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2023 FinScope Uganda survey shows that 60% of Ugandans are saving with a significant portion of the population relying on informal means
Kampala, Uganda | THE INDEPENDENT | Equity Bank has unveiled a range of new digital savings products designed to help customers save seamlessly, grow their money and reach their financial goals with greater ease.
Accessible through the bank’s Mobile App and online platforms, the offerings include Classic Savings, Call Deposit, Goal Savings and Fixed Deposit Savings, giving both current customers and future clients more convenient ways to manage and save money.
The new digital savings products were introduced with a disruptive campaign dubbed ‘Kaboxi,’ which illustrated the traditional ways in which a vast population saves their money in a physical wooden savings box, also commonly known as a piggy bank. The campaign also highlights the vulnerabilities of these traditional saving methods to theft and physical damage.
Most population relying on informal means
Despite the rapid adoption of mobile and digital channels of financial transactions in the region, the 2023 FinScope Uganda survey shows that 60% of Ugandans are saving, with a significant portion of the population relying on informal means. A notable method is keeping cash at home, with nearly 44% of Ugandans using this approach for long-term savings, a considerable increase from previous years.
Speaking at the virtual unveiling of the products to the public on Sept.16, Equity Bank’s Managing Director Anthony Kituuka, said the new Digital Savings Account promises to offer customers easy and comprehensive ways of savings that support their financial needs and cash management.
“Digital Savings Account is a forward-thinking solution that enables customers to save short-term or long-term depending on their goals or needs. As a bank committed to championing digital transformation, we are dedicated to introducing innovative digital banking products that not only simplify financial transactions but also empower our customers to achieve their financial goals,” Kituuka said.
To start digital savings, a customer logs into his or her existing account, clicks on the saving icon and picks the savings options of either Goal, Call, Classic or Fixed Deposit savings. Equity customers will not only earn competitive interest on their savings but also the digital savings account bears no charges.
The Goal digital savings account allows a customer to easily save any amount towards short-term or long-term goals and earns daily interest on their savings while the Fixed Deposit account allows for long-term savings while earning competitive interest on the funds in the account.
The Call Savings account allows short-term daily digital savings that pay interest starting from a shorter minimum time and allow for partial withdrawal whenever the customer needs the money.
Equity Bank’s Senior Manager Client Solutions and Business Integration Nelson Bamwiine said the latest innovative solution is in line with the Bank’s mission to champion financial inclusion through offering integrated financial solutions that socially and economically empower its customers.
“Our past innovative solutions such as Equity Online, EazzyBiz and Eazzy Stock offer customers easy and comprehensive banking experiences that support their financial needs; cash management, liquidity management, bill payments and cashless transaction settlements; making banking easy. In addition, the new product comes with features designed for convenience, security and flexibility,” Bamwine said.
Does it require me to have a bank account to start up a digital saving account and how do I start it up??