WHAT IS THE LEAST AMOUNT A CUSTOMER CAN SAVE IN A BANK?

 As a banker and financial literacy trainer I have received a question from several trainees, what is the least amount that a customer can save in a bank? This is an important question that if well understood it has the power to transform the lives of so many people. The first thing to note is the importance of humble beginnings. Most great companies started small but with consistence they grew into what they are today.

There is no least amount to save in a bank. Some customers feel shy to bring small amounts in the bank but I take this opportunity to encourage them to save as low as they want. It is better to save small amounts than not saving any coin. The savings culture can only be promoted if it is encouraged from a young age. I have met university students who assert that they do not need an account. As future business leaders these students need to embrace saving at a young age. 

We need to embrace the Indian culture where children learn about money at a young age. Some African children only view money as a tool for spending and when they grow up they do not  disappoint since they use every coin that they possess. So in order to develop a sustainable savings culture in society there is a need to encourage the communities to open up accounts in financial institutions and save as they earn.

I have met market vendors and farmers who seemingly earn little money but they save in more than one savings group. This means that working professionals who earn thrice what the informal sector earns can do much better in terms of savings.

In order to build a sustainable economy all efforts should be geared towards encouraging as much as they can in the banking system.

For individual and corporate financial literacy training contact:

Coach Phillip Kiryowa 

Personal Finance Coach(CPC)

Certified Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises 

Comments

Post a Comment

Popular posts from this blog

ACRE OF DIAMONDS

 According to Dr. Dennis Kimbro in his book Think And Grow Rich  every human being is an acre of diamonds. In simple terms we have more potential than we can imagine. With adequate self reflection this statement can change any person's life. It is Dr. Myles Munroe who noted that without knowing our purpose on earth we are likely to lead a less impactful life. The question that has been asked by many leading scholars is why are some people more successful than others? Is it family background? Is it luck? Is it the country where they were born? Unfortunately no body has a clear answer to this contradicting question. Hellen Keller was born blind but by the time of her death she was a very successful leader. Oprah Winfrey had a tough childhood but is now one of the most influential leaders in the world. Nelson Mandela was imprisoned for 27 years but became the president of South Africa. From the above case studies it is important for each one of us to learn a lesson. We have more...
Read more

A SAVINGS PLAN CAN AID IN FINANCIAL ADVANCEMENT

 I remember during the Trainer of Trainers training conducted by Bank of Uganda we were encouraged to develop a savings plan. This was a key development because without a plan we may live in financial darkness. In my years of providing financial literacy across the country especially youths I have observed that the intangible practices that may be undermined play a big role in the big picture. I have been asked a question, "how can one save yet their needs exceed their income?. It is a tough question but the best practice remains that even in the hardest of circumstances we should prioritize saving .This is because we do not know what the future holds. As humans we forget so fast. Who remembers during the lock down of Covid-19 when people were not working. Life was extremely tough. It was an opportunity to reflect about the importance of savings during good times. A savings plan enables a person to determine why they are saving. It could be for school fees, buying a plot, a car an...
Read more

WHY INDIAN BUSINESSES LAST LONGER THAN UGANDAN BUSINESSES

 Joseph (not real name) set up a retail shop and after a month he closed it because of lack of customers. The question is, what went wrong? The economic conditions under which businesses operate are tough with so many uncertainties. The cost of doing business is generally high. Uganda is credited as one of the most enterprising countries in the world. Unfortunately most of  these businesses do not last beyond the second birth day.  In today's article I want to reflect on a question why do Indian businesses or companies last longer than Ugandan companies ?  How many Ugandan businesses go beyond the second generation? If they are few what leads to this state of affairs? Is it a cultural issue? Is it a lack of business management skills? We all know about Mukwano and Madhvani industries. These have become case studies for years in the Ugandan education system. The question is why is it hard for us to replicate the same practices among Ugandan businesses? Why is it that ...
Read more