks remain constant:

  • Wearing new or best-quality clothes to honour the occasion.

  • In many cultures, the holiday is nicknamed the “Sweet Eid” due to the variety of desserts, like sheer khurma or baklava, served to guests.

  • The universal phrase used to wish others well is “Eid Mubarak,” which translates to “Have a blessed Eid.”

In essence, Eid al-Fitr is a beautiful reminder that discipline leads to joy, and that the greatest celebrations are those shared with others.

For more, click HERE to join our WhatsApp channel!

Continue Reading

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Living with Parents vs Moving Out Featuring Hoch Muhoro

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Modern times have pushed the narrative of moving out at 20 or 21, and it has largely been embraced. While the parents’ home is seen as a free place you pay for with your mental health, it is a strategic base for many and a point of debate for others.

Let’s explore both sides of this dilemma, using the case of Kenyan creator Hoch Muhoro to anchor the conversation.

Is moving out a strategic sanctuary or stunted growth?

For decades, the metric of success for a young African adult was defined by finishing school, getting a job, and getting your own roof. To stay a day longer was to invite whispers of a failure narrative. However, as the cost of living in cities like Nairobi skyrockets and the digital economy changes how we work, the rules of independence are being rewritten.

Hoch Muhoro redefining narratives

The conversation recently reached a fever pitch following the story of Hoch Muhoro, a  Kenyan digital creator who lives with his mother. To traditionalists, his situation is an anomaly, perhaps even a failure. But to a growing number of digital nomads and strategic savers, Hoch represents a bold counter-narrative.

Hoch argues that his choice isn’t about an inability to provide but about companionship, care, and the rejection of societal timelines that don’t serve the individual. His relationship with his mother, documented with transparency, highlights a shift from dependence to intentional cohabitation.

The argument for moving out

Proponents of moving out early argue that the cold world is the only place where true character is built. There is a unique psychological drive that comes from knowing your next meal depends entirely on your hustle. This survival mode often sparks the creativity and resilience needed to excel in competitive industries.

Living alone offers the freedom to fail, to host, and to explore one’s identity without the background noise of parental expectations or curfews. In many circles, including the dating market, living at home carries a stigma of immaturity that can be hard to shake, regardless of your bank balance.

The argument for staying home

On the flip side, the Hoch Muhoro approach offers benefits that the struggle-to-pay-rent lifestyle cannot match. By eliminating rent, individuals can funnel that capital into investments, equipment for digital creation, or emergency funds.

The isolation of life alone can be brutal. Multigenerational living provides a support system that wards off the loneliness often associated with early adulthood. Living at home also allows adult children to support ageing parents, creating a symbiotic relationship rather than a parasitic one.

Context is necessary

Is it better to move out? The answer is not a yes or no, but a when and why. If staying at home makes you lazy, complacent, and fearful, it is a cage. But if, like Hoch Muhoro, it provides the peace of mind to create and the opportunity to cherish family bonds, then it is a strategic advantage.

Independence isn’t just about having your name on a lease; it’s about the ability to make decisions that best serve your future self. Maybe the most adult thing you can do is ignore the neighbours and stay where you are supported.

For more, click HERE to join our WhatsApp channel!

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