Equity Bank has made a significant leap forward in the digital banking landscape with the launch of its new range of digital savings products.
Designed to empower customers in their financial journeys, these offerings are accessible via the bank’s Mobile App and online platforms, making saving and managing money easier than ever.
The newly unveiled products include Classic Savings, Call Deposit, Goal Savings, and Fixed Deposit Savings. This suite of options aims to cater to both existing customers and potential clients, providing them with convenient ways to grow their wealth.
Digito Kaboxi
To introduce these innovative products, Equity Bank launched a disruptive campaign called ‘Kaboxi.’ This campaign cleverly illustrated the traditional methods many people use to save money—specifically, the wooden savings box or piggy bank.
It highlighted the vulnerabilities associated with these old-school saving methods, such as theft and physical damage.
Despite the growing adoption of mobile and digital financial channels, the 2023 FinScope Uganda survey revealed that 60% of Ugandans still rely on informal saving methods, with nearly 44% keeping cash at home for long-term savings—an increase from previous years.
A vision for financial empowerment
During a virtual unveiling event, Equity Bank’s Managing Director, Anthony Kituuka, emphasized the bank’s commitment to digital transformation.
“The Digital Savings Account is a forward-thinking solution that enables customers to save short-term or long-term depending on their goals or needs,” Kituuka stated.
He further asserted that the bank is dedicated to introducing innovative products that not only simplify financial transactions but also empower customers to reach their financial aspirations.
To start saving digitally, customers simply log into their existing accounts, click on the savings icon, and choose from the available options: Goal, Call, Classic, or Fixed Deposit savings. Notably, these accounts come with competitive interest rates and no charges.
Tailored savings options
Each new savings product offers unique benefits.
- Goal Savings Account: Customers can save any amount towards specific short-term or long-term goals while earning daily interest.
- Fixed Deposit Account: Ideal for those looking for long-term savings opportunities with competitive interest rates.
- Call Savings Account: Perfect for short-term savings, this account allows partial withdrawals while earning interest from a shorter minimum time.
Nelson Bamwiine, Senior Manager Client Solutions and Business Integration at Equity Bank, highlighted that this latest innovation aligns with the bank’s mission to promote financial inclusion.
“Our past innovative solutions such as Equity Online, EazzyBiz and Eazzy Stock offer customers easy and comprehensive banking experiences,” Bamwiine noted.
He added that these new products come equipped with features designed for convenience, security, and flexibility.
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