Equity Bank has introduced a new suite of digital savings products aimed at providing customers with easy, secure, and effective ways to grow their savings and achieve financial goals. These products are accessible through the bank’s mobile app and online platforms, offering flexibility and convenience for both existing and prospective clients.
The new range includes four key savings options: Classic Savings, Call Deposit, Goal Savings, and Fixed Deposit Savings, providing a variety of ways for customers to manage and grow their money. This launch reinforces Equity Bank’s commitment to digital innovation in the financial sector.
As part of the launch, Equity Bank rolled out a bold campaign called ‘Kaboxi’, which showcased the traditional practice of saving money in physical wooden boxes, often referred to as piggy banks. The campaign highlighted the risks associated with these outdated saving methods, such as vulnerability to theft and physical damage, while promoting the advantages of digital savings.
Despite the growing popularity of digital financial services in Uganda, a 2023 FinScope Uganda survey revealed that 60% of Ugandans still save money, with many relying on informal methods. Nearly 44% of the population continues to save cash at home, a notable increase from previous years, emphasizing the need for secure, modern solutions.
During the virtual product launch, Equity Bank Uganda’s Managing Director, Anthony Kituuka, emphasized the value of the new digital savings products in addressing these needs. He noted that the Digital Savings Account offers tailored options for short-term and long-term saving, depending on individual goals.
“These digital savings accounts provide a forward-thinking solution for our customers, enabling them to save in line with their financial needs. As a bank focused on leading digital transformation, we are dedicated to offering innovative products that simplify banking and empower our customers to reach their financial objectives,” said Kituuka.
Starting a digital savings journey is simple. Customers can log into their Equity Bank account via the mobile app, select the savings icon, and choose between Goal, Call, Classic, or Fixed Deposit Savings. These products offer competitive interest rates and are free of any service charges, making saving even more accessible.
The Goal Savings Account allows customers to set aside money toward short-term or long-term goals, earning daily interest on their savings. The Fixed Deposit Account is ideal for long-term savings, offering competitive interest rates over time. The Call Savings Account caters to short-term savers, allowing customers to earn interest from a shorter minimum deposit period while providing the flexibility to make partial withdrawals when needed.
Nelson Bamwiine, Senior Manager of Client Solutions and Business Integration at Equity Bank, highlighted that this innovation aligns with the bank’s mission to promote financial inclusion by offering integrated financial solutions that empower customers both socially and economically.
“Our past innovations such as Equity Online, EazzyBiz, and Eazzy Stock have simplified banking by supporting cash management, liquidity management, and cashless transactions. The new digital savings products continue this tradition, with enhanced features for convenience, security, and flexibility,” Bamwiine added.
Equity Bank’s latest digital savings offerings mark another milestone in its ongoing effort to champion financial inclusion and digital transformation in Uganda’s banking sector, empowering customers to save and manage their finances with ease and security.
