Equity Bank launches digital savings products to boost financial inclusion

Equity Bank Uganda has introduced a suite of new digital savings products aimed at providing customers with seamless and secure ways to save, grow their money, and achieve their financial goals.

The products, available through the bank’s mobile app and online platforms, include Classic Savings, Call Deposit, Goal Savings, and Fixed Deposit Savings.

The launch, accompanied by the ‘Kaboxi’ campaign, highlighted the shortcomings of traditional savings methods, such as storing money in physical boxes or piggy banks, which are vulnerable to theft and damage.

Despite the growing adoption of digital financial services, the 2023 FinScope Uganda survey revealed that 60% of Ugandans still rely on informal savings methods, with 44% keeping cash at home for long-term savings.

During the virtual unveiling, Equity Bank Managing Director Anthony Kituuka emphasized that the new digital savings account offers a comprehensive and user-friendly solution for both short-term and long-term savings, supporting customers in their financial management.

“Digital Savings Account is a forward-thinking solution that empowers customers to save in ways that align with their financial needs. As part of our commitment to digital transformation, we continue to offer products that simplify financial transactions and help customers meet their financial goals,” Kituuka said.

Equity Bank’s new digital savings options offer competitive interest rates without fees, with features that cater to both immediate and future savings needs.

The Goal Savings account allows users to save for specific objectives, while the Fixed Deposit account provides long-term savings opportunities with competitive interest rates. The Call Savings account supports short-term savings with flexible partial withdrawals.

Nelson Bamwiine, Senior Manager for Client Solutions and Business Integration at Equity Bank, noted that the new digital savings products reflect the bank’s mission to promote financial inclusion by providing integrated financial solutions that empower customers both socially and economically.