Church-owned microfinancier SMEP is banking on a 52-week saving promotion targeting the informal sector to raise its customer base.
The campaign has three sets of savings; Sh25, Sh50, and Sh100 a week. The account is locked and one can only withdraw over the counter after a year. However, mobile banking is available for checking account balance.
In the last two weeks, 700 accounts have been opened.
“This is a saving programme that aims at cultivating a saving culture among Kenyans through easy to use Nyota Njema Savings Account. The aim is to reach Sh34,450, Sh68,900, Sh137,800 or more by spreading it throughout the year. This makes it easier for you as the saving amount increases gradually,” said SMEP chief executive Symon Kamore on Wednesday.
Interest is seven per cent of the running balance.
“There are two ways; its either you learn how to budget so that you can save or work hard to generate the amount that you want to save.
“It’s a full-year (52-week) activity. That’s why it is challenging,” said Mr Kamore.
