In Uganda, almost all financial institutions are in some stage of digital transformation, majority of the banks are now rushing to tap into the mobile technology space, targeting tech savvy youth. Post bank has unveiled a new Android app dubbed Youth save, aimed at promoting savings for student and non youth aged between 18 and 30 years. Recent research indicates more than 40% of individuals look at their mobile phone within 5 minutes of waking up, usually checking Instant Messages (like WhatsApp) or text messages followed by email at (22%). During the day, consumers access their phones approximately 47 times (82 times for 18- to 24-year-olds).
Speaking at the launch, Mr Kayaayo Alex the Executive Director PostBank said that “What we’ve done is allow youth save even the little income and that’s what we’ve set the minimum at UGX 5,000, so that we can be able to include as many people as possible” The Bank has been motivated to launch the app because, the general appreciation of technology is the country is improving backed up by statistics from UCC that show and increased adoption of smartphone and internet usage continuing to grow.
The app has the following features:
• Set financial goals and track them
• Check your account balance
• Get mini statements
• Transfer money to other accounts
• Buy airtime
• Mobile Money
In order to use the Youth Save application, you must be an account holder with PostBank and also registered for PostBank Mobile Banking and your phone number should be registered with MTN or Airtel Mobile Money.