Airtel Mobile Commerce Uganda Limited (AMCUL), has today announced that they will pay interest to the tune of UGX 3.4 billion on customers’ daily balances for the past 91 days.
Following the approval of the Trustees of Airtel Mobile Commerce Uganda Limited by the regulator, Bank of Uganda, the leading e-commerce solutions provider has today begun the payment of interest on quarterly balances to over 18 million customers that have an Airtel Money account with AMCUL.
According to AMCUL Managing Director, Mr. Japhet Aritho, Interest is earned by any customer who has a minimum of UGX1 million daily for 91 days (April – June 2022). The more daily balance the customer has the better opportunity to share the total interest earned by AMCUL as approved by the Board of Trustees and Bank of Uganda.
While making the announcement at Airtel Uganda head offices at Clement Hill in Kampala, Uganda, Aritho said, “We are committed to delivering on our promise to share the economic value generated by this business.” Adding “We will continue to share this value with our partners, customers, and communities for the transformation of our country.”
Aritho noted that as they kick off this incentive [today], they are paying interest to over 20 million accounts that include Airtel customers, franchise partners, and over 150,000 agents country-wide. He emphasized that customers whose accounts have been dormant for up to 14 months will as well receive interest on their balances but will need to activate their accounts before they can redeem their money
In his concluding remarks, Aritho said they believe this interest payment will ignite a culture of digital transactions on mobile wallets like Airtel Money.
Aritho has encouraged individuals and small business owners to continue making digital transactions and save using the Airtel Money SupaSaver Account, a product that was launched by Airtel in 2021 in partnership with KCB to enable their customers to earn interest on savings of 5% per annum on regular savings to 9% per annum on fixed deposits. “I also encourage them to use our Airtel Merchant Pay that helps them separate personal finances from business finances,” says Aritho.