Entrepreneur's Corner

Harnessing The Power Of Saving By Capitalizing On The Promise Of Higher Returns

BY Juma · September 19, 2023 07:09 am

KEY POINTS

Opening a Savings Account with as little as Ksh 50,000, you can earn up to 10% on deposits that you fix. This is one of the highest interests in the country with assured returns given that the bank is part of the larger Co-operative Bank Kenya.

Kenyans are enterprising people. They are always eager to make an extra coin through entrepreneurship, savings, and investments in various fields including farming and trading.

The entrepreneurial nature of Kenya has always driven them to the most uncharted waters such as the much-talked-about Quail investment that almost had people breaking their banks, and real estate, among others.

But even in the spirit of trial and error in the space of savings and investments, traditional methods of saving including through commercial banks have proven to be steady, more reliable, and yielding high returns.

Picture this: you diligently save a portion of your income each month. Whether it’s from your salary, your business earnings, or even a side hustle, these small contributions are your seeds of prosperity and security for an unknown future. As time passes, these seeds grow, not just linearly but exponentially, thanks to the interests that they attract along the way.

Nobody saves or invests money to make a loss. Everyone diligently wades through the challenges of economic pressures saving and investing while banking on interest and profits that are the turbochargers of both savings and investments.

A good savings through a reputable institution rewards your patience, discipline, and foresight by making your money work for you, day and night, year after year. It’s the invisible force that multiplies your wealth, without you having to lift a finger.

But why should I save? One might ask. You only live once (YOLO). Right? Another one might add.

Well, for starters, saving gives you financial resilience. Life is unpredictable, and emergencies can strike at any time. Having a savings cushion backed by interest provides a safety net that ensures you can weather the storms of life without sinking into debt or despair.

We all want to achieve our dreams someday and a better way to do so than through savings? Whether it’s buying a home, sending your children to quality schools, or starting a business, saving can be the catalyst that transforms your dreams into reality. It’s not just about having money; it’s about having the means to live your best life.

It comes a time when we shall stop working. It is called retirement. We all dream of a retirement filled with leisure, travel, and cherished moments with loved ones. Saving early and consistently with interest ensures that your golden years remain golden, rather than becoming years of financial struggle.

You become a good citizen when you save. As you grow your wealth through savings and investments, you contribute to the overall economic growth of the country. In the end, the impact flows down through the value chain.

The big question is, where can one save and get good returns? The truth is that many entities in Kenya offer pots for savings such as Saccos and commercial banks. Kingdom Bank is one of the institutions in Kenya offering some good returns on savings. Opening a Savings Account with as little as Ksh 50,000, you can earn up to 10% on deposits that you fix. This is one of the highest interests in the country with assured returns given that the bank is part of the larger Co-operative Bank Kenya.

If you also have children and would like to save for their future in terms of education, and holiday activities, among others, you do not need to look any further. With the Kingdom Bank Junior Savings Account, you can teach your young ones the value of financial discipline and saving. To get started, start HERE.

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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