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Airtel Money customers to earn interest on their savings

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L-R: Mr. Edgar Byamah the KCB Bank Uganda Managing Director, Mr. Manoj Murali the Airtel Uganda Managing Director, Mr. Mackay Aomu the Bank of Uganda Director National Payments and Settlements and Mr. Amit Kapur the Airtel Uganda Chief Commercial Officer during the official launch of the partnership at Kampala Serena Hotel.

L-R: Mr. Edgar Byamah, the KCB Bank Uganda Managing Director; Mr. Manoj Murali, the Airtel Uganda Managing Director; Mr. Mackay Aomu, the Bank of Uganda Director National Payments and Settlements; and Mr. Amit Kapur, the Airtel Uganda Chief Commercial Officer during the official launch of the partnership at Kampala Serena Hotel.

By Our Reporter

Airtel Uganda has partnered with KCB Bank Uganda to roll out new mobile financial solutions for customers on their Airtel Money platform. They include; Instant Unsecured Mobile Loans, Regular Savings and Fixed Deposit Savings Accounts that enables customers borrow mobile loans for as low as shs300 and earn interest on savings for as high 9%, respectively.

In his remarks at the launch, Airtel Uganda Managing Director, Manoj Murali said, “We are confident that our partnership with KCB Bank Uganda to deliver affordable, safe and secure financial services that will improve the lives of Ugandans who use our services, and subsequently ensure our mandate of driving financial inclusion in Uganda.”

He observed that there has been a year-on-year surge in the use of both feature and smart mobile phones in Uganda which has led to an increase in the number of people that rely on mobile money services whether for business or sending money to their loved ones. “Today, the mobile phone is more than just a tool for communication. It is a source of information and a one-stop center for financial services.” Manoj added.

According to the Uganda Communication Commission (UCC) Q4 Market Report of 2020, Uganda registered commendable growth in new mobile money accounts with 2.6 million new accounts registered between January and December.

In the Quarter ending December 2020, the total active mobile money accounts stood at 22.5 million up from 20.9 million in the first quarter.

On the business side, the number of active mobile agents had grown to 235,790 from 227,736 in September. For the first time ever, the number of mobile money transactions crossed the 1 billion transactions mark.

Edgar Byamah, Managing Director, KCB Bank Uganda, noted that, “As a bank, our commitment is to enable our customers to Go Ahead by leading in innovation and technology-driven banking services delivered through alternative banking platforms, real-time banking options and cashless transactions. We strongly believe this is now the ideal approach to deepen financial inclusion as well as reach the unbanked population in Uganda and the rest of Africa.”

Speaking at the same press briefing, Michael Ssekyondwa, Head of Retail Banking, KCB Bank Uganda explained that the partnership will provide quick access to Airtel Money float financing and encourage everyone to save in a convenient manner.

“The first product is Instant Unsecured Mobile Loans which is revolving credit for Airtel Money agents. These will be able to borrow up to Ugx. 250,000, for a period of 48 hours, at a fee of only Ugx. 300,” Michael Ssekyondwa explained. “With the second product: Regular Savings Account, customers will now be able to save using Airtel Money. No account setup fees, no minimum balance is required, there are no charges on deposits and withdrawals. Savings can start from as low as Ugx. 500 at an interest of 5% per annum.”

“The third product is the Fixed Savings Account which will enable Airtel Money customers conveniently make deposits from Ugx. 250,000 upwards. The customer can commit to 3, 6 and 12 months’ investment period and earn 8%, 8.5% and 9% respectively. No deposit and withdrawal fees are charged. The fixed deposit savings account will be made available to the public in the coming days.” Ssekyondwa concluded.

To start saving with Airtel Money, customers will have to dial *185*7# and follow prompts.

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