Telecom company, Airtel Uganda has through its mobile money business, Airtel Mobile Commerce Uganda Limited (AMCUL) announced that they will pay interest to the tune of shs3.4 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, AMCUL has begun the payment of interest on quarterly balances to over 18 million customers that have an Airtel Money account with AMCUL.
The announcement was made on Wednesday by AMCUL Managing Director, Japhet Aritho at their headquarters in Kampala.
According to Aritho, Interest is earned by any customer who has a minimum of one shilling and above daily for 91 days between April – June 2022.
He noted that the more daily balance the customer has, the better opportunity to share on the total interest earned by AMCUL as approved by the Board of Trustees and BOU.
, “We are committed to delivering on our promise to share the economic value generated by this business. We will continue to share this value with our partners, customers, and communities for the transformation of our country,"Aritho said.
“Today we are paying interest to over 20 million accounts that include Airtel Customers, franchise partners, and over 150,000 agents. Customers whose accounts have been dormant for up to 14 months will also receive
interest on their balances but will need to activate their accounts before they can redeem their money.”
He noted that the company believes the interest payment will ignite a culture of digital transactions on mobile wallets like Airtel Money in the country.
"I encourage individuals and small business owners to continue making digital transactions and save on our SupaSaver account that pays 5% interest. I also encourage them to use our Airtel Merchant Pay that helps them separate personal finances from business finances."
