In fluctuating economic times, finding creative ways to motivate members to save more and increase their deposits is crucial for any SACCO. So, how about combining something everyone needs – airtime – with something everyone wants – more savings? Enter the innovative airtime feature of Kwara’s mobile banking.
A Simple Act, A Significant Impact
Mobile banking platforms like Kwara have found a unique way to encourage members to deposit more frequently. It’s simple but effective. Every time a SACCO member buys airtime using Kwara’s mobile banking, they receive a 3% bonus directly into their deposit account. A KES 1,000 airtime purchase gives you extra, free KES 30 in savings! This creates a win-win situation – the members get the airtime they need, and at the same time, they are rewarded with an extra incentive that boosts their savings. The best part: this is covered by the mobile banking provider, and does not cost the SACCO anything.
More Than Just Airtime
You may be thinking, “Can buying airtime really lead to significant deposit growth?” Absolutely, and the numbers prove it. There are SACCO members who have used this feature to buy airtime not only for themselves but also for others. Some members have made more than 80 airtime purchases per month, each time boosting their savings further.
Driving Deposit Growth
The beauty of the airtime feature is that it naturally and subtly drives deposit growth. Members learn to save through everyday behavior, and the beauty of it is that it’s practically effortless. They also learn the convenience of frequent deposits, allowing them access to more loans when they need them, instead of resorting to high-interest digital lenders.
A Future-Forward Feature
Innovative features like the airtime purchase bonus are the future of mobile banking. They’re transforming SACCOs’ growth by leveraging common everyday transactions to enhance member deposits. It’s a smart, simple, and effective way to help members increase their savings while enjoying the convenience of buying airtime right from their mobile devices.
Mobile banking is not only about making transactions easier; it’s about using technology to benefit both SACCO and its members. Now, that’s what we call smart banking!
I hope you find this as exciting as we do! Stay tuned to our blog for more updates on the world of mobile banking.