Check Your Interest Rate: Saving and Loans, MoKash, Wewole
Paying attention to interest rates will help inform which debt or savings commitments you should focus on.
How can you keep up your knowledge on the interest rate? Use digital tools; websites, social media, mobile banking(USSD/SMS/Apps) for the different financial services has information about the running interest rates for both saving and loans products. MoKash, Wewole and other Microloans product provide similar information that is accessible though USSD/SMS shortcode.
Q: Which loan should you pay off first? A: The one with the highest interest rate. Q: Which savings account should you open? A: The one with the best interest rate.
Q: Why do some loans give us such a headache? A: Blame it on the compound interest rate.
FINANCIAL LITERACY: Use digital tools to Check Interest Rate for saving & loans from Banks/MFI, #MoKash #Wewole ALL digital. Attend #DiFiExpo @ BOU_Official @MoICT_Ug