NMB BANK ROLLS OUT ‘WEKEZA ACCOUNT’ TO DRIVE CUSTOMERS LONG-TERM SAVINGS

NMB Bank Chief of Retail Banking, Filbert Mponzi (second right), yesterday unveiled 'Wekeza Account' in Dar es Salaam, aimed at spurring a long-term investment saving culture in Tanzania. From left are Senior Product Manager, Janet Rwegasila, NMB Bank Head of Retail Products and Channels, Aloyce Maro and Head of Private Banking, Getrude Mallya.

NMB Chief of Retail Banking, Filbert Mponzi (third right), and Head of Retail Products and Channels, Aloyce Maro, unveil a long-term savings account the offers attractive returns on investment and additional free Life Insurance dubbed 'Wekeza Account' in Dar es Salaam yesterday. From left is Direct Sales Manager, Darius Elis, Senior Product Manager, Janet Rwegasila, Head of Private Banking, Getrude Mallya and Senior Manager Retail Liabilities, Beatrice Mwambije.

• Customers to get lucrative returns on investment as well as free Life insurance cover 

Dar es Salaam. Sept 29, 2021 - NMB Bank PLC has today launched a long-term savings account that offers attractive returns on investment and additional free life insurance.

The account dubbed ‘Wekeza’ is the first of its kind in the market that offers not only competitive interest but also free Life Insurance while cementing the bank’s leading role as an innovative champion in banking service delivery and the safest financial solutions provider.

Wekeza account will attract an interest rate of up to 12 percent for those making a long-term investment. The interest rate will go hand in hand with the number of years a customer needs to invest.

NMB Bank’s Chief of Retial Banking, Filbert Mponzi said the new Wekeza account will help customers to become more financially secured.

Mr. Mponzi further said that “NMB Bank is committed to providing innovative solutions and banking services to our customers, we continue to invest strategically in our technology and branch network and strengthen more our ability to deliver to the market."

“We are happy to be able to offer our customers another safe and long-term way of saving money, seven months after the launch of our deposit mobilization campaign. We operate in a heavily competitive environment, but once again we prove that we’re able to continuously introduce new products that bring value to our customers. We are extra proud of our product Wekeza and are committed to making available exciting opportunities for our customers while also encouraging them to adopt good financial habits,” said Mr. Mponzi.

Mponzi added that “We want our customers to continue trusting us to manage their deposits while also inculcating a savings culture for their future financial prosperity.”

The Minimum deposit in the Wekeza account starts at Tzs 250,000 and the tenure of the savings ranges between - 6 to 20 years and interest earned is payable twice a year (June and Dec). The account will also attract an option of topping up the investment through NMB channels (NMB Branch, NMB Wakala and NMB Mkononi).

Wekeza account also offers a free life insurance in case of death or permanent disability of the customer which will be a double of his investment/balance, a minimum of TZS 2 Million to 50 Million.

“We develop products that help people save time and money. And we are using the latest technology to do so. We want everyone to be in full control over their personal finances, wherever they are, in a way that is as accessible and customer-friendly as possible.” said Mponzi

For more information, contact:

Eunice Chiume, NMB Bank Plc Head; Communications and Corporate Affairs

Email: Eunice.Chiume@nmbbank.co.tz

About NMB:

NMB Bank Plc. (“NMB”) is a full-service commercial bank incorporated in the United Republic of Tanzania. Through its 4 main business divisions: Retail, Wholesale, Agri and Treasury, NMB provides a suite of financial services and products to retail customers, farmers, SMEs, Corporates, Institutions and the Government.

The bank has 226 branches, over 10,000 Agents (Wakala) and more than 800 ATMs across the country and is represented in all districts of Tanzania. NMB has over 4 million customers and employs over 3,400 staff. It is listed at the Dar Es Salaam Stock Exchange and its largest shareholders are the strategic partners Arise B.V with a 34.9% shareholding and the Government of Tanzania with a 31.8% shareholding.

Euromoney awards for excellence selected NMB as the “Best Bank in Tanzania” for 9 years in a row from 2013-2020. The bank has been named The Safest Bank in Tanzania for the year 2020 by Global Finance Magazine. NMB Bank was also awarded as the Best Blended Finance Partner in Africa for banks working with International Finance Corporation (IFC) of the World Bank Group in 2019. Also, the Best Retail and Best Commercial Bank in Tanzania by the Banker East Africa Magazine in 2018. For more information about NMB and its services, please visit our website: www.nmbbank.co.tz