In Uganda, where traditional savings methods like hiding cash under mattresses or participating in village savings groups remain prevalent, Equity Bank Uganda recently launched a transformative initiative called the “Kaboxi” campaign. This digital savings program is a strategic blend of cultural resonance and cutting-edge technology aimed at revolutionizing how Ugandans save.
By introducing a suite of digital savings products—Classic Savings, Fixed Deposit, Goal Account, and Call Deposit—Equity Bank is addressing long-standing financial challenges while empowering individuals and communities to secure their financial futures.
The Kaboxi campaign, named after a playful nod to traditional savings boxes, taps into Uganda’s cultural affinity for community-based saving practices. Historically, Ugandans have relied on informal savings groups, known as “saccos” or village savings and loan associations (VSLAs), to pool resources. However, these methods often face risks like theft, mismanagement, or lack of scalability.
Equity Bank’s Kaboxi products, accessible through the Equity Mobile App platform, modernize this tradition by offering secure, digital alternatives that combine ease of access with the flexibility to meet diverse financial goals.
The Classic Savings account, for instance, is designed for everyday savers, offering a low-entry barrier with no maintenance fees and the ability to deposit or withdraw via mobile devices. The Fixed Deposit account caters to those seeking higher returns, locking funds for a set period with competitive interest rates.
The Goal Account is particularly innovative, allowing users to set specific savings targets—such as funding education or buying land—while tracking progress through the app’s intuitive interface. The Call Deposit account offers flexibility for businesses or individuals needing quick access to funds while still earning interest.
These products are tailored to Uganda’s diverse population, from urban entrepreneurs to rural farmers, ensuring inclusivity.
Technology is the backbone of Kaboxi’s success. The Equity combustion engine, a proprietary platform, powers the bank’s digital infrastructure, enabling real-time transaction processing and seamless integration with mobile money providers like MTN and Airtel. This ensures that even customers in remote areas can deposit or withdraw funds using Equity Duuka agents, who act as human ATMs in underserved regions.
By December 2024, Equity Bank reported that 96% of its transactions were processed digitally, a testament to the robustness of its technological ecosystem and the effectiveness of campaigns like Kaboxi in driving adoption.
The campaign’s impact extends beyond individual savers. By digitizing savings, Equity Bank is fostering financial discipline in communities, particularly among youth and women’s groups.
Moreover, the campaign’s user-friendly design addresses literacy and accessibility challenges. The Equity Mobile App, available in multiple local languages, simplifies navigation for users with varying levels of tech-savviness.
Push notifications and SMS alerts keep customers informed about their savings progress, while the bank’s 24/7 contact centre provides multilingual support for troubleshooting. This blend of technology and cultural sensitivity has made Kaboxi a game-changer, with over 1.6 million customers in Uganda actively using digital savings products by mid-2025.
