Absa Bank Kenya has moved to entice customers to save more on the Absa Digital Savings account by increasing the interest rate on deposits from 9 to 10 per cent per annum.

The lender says the rates, which take effect from December 12, 2023 up to March 2024, seek to encourage more customers to save through the Absa Digital Savings Account.

To access the lucrative service in Kenya or in the diaspora, an individual is expected to open a digital account through the Absa app or through the website around the clock.

The bank says, through the initiative that is part of its strategy to leverage digital innovation, it aims to promote a savings culture and promote financial well-being of its customers.

Absa is unrolling its “Every Kind of Financial Solution for Every Kind of You” drive to boost clients’ personal financial wellness and ability to access funds needed to realise their goals.

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The move is also part of the sector’s financial literacy campaign to especially encourage the youth to save online and to empower more customers to make sound financial decisions.