KCB Bank Uganda and Airtel Uganda team up to launch a new mobile money product. The new product dubbed Super Saver is an initiative that will enable customers to earn certain cuts on regular savings.
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The partnership’s primary goal is to provide easy access to Airtel Money float funding and to encourage everyone to save in a simple way.
The newly unveiled digital products as KCB Bank Uganda and Airtel Uganda team up include Instant Unsecured Mobile Loans, Regular Savings and Fixed Deposit Savings Accounts that enables customers to borrow mobile loans for as low as shs300 and earn interest on savings for as high as 9%.
Three products will be available to customers as KCB Bank Uganda and Airtel Uganda team up
Michael Ssekyondwa, Head of Retail Banking, KCB Bank Uganda explained that the partnership is aimed at providing quick access to Airtel Money float financing and encouraging everyone to save in a convenient manner.
“The first product is Instant Unsecured Mobile Loans which is revolving credit for Airtel Money agents. These will be able to borrow up to Ugx. 250,000 for a period of 48 hrs, at a fee of only Ugx. 300,” he said.
“With the second product: Regular Savings Account, customers will now be able to save using Airtel Money. No account setup fees, no minimum balance is required, there are no charges on deposits and withdrawals. Savings can start from as low as Ugx. 500 at an interest of 5% per annum. Using this product, customers are also able to view mini statements and other functionalities. They can also access their money at any time.”
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The third product is the fixed deposits savings accounts. Airtel Uganda and KCB Bank aim to add the Fixed Savings Account to their portfolio next month, allowing Airtel Money clients to make deposits of up to UGX 250,000 with ease. Customers can invest for 3, 6, or 12 months and earn 8%, 8.5 percent, or 9%, respectively, if they commit for 3, 6, or 12 months. This product will have no deposit or withdrawal fees, making it extremely competitive in the market.
Mr. Manoj Murali, the Managing Director of Airtel Uganda said, “We strongly believe this is now the ideal approach to reach the unbanked population in Uganda and the rest of Africa.”
He further explained that the loans product will provide quick access to Airtel Money float financing therefore ensuring seamless service provision to customers.
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