Revolutionary Digital Savings Product Unveiled by Equity Bank 

Equity Bank has today unveiled a range of new digital savings products designed to help customers save seamlessly, grow their money and reach their financial goals with greater ease.

Accessible through the bank’s Mobile App and online platforms, the offerings include Classic Savings, Call Deposit, Goal Savings and Fixed Deposit Savings, giving both current customers and future clients more convenient ways to manage and save money. 

The new digital savings products were introduced with a disruptive campaign dubbed ‘Kaboxi,’ which illustrated the traditional ways in which a vast population saves their money in a physical wooden savings box, also commonly known as a piggy bank. The campaign also highlighted the vulnerabilities of these traditional saving methods to theft and physical damage. 

Despite the rapid adoption of mobile and digital channels of financial transactions in the region, the 2023 FinScope Uganda survey, 60% of Ugandans are saving with a significant portion of the population relying on informal means. A notable method is keeping cash at home, with nearly 44% of Ugandans using this approach for long-term savings, a considerable increase from previous years. 

  Speaking at the virtual unveiling of the products to the public on Monday, Equity Bank’s Managing Director Anthony Kituuka, said the new Digital Savings Account promises to offer customers easy and comprehensive ways of savings that support their financial needs and cash management.  

  “Digital Savings Account is a forward-thinking solution that enables customers to save short-term or long-term depending on their goals or needs. As a bank committed to championing digital transformation, we are dedicated to introducing innovative digital banking products that not only simplify financial transactions but also empower our customers to achieve their financial goals,” said Anthony Kituuka, Managing Director Equity Bank Uganda. 

 

To start digital savings, a customer logs into his or her existing account, clicks on the saving icon and picks the savings options of either Goal, Call, Classic or Fixed Deposit savings. Equity customers will not only earn competitive interest on their savings but also the digital savings account bears no charges. 

  

The Goal digital savings account allows a customer to easily save any amount towards short-term or long-term goals and earns daily interest on their savings while the Fixed Deposit account allows for long-term savings while earning competitive interest on the funds in the account.   

  

The Call Savings account allows short-term daily digital savings that pay interest starting from a shorter minimum time and allow for partial withdrawal whenever the customer needs the money.  

  

Equity Bank’s Senior Manager Client Solutions and Business Integration Nelson Bamwiine said the latest innovative solution unveiled by the Bank is in line with the Bank’s mission to champion financial inclusion through offering integrated financial solutions that socially and economically empower its customers. 

  

“Our past innovative solutions such as Equity Online, EazzyBiz and Eazzy Stock offer customers easy and comprehensive banking experiences that support their financial needs; cash management, liquidity management, bill payments and cashless transaction settlements; making banking easy. In addition, the new product comes with features designed for convenience, security and flexibility,” Bamwine said. 

 Equity Bank Uganda began its operations in 2008 and is regulated by the Bank of Uganda. The Bank has its head office in Kampala and a network of 50 branches, over 9000 Equiduuka, over 2300 merchants and 56 ATMs spread across the country and serving over 2 million customers. 

  

About Equity Group Holdings Plc:  Equity Group Holdings Plc is a non-operating holding company with banking subsidiaries in Kenya, Rwanda, Tanzania, Uganda, South Sudan and the Democratic Republic of Congo, a Commercial Representative Office in Ethiopia and non-banking subsidiaries in Kenya that are engaged in providing investment banking and stock-broking, insurance, custodial services, payment services and telecommunication services.  

  

Equity Group Holdings Plc is listed at the Nairobi Securities Exchange and other regional exchanges with a market capitalization of USD 1.19bn.  Equity Group Holdings Plc reported a consolidated asset base of KES 1.64 trillion (USD 11.7bn), deposits of KES 1.18 trillion (USD 8.4bn) and a customer base of over 18.4 million customers as at 30th June 2023. Equity Group has a footprint of 360 branches, 67,622 Agents, over 900,000 Pay With Equity (PWE) Merchants, 35,468 Point-of-Sale (POS) Merchants, 681 ATMs and an extensive adoption of digital and mobile banking channels.