Friday 21 March 2014

UBA, Airtel Kenya launch mobile savings plan

 

United Bank for Africa (UBA Kenya) and Airtel Kenya have launched a mobile banking product to promote savings by low-income earners.

Akiba Mkononi allows subscribers to open and manage accounts from a mobile phone and earn interest. The interest rate will be two percentage points off the prevailing Treasury Bill rate.

The current Treasury Bill rate is 9 percent, meaning the savings will earn 7 percent, computed quarterly. The minimum an individual can hold in the account is KES 100, with daily deposits ranging between KES 50 to KES 140,000.

One can also service insurance premium payments through the account, which can be accessed from 98 Post Bank branches in Kenya as well as UBA Bank counters.

Source Telecom.paper

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