The Kolat Savings Account is designed to promote financial inclusion by providing a simple, affordable, and convenient savings solution for low-income earners and individuals who may have limited access to traditional banking services. It offers essential banking benefits while encouraging a culture of saving and financial responsibility.
Features & Benefits
* Minimum opening deposit of **NLe 20**
* Access to **SMS Alerts** for account transactions
* **3% per annum interest**, paid quarterly on the account closing balance
* Access to **Internet Banking**
* Access to a **Commerce & Mortgage Bank Debit Card**
* Safe and secure savings facility
* Convenient access to banking services
Who Can Open a Kolat Savings Account?
This account is ideal for:
* Artisans
* Students of tertiary institutions
* Traders and market women
* Motorcycle (Okada) and Keke riders
* Junior civil servants
* Bus and taxi drivers
* Self-employed professionals
* Fishermen
* Labourers and field workers
* Rural dwellers and communities with limited access to banking services
Requirements
To open a Kolat Savings Account, customers must provide:
* Completed Account Opening Form
* Valid National Identification Card
* Two (2) recent passport-sized photographs
* ECOWAS Identification Card (where applicable)
* Residential Permit for non-Sierra Leoneans
* Verifiable residential address and house mapping details
Account Limit
The Kolat Savings Account is designed for small-scale savers and has a maximum balance limit of **NLe 5,000**. Once the account balance exceeds this limit, it will be converted to a **General Savings Account** to provide access to additional banking benefits and services.
Start Saving Today
Take the first step towards financial security with a Kolat Savings Account. Visit our head office to open your account and begin your savings journey.