Equity Bank has unveiled a suite of new digital savings products under the campaign name ‘Kaboxi.’ This initiative aims to transform traditional saving practices and provide customers with seamless, secure, and efficient ways to manage their savings and achieve their financial aspirations.
The launch was marked by a virtual event where Equity Bank’s Managing Director, Anthony Kituuka, highlighted the significance of these new offerings in a market where a staggering 60% of Ugandans still rely on informal saving methods, according to the 2023 FinScope Uganda survey.
A notable portion of this population—nearly 44%—keeps cash at home as a long-term saving strategy, exposing them to risks of theft and physical damage.
The ‘Kaboxi’ campaign draws inspiration from the age-old practice of saving money in physical wooden boxes, commonly referred to as piggy banks. By showcasing the vulnerabilities associated with these traditional saving methods, Equity Bank aims to educate the public on the benefits of digital savings, which offer enhanced security and convenience.
Accessible via the bank’s mobile app and online platforms, the newly introduced savings products include Classic Savings, Call Deposit, Goal Savings, and Fixed Deposit Savings. These options cater to both existing customers and prospective clients, providing various pathways to manage and grow their finances.
Kituuka emphasized the forward-thinking nature of the Digital Savings Account, which is designed to accommodate the diverse needs of customers, whether they are saving for short-term goals or planning for the long term. “Our commitment to digital transformation is unwavering. We are introducing innovative banking products that not only simplify financial transactions but also empower our customers to achieve their financial goals,” he stated.
To utilize the digital savings options, customers can simply log into their existing accounts, select the savings icon, and choose from the available options. Importantly, these accounts come with competitive interest rates and no associated charges, further incentivizing savings.
The Goal Savings account is particularly appealing for those looking to save toward specific objectives, allowing customers to earn daily interest on their savings. For those seeking to set aside funds for an extended period, the Fixed Deposit account provides a structured way to save while earning competitive interest.
The Call Savings account offers a flexible solution for short-term savings, enabling customers to earn interest with the option for partial withdrawals as needed. This blend of flexibility and security positions Equity Bank as a leader in modern banking solutions tailored for the Ugandan market.
Equity Bank’s Senior Manager of Client Solutions and Business Integration, Nelson Bamwiine, reiterated the bank’s dedication to financial inclusion. “Our past innovations, such as Equity Online, EazzyBiz, and Eazzy Stock, reflect our mission to provide integrated financial solutions that empower our customers socially and economically,” he said.
Bamwiine highlighted that the new digital products come equipped with features designed for convenience, security, and flexibility, ensuring that customers can manage their finances with ease.
As Equity Bank continues to champion financial inclusion and digital transformation in Uganda, the launch of ‘Kaboxi’ stands as a testament to its commitment to providing innovative solutions that meet the evolving needs of its customers.
With these new digital savings products, Equity Bank is not only enhancing customer experience but also fostering a culture of saving and financial security in the region.
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