Stepping out of the Financial Pits of the Lockdown

By on July 30, 2021

When I opened my first bank account in the early 2000s, there was little that I needed it for, in all honesty. At the time, owning a bank account was something of a prestigious affair. And with the advent of flashy ATM cards, it was a class act to move around with that little card. It didn’t matter that the card was mostly worthless because the account had no money. Most of my friends thought I had a bit of money on me just because I owned an ATM card. There was an understanding that only rich people and parents had bank accounts let alone ATM Cards.

Nonetheless, after a few months of holding onto the flashy ATM card, occasionally swinging by the ATM to check my balance which continuously dipped into negatives, I realised there was no point in holding onto the Bank account. Yes, I had the respect and admiration from my friends but it really was a burden. I mean the monthly charges were not fun and worse still, I lived a hand-to-mouth sort of life. The little money I came across, there was no time to bank it or keep it for a rainy day. Back then, every day, it rained cats and dogs. So for a while, I abandoned the card and almost forgot about my bank account.

Many years later when I joined formal employment and it was absolutely necessary to have a bank account, the ugly truth started to dawn on me that having a bank account was no longer a luxury. No one was willing to hire a young man who did not have a bank account. And so I smiled my way into a job, knowing that the checkbox for my bank account was ticked. 

Today, after so many years of operating several bank accounts, the ugly truth about why one needs a bank account has reared its head on several occasions. There is not much that can get done in this economy unless one owns a bank account. There are institutions that will not deal with you unless you present one. Worse still, Mobile Money carries with it several limitations that a bank account might simply walk over, from amounts you can transact to cross-border transactions.

Due to the pandemic that is ravaging the world, there has been an increased need for people to manage their finances better. If you’re spending a lot of your time locked at home, you are most likely going to need supplies every now and again. The issue of cashless transactions has become very important for the survival of the everyday person. From purchasing items as small as food, water, data, clothing to somewhat bigger things like rent and investments, cashless transactions are ruling it all. One has got to keep a keen eye on how their finances are moving along. This is why most if not all banks enable one to access their funds from wherever they may be either through banking apps or USSD codes. 

The average person is most likely going to emerge from the lockdown uncertain of how to move forward. Many people have lost jobs and livelihoods and many more have lost hope during the pandemic. To be able to get themselves off the ground, there is a need to rely on the right financial partner. This is a decision that many will need to visit with a lot of care and caution because emerging from a lockdown and trying to get into business could end in one of two ways. Either it could go very well and someone will find much-needed reprieve or it could go South and they will sink deeper into financial oblivion. 

The idea of getting in bed with a banking partner that understands your needs as an individual is extremely important. Yes, there are several banks that will purport to offer solutions to your current needs. However, you need to think about a bank that will not only offer solutions to your current needs but also look at all the potential loopholes to whatever financial decisions you might be making – basically an honest bank. It is crucial that one settles on a bank that will create tailor-made facilities to help them navigate the harsh post-lockdown waters.

For many people, there will be an overwhelming desire to settle for any bank that seems to listen to them. However, like I already said, it is very important to zero down on a bank that will speak a language you understand, offer you a variety of options from which to choose, and basically walk your journey of financial recovery with you. 

Banks like NCBA Bank Uganda that have been at the forefront of paying attention to client needs have over the years been providing the sort of service that today’s person is looking for. For a bank that offers unparalleled service across the board whether it be everyday transactions, borrowing, saving, investment or insurance, NCBA Bank Uganda continues to stand out as a potential industry leader. 

On 6th December 2018 when it was announced that two institutions, NIC Bank and CBA Bank were merging to form a new bank, NCBA Bank, it was clear to most people that the balance in the banking sector had been tipped. While most of the other banks that enjoyed longevity were beginning to struggle with new trends and ever-changing demands of clients, NCBA Bank was entering the market with a profound statement – they were the bank to reckon with. The rich history of retail banking that NIC Bank brought to the table, together with the wealth of expertise in banking innovation that CBA Bank brought to the table meant that the formidable result of the merger would create the perfect institution. 

Therefore, for the average person looking for a way out of the lockdown financial doldrums, the path of NCBA Bank Uganda is one that they ought to think about as a viable option. A combination of cutting-edge mobile banking and the wonderful relationship management prowess that the bank brings should be just the perfect mix for someone who is looking for a banking partner as they navigate their way out of the lockdown madness.

“The financial industry is a service industry. It should serve others before it serves itself.” ― Christine Lagarde

Bernard Ewalu Olupot
a.k.a Beewol
The Talkative Rocker
Follow @beewol on Twitter, @beewol on Instagram, and Beewol on Facebook

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