KCB Bank Kenya has unveiled a new nationwide campaign dubbed "Weka Weka," aimed at aggressively mobilizing deposits from the retail sector. The initiative comes at a time when banks are competing fiercely for liquidity amidst a high-interest rate environment that has made borrowing expensive.

The campaign incentivizes customers to lock away funds for fixed periods, offering tiered interest rates of up to 12% per annum—a figure that rivals government securities. "We want to bring back the culture of saving," said KCB Marketing Director Rosalind Gichuru. "In an uncertain economy, cash reserves are the only true buffer for households."

The "Goal-Based" Approach

The product is designed around "goals"—school fees, holidays, or business capital. By gamifying the savings process through the KCB app, the bank hopes to attract the Gen Z demographic, which has traditionally shunned formal banking for digital wallets and crypto assets.

• The Context: With the Central Bank Rate (CBR) holding steady at 13%, banks are under pressure to pay more for deposits. This war for deposits benefits the consumer, who can now demand better returns on their idle cash.
• The Rewards: Apart from interest, the campaign features weekly draws with cash prizes, a strategy proven to drive uptake in the mass market.

Economic Signaling

Economists view the drive as a signal that banks are preparing for a credit crunch. By shoring up their deposit base, KCB is positioning itself to lend to the private sector once rates eventually ease. For the ordinary Kenyan, however, it is simply a chance to make their money work a little harder.