Equity Bank unveils new digital savings options to enhance financial inclusion
The new products, which are accessible via the bank’s mobile app and online platforms, include Classic Savings, Call Deposit, Goal Savings, and Fixed Deposit Savings accounts.
KAMPALA | Equity Bank Uganda has announced the launch of its latest suite of digital savings products, aimed at increasing financial inclusion and empowering Ugandans to save more easily and securely.
The new products, which are accessible via the bank’s mobile app and online platforms, include Classic Savings, Call Deposit, Goal Savings, and Fixed Deposit Savings accounts.
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The digital savings initiative, introduced under the #DigitoKaboxi campaign, is designed to address the limitations of traditional saving methods, such as using physical piggy banks that are susceptible to theft and damage.
This shift to digital savings reflects the bank’s commitment to providing convenient and secure financial services to its customers.
Equity Bank’s Managing Director, Anthony Kituuka, highlighted the importance of these new offerings, noting that they cater to both short-term and long-term savings goals while providing competitive interest rates.
"The Digital Savings Account is a forward-thinking solution that allows customers to manage their savings according to their needs. We are committed to championing digital transformation and empowering our customers to achieve their financial goals," said Kituuka.
The unveiling of these products comes at a crucial time when many Ugandans still rely on informal saving methods.
According to the 2023 FinScope Uganda survey, nearly 60% of Ugandans are saving, but a significant portion continues to keep money at home, with 44% opting for this method for long-term savings.
Equity Bank’s new digital products offer an attractive alternative. The Goal Savings Account allows customers to save towards specific goals, earning daily interest, while the Fixed Deposit Account is geared towards long-term savings with competitive returns.
The Call Deposit Account offers flexibility, allowing short-term savings with the option to withdraw funds when needed.
Nelson Bamwiine, Equity Bank’s Senior Manager of Client Solutions and Business Integration, emphasized that these innovations align with the bank’s mission of driving financial inclusion.
“Our digital savings products are part of a broader effort to provide integrated financial solutions that socially and economically empower our customers,” Bamwiine said.
Equity Bank Uganda, which has been operating since 2008, is one of the country’s leading financial institutions, serving over 2 million customers through its vast network of branches, agents, and digital platforms.
With these new digital savings options, the bank continues to lead in providing innovative financial solutions that enhance customer convenience, security, and financial independence.
