How To Invest Without A Bank Account

“I lost my job and I’m surviving on deals. When the money is there, I enjoy it, but sometimes I even run out of money for food. I need you to help me set aside some money,”   this is what a friend told me. I suggested using a money box or bank account without an ATM, but he said he wasn’t disciplined enough. Eventually, we agreed to keep the money on another mobile line of mine. Although he knew the PIN, accessing the money required my involvement – I became his “mobile banker” as he slowly regained his financial stability.

Many think investing is only for people with fat salaries and bank accounts. Yet, you already have a powerful investment tool at your disposal – your mobile phone. We’re living in a time when saving and investing is much easier and more accessible, regardless of your income or discipline. You can use your phone to do more than just watching TikToks/YouTube videos, pitching-woo on WhatsApp, or making calls; it is your digital wallet. These days, there’s no need for you to resort to having a friend hide your money.

There are many non-banking options for saving and investing your money, while it earns you some interest:

  1. Mobile Networks: Telecom networks like Airtel and MTN have partnered with financial institutions to develop products that can help you build your discipline, save, earn interest and plan for your future – all from your phone. Your money is safe because these products are regulated and approved by the Bank of Uganda and the Capital Markets Authority. These include:

    1. MTN YInvesta in partnership with Sanlam Investments which pays daily returns, and only needs a minimum deposit of UGX 500.

    2. MTN / Airtel Okusevinga in partnership with Bank of Uganda invests in government securities and pays periodic returns; it has a minimum deposit of UGX 10,000.

    3. Airtel Fixed Deposits in partnership with KCB bank locks your money at a fixed interest rate for three, six or 12 months.

    4. MTN Xeno requires a minimum deposit of only UGX 10,000 for you to start earning daily interest. The money is accessible anytime, but it’s also growing.

  2. NSSF Smart Life Flex: Is an option for anyone struggling to accumulate funds. You can start with as little as UGX 5,000, and save whenever and however you want. The money will be locked for 12 months, giving you time to build up funds for retirement planning or a business project.

  3. Securities Trading Accounts: You can also buy shares, government bonds, and treasury bills even if you don’t have a bank account. Follow the prompts on your preferred mobile network, and set up an account on the Uganda’s Securities Exchange account with your national ID number (NIN).

A word of caution – before you dive in, do your research and due diligence; visit the specified service providers, understand the risks involved, and learn how these products actually work. There are many bafere (conmen and scammers) just waiting to take advantage of you, please stay alert, and be careful with your money and your future.

Don’t be the only one working, let your money work for you too. Start investing and earning a passive income today.


Any questions? Sound off in the comments, or DM me – @KagoTMD on TikTok, Instagram and LinkedIn.

If you're interested in watching full video essays of this and other topics I've discussed here, visit and subscribe to my YouTube channel.

Let's build your future, together.

Image courtesy of FreePik

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