5 ways of easily saving money without a bank account

You must have heard of the saying that “Save your money so that it may save you when in need”. Indeed, saving money is a culture worth taking on – especially for a youth that sees a bright future ahead of them. Unfortunately, the act is always attached to one having a bank account in which the money should be deposited. The times have changed!

As long as you have a mobile phone, with an active mobile money account, you can beat the system. In this article, we are listing for you 5 ways you can easily save your money without having a bank account.

Saving money with MTN MoKash

MTN Uganda’s MoKash is popular for its loans services, but it does have an efficient savings platform too. Actually, by virtue of the fact that it is a product of the partnership between MTN Uganda and NCBA Bank, there is the confidence that your savings are in the right place. So, if you are in urgent need to store your monies somewhere without opening an account with a bank, this should be a perfect option.

Airtel Super Savers

The MoKash alternative only works for MTN customers, but Airtel subscribers are not left out of the equation. This one is a partnership between KCB Bank and Airtel Money to offer customers a regular Savings Account on their mobiles.

You can basically save your money using Airtel Money. You do not need account setup fees, no minimum balance is required, and there are no charges on deposits and withdrawals. Savings can start from as low as UGX 500 at an interest of 5% per annum.

Saving money with neobanks

Neo banks are known as financial technology firms, virtual banks, online banks, internet-only banks, or digital banks that operate exclusively online without traditional physical branch networks. These ‘banks’ offer various digital financial services like current and savings accounts, payment, and money transfer.

The most prevalent examples we have in Uganda of this are Eversend and Chipper cash. These mainly work as cross-border payment apps, and users can enjoy fee-free money transfers and bill payments. However, if you do not have much to do with your money, you can have it stored in these apps. Probably when they innovate and add savings features to their infrastructure, you can be an experienced saver out there.

NSSF Voluntary Plan

The NSSF Voluntary Membership Plan is an initiative that provides employers and workers that are not compelled by the mandatory provisions of the NSSF Act the opportunity to voluntarily save for their retirement. The beauty about it is that you only need your National Identification Number (NIN) to get started.

Plus, it is you to decide how much you contribute based on your income and life aspirations. The minimum amount of money a voluntary member can contribute is UGX 5,000. Voluntary members can also contribute anytime and as often as they wish. The Fund is very flexible in regard to the amount a voluntary member can remit because contribution is voluntary.  

Voluntary members can pay using mobile money via the NSSFGO code *254# accessible to the MTN and Airtel subscribers. You can as well register on the NSSF Go portal, if you are not yet a member, to start saving for your retirement.

Using mobile SACCOs

You must have heard of the term SACCO if at all you have a keen interest in savings. Well, there exist mobile SACCOs too, popularly referred to as MSACCOs. And, to this effect, there are unique products on the market to cater for this. You just have to find the right one to get on board.

Built by FutureLink Technologies Limited, MSACCO is the most convenient and effective solution for SACCOs and Microfinance to provide mobile financial services to its members and customers respectively. With the product, members can make deposits and withdraw money from their respective accounts, make payments to various SACCO products.

One other such service provider is Ensibuuko, which provides a mobile platform that connects SACCOs and Village Savings and Loan Associations (VSLAs) to users and enables users to withdraw cash, make deposits or repay loans using their existing mobile money account.

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