I&M Bank Rwanda Plc has launched a new savings account through its digital product, SPENN, that has no fees, unlimited withdrawals, and at 4% annual interest, becoming the leading saving offering in Rwanda.
The savings account allows users to set savings goals, check the progress of their savings, and does not require a minimum amount to receive interest. The savings account adds another piece of the puzzle in the company’s ambition to empower all Rwandans access to formal financial services and support Rwanda in its mission to going cashless.
Hubert Haguma, country manager of SPENN Rwanda said in Thursday that, “We are convinced this is the right time to remind Rwandans of the importance of building a culture of saving. We are committed to offering a product that suits different needs and saving goals, particularly during this time of uncertainty.”
SPENN Saving is tailored to anyone who want to save for the future. It can be for the bigger life events such as education, wedding, buying a house or a car or for retirement. But it can also be for the smaller things such as a trip or a gift or anything depending on one’s needs. It is easy to use, and unlike other saving products, users are able to move their money at anytime and anywhere at no charges, all that is required is a smartphone.
“Saving provides financial security. And the more you save, the more secure you will be. I&M Bank’s partnership with SPENN will continue to differentiate itself by pursuing innovative solutions that create sustainable value for all our customers and stakeholders.” CEO of I&M Bank Rwanda, Robin Bairstow said.
In these times of uncertainty due to COVID-19, SPENN, together with I&M Bank, is trying to ensure Rwandans have all necessary features in their SPENN application to allow them to transact money in the comfort of their homes, without the need to go to the bank branch. “One such feature we are excited to launch in the near future is a push and pull function to move funds between I&M Bank accounts and SPENN accounts instantly, with no fees,” Haguma said.
By downloading the cost-free SPENN application, everyone can access financial services such as savings, money transfers, airtime purchases, bills payment, payments in stores and deposit or cash out at any I&M Bank branch in Rwanda, at zero fees.
“Financial institutions have a big role to play in educating Rwandans to prepare for the future by adopting a culture of saving.” SPENN CEO Jens Glaso argues. “No matter your financial situation, this is the right time to save for your family, your education and your future projects to avoid panic and stress as the world is dealing with the economic impact of COVID-19”, he adds.
SPENN is a Norwegian Fintech company established in 2015. Today, SPENN is present in 11 markets, live in 4 markets and directly engages over 100 people across three continents. SPENN’s mission is to give everyone equal financial opportunity through innovative technology. SPENN wants to empower people by creating a world where everyone can manage their savings, payments and investments in an honest, transparent and secure way.
SPENN is the solution for everyone to be a part of the cashless society, enabling them to transact money instantly, securely and free of fees.