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KCB, Airtel Uganda partner to avail mobile financial solutions

KCB Bank Uganda and Airtel Uganda have today partnered to roll out a range of mobile financial solutions. For the ordinary Ugandan using Airtel Money, one gets to enjoy fully automated digital products. These include Instant Unsecured Loans, Savings, and Fixed Deposit Savings. These shall enable customers to borrow mobile loans for as low as UGX 300 and earn interest on savings for as high as 9%.

The partnership is aimed at mainly providing quick access to Airtel Money float financing and encouraging everyone to save in a convenient manner.

Agent Float Financing Loan

The first product of the partnership is the KCB-Airtel Agent Float Financing Loan. This 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 one-time fee of only UGX 300. 

Loan initiations can be done through the Airtel Agent USSD *185*9# and the amount is instantly credited  to the customer Airtel Wallets.

Super Savers

The second product, Super Savers, allows customers to ably save using Airtel Money. There are no account setup fees, and no minimum balance required. Also, there are no charges on deposits and withdrawals. Savings can start from as low as UGX 500 at an interest of 5% per annum. Using this second product, customers are also able to view mini statements and other functionalities. They can also access their money at any time.

Fixed Deposit Savings

Next month, Airtel Uganda and KCB Bank plan to add the Fixed Savings Account to its portfolio which will enable Airtel Money customers to 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 will be charged on this product making it very competitive in the market.

Edgar Byamah, KCB Uganda Managing Director, says that “Digital banking has and still is playing a pivotal role in the financial industry as demonstrated by the rise in mobile money transactions and increase in the usage of digital solutions over the years.

Mr. Byamah added 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.

KCB, Airtel Uganda partner to avail mobile financial solutions
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