With Airtel Super Saver, Airtel customers can access financial services without having to have a bank account or even go to a bank, and this mobile savings program helps the unbanked get on the financial ladder.
KAMPALA | NOW THEN DIGITAL — What Is KCB Airtel Super Saver? Airtel Super Saver is a mobile savings product that allows Airtel customers to save money without owning a bank account or walking into a bank, and is a great way to help the unbanked.
- A mobile savings program called Airtel Super Saver allows Airtel customers to save their money without having to own a bank account or even walk to the bank. This is a great way for the unbanked to become financially independent.
- Airtel Super Saver requires an active Airtel Sim card registered on Airtel Money with sufficient funds. You can register for the service by dialing *185*7*11#.
- For its agents, Airtel Super Saver has a product called Instant Unsecured Mobile Loans. This is a revolving credit facility for over 236,000 Airtel Money agents. They can borrow up to UGX 250,000 for a period of 48 hours at a fee of only UGX 300.
- Additionally, Airtel partnered with Jumo World to launch Wewole, a unique product enabling small businesses to access credit.
It extends banking services to the unbanked community, which usually uses rudimentary means of saving. Savings are critical to the development of any nation, as it helps people build up their wealth and assets.
By closing the financial inclusion gap, more people will be able to save, and the economy will grow faster.
Interest rates
Airtel has partnered with KCB Bank Uganda to introduce its new mobile banking product, the Super Saver.
The service allows Airtel Money subscribers to save money and withdraw it at any time without any paperwork.
The product is available in many Ugandan markets and can be accessed from any mobile device.
The interest rates for Airtel Super Saver are variable depending on the account holder’s balance and the interest rate on the fixed deposit.
There are no monthly account minimums to maintain, and the minimum balance to open an account is UGX 500. Deposits can be made by calling *185*7*11# to view your mini statement.
If you have an account, Airtel offers a competitive 5% interest rate. The minimum saving amount is just UGX 500, so it’s worth it to open one.
Fixed deposit options
There are several fixed deposit options for Airtel Super Saver users. Customers can choose to fix their funds for a period of three, six or twelve months.
They can also take withdrawals from their account. All customers of the bank are eligible for the scheme. To open a fixed deposit account, customers can dial *185*7*11#.
They can also register for a new account by providing their mobile number.
Fixed deposit options for Airtel Super Saver are available with a minimum initial deposit of UGX 250,000. This option allows customers to earn mouth-watering interest rates.
However, customers should note that the interest rate offered by the fixed deposit options will be based on the tenor period selected.
It would be 8% for 3 months, 8.5% for 6 months, and 9% for 12 months.
Additionally, customers can withdraw funds from their fixed deposit at any time or terminate prematurely at a penalty, earning only 3%, 3.5%, and 4% per year.
It is highly recommended that you do not withdraw your money before the stipulated period. You will be penalized with a low-interest rate if you opt to withdraw from the account before the fixed tenure.
A fixed deposit is an investment instrument that generates interest on your principal amount. You can choose to invest your money for a specified period, such as three, six or twelve months.
This type of investment has no withdrawal and deposit charges and you can also commit to a longer term. Depending on the type of investment you make, you can choose to deposit UGX 250,000 or more.
In addition, you can choose the amount you want to invest and the tenure for which you want to hold it.
In order to open an Airtel Super Saver Fixed Deposit account, you must have an active Airtel SIM card registered on Airtel Money with sufficient funds.
To register for the Airtel Super Saver service, you need to call or dial this code: *185*7*11#.
Regular savings options
The Airtel Super Saver is a three-in-one solution for those who wish to save money and fix it with the help of interest payments.
While the minimum balance required to open an account with a formal banking institution is much higher, the service’s onboarding procedures are much more affordable.
The Regular Savings Account has a few benefits. First, the amount can be deposited from UGX 500 and earns 5% interest per annum.
Second, there are no account setup fees and no minimum balance required. Third, deposits and withdrawals are free. A regular savings account can also be closed anytime.
The convenience that Airtel Money Super Saver offers makes it the best way to save money.
Instant Unsecured Mobile Loans for agents
In addition to the Regular and Fixed Savings Account, the Airtel Super Saver has also launched a product aimed at its agents called ‘Instant Unsecured Mobile Loans’, which is revolving credit for the more than 236,000 Airtel Money agents.
They can borrow up to UGX 250,000 for a period of 48 hours, with only a fee of UGX 300.
[‘Instant Unsecured Mobile Loans’ is a product offered only to Airtel Super Saver agents. They are revolving credit for their clients and can borrow up to UGX250,000, at a fee of only UGX300, for 48 hours.]
Airtel customers can use their mobile phones to save money without paying any fees or minimum balance requirement.
The new product provides instant mobile loans to customers who do not have a bank account. This mobile financial institution is aiming to increase its customers’ savings habits by providing convenient ways to save and invest.
With a wide customer base, Airtel Money has a competitive edge in the FinTech marketplace. Other products include Airtel Micro Merchant, which allows small businesses to manage payments.
Additionally, Airtel launched Wewole, a unique product that helps small businesses gain access to credit, in partnership with Jumo World.
Thousands of Ugandans have benefited from Wewole. The innovative platform has the potential to transform the lives of many more.
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