SafeBoda is now visibly evolving the direction of its application into the FinTech space. This is with the introduction of the savings feature on its app, which lets users earn interest on their daily SafeBoda Wallet balance.
In the latest update, users can now benefit from the 10% annual interest rate that the company is offering them. The beauty about this is that your money accumulates every day. So, you get to watch your money grow on and on with SafeBoda savings.
How to save and earn interest on the SafeBoda app
Growing your money on the SafeBoda app is simple and a lot more productive than what the banks offer. To benefit from the new SafeBoda savings feature, you need to have your app up to date – either from the Google Play Store or App Store.
With that done, you simply have to keep an active balance of UGX 5,000 and above on your Wallet. With this, you should be able to earn the interest overnight.
Earlier in the year, SafeBoda secured two licenses from the Bank of Uganda to provide payment services to Ugandans. The company – which trades as Guinness Tech Uganda Limited – is now authorized to issue small electronic money transfers, as well as to operate medium funds transfer.
This means that SafeBoda will be able to facilitate the transfer of money between its app users. Also, it shall let customers easily withdraw funds at agent points. The company shall also add more payment services to its already existing services to enable customers to make payments on the app.
Some of the possible payment options to expect include clearance of Yaka! bills, water bills, tax payments, among others.