Kenya’s UBA launches virtual account with higher interest rates

United Bank of Africa (UBA) Kenya has launched a virtual savings account dubbed ‘Akiba Mkononi’ with Airtel, which allows individuals to open and operate a savings account using their mobile phones.

UBA customers have been assured of a seven per cent interest rate, higher than that offered by other banks, said Bonn Ndegwa, head of product sales at UBA.

“A lot of advances have been made within the mobile and electronic banking space within the last two years and now with Akiba Mkononi, individuals will be able to save money with very attractive interest rates, access affordable insurance cover and load their prepaid cards all from their mobile phones,” said Tunji Adeniyi, managing director of UBA Kenya, during the product launch.

The virtual savings account can be accessed through the Airtel Money menu on any Airtel mobile phone handset.

The bank, which has a presence in 19 African countries, Europe and the United States said it is poised to continue to lead in customer service, innovation and convenience banking.

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