In partnership with Airtel Uganda, KCB Bank Uganda launches a new savings product called the “Airtel Money Super Saver”. In its new product, ‘Airtel Money Super Saver,’ Airtel is offering its customers certain benefits on their regular savings activities.
KAMPALA | LIFESTYLE UGANDA — KCB Bank Uganda and Airtel Uganda have teamed up to launch a new savings product called “Airtel Money Super Saver”. Through the new ”Airtel Money Super Saver” product, customers will be able to earn certain discounts on their regular savings.
- Airtel Money Super Saver is a partnership between KCB Bank and Airtel Uganda.
- Also, customers can borrow mobile loans as low as UGX300 (KSH 9.15).
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Airtel Money and the KCB partnership primarily aim to promote saving by providing easy access to float funding and encouraging everyone to save in a simple way. Savings can start from as little as Shs500, and there is a 5% interest rate.
With KCB Bank Uganda and Airtel Uganda’s automated digital offerings, customers will be able to borrow mobile loans as low as UGX300 (KSH 9.15). These loans will include Regular Savings, Instant Unsecured Mobile Loans, and Fixed Deposit Savings Accounts.
They can earn up to 9 per cent interest on mobile savings, while Airtel Money Agents will be able to obtain unsecured loans at UGX300 interest only.
KCB Bank Uganda’s Head of Retail Banking, Michael Ssekyondwa, explained that the partnership is intended to provide quick access to Airtel Money float financing and encourage people to save conveniently.
“The first product launched is an unsecure mobile loan revolving credit scheme for Airtel Money agents. They can borrow up to UGX 250,000 for 48 hours, for a fee of just UGX 300,” he said.
“With the second product, Regular Savings Account, Airtel Money customers will be able to save using Airtel Money without any setup fees, no minimum balance requirement, or charges for deposits or withdrawals.”
In addition to being able to view mini statements, customers can also access their money at any time with this product. The savings can start from as low as UGX 500 with a 5-per-cent interest rate.
Another product in the pipeline is the Fixed Deposit Savings Account. Airtel Uganda and KCB Bank intend to introduce the Fixed Savings Account next month, enabling Airtel Money clients to deposit as much as UGX 250,000 with ease.
This product will be extremely competitive in the market, as customers can invest for 3, 6, or 12 months and earn 8%, 8.5 per cent, or 9% as long as they commit for 3, 6, or 12 months, respectively.
According to Manoj Murali, the Managing Director of Airtel Uganda, “We strongly believe that this is the ideal approach to reach Africa’s unbanked population.”
Additionally, he explained that the loan product will facilitate fast access to Airtel Money float financing, thus ensuring seamless service delivery to customers.
Is there a maximum amount you can save?
The Airtel Money Super Saver will let you start saving from Sh500 at a rate of 5% interest per annum.