 Absa Bank Tanzania Head of Retail Banking, Ms. Ndabu Swere (second left), speaks during a media conference at the official launch of the bank's Youth Savings Account in Dar es Salaam. She is flanked by Head of Marketing and Corporate Affairs, Mr. Aron Luhanga (left), Absa's Youth Account Liability Product Manager, Mr. George Kaindoah and the bank's Head of Retail Products and Strategy, Mr. Heristraton Genesis. |
Absa Bank Tanzania is proud to announce the launch of the Absa Youth Savings Account, a groundbreaking financial product designed specifically for young Tanzanians aged 18 to 30. The official launch event, marks a significant milestone in the bank’s commitment to empowering the youth and fostering a culture of savings.
Speaking at the launch event, Ms. Ndabu Swere, Head of Retail Banking at Absa Bank Tanzania, expressed her excitements in launching the new product and highlighted its importance. “Today, we are here to witness the launch of an innovative product from Absa Bank Tanzania - the Absa Youth Savings Account. This account targets young individuals aged 18 to 30, a demographic that represents a significant portion of Tanzania's population,” said Ms. Swere.
The Absa Youth Savings Account is designed to fill a crucial gap in the market. While Absa Bank currently offers Child Savings Accounts for those under 18, managed by parents or guardians, there has been a lack of tailored products for young adults. This gap has often forced young adults to seek financial services elsewhere, making it challenging for the bank to attract them back once they complete their education or start their businesses.
“Our new Youth Savings Account addresses this issue, aligning with our commitment to ESG principles and supporting the youth of Tanzania,” added Ms. Swere. “At Absa Bank Tanzania, we are driven by our purpose: 'Empowering Africa tomorrow, together, one story at a time.' Today, we take a bold step forward with the introduction of the Absa Youth Savings Account, designed to foster a culture of savings among our youth.”
The Absa Youth Savings Account offers numerous benefits, including free unlimited deposits through Absa Wakala, ATMs, and branch channels, a free debit card upon account opening, free mobile and internet banking access, zero monthly maintenance fees, 24/7 account access via Absa’s digital platforms, participation in youth-oriented programs and activities, such as career fairs, youth events, and seminars and access to the Absa Twin Rewards cashback proposition.
On his part, Mr. Aron Luhanga, Absa’s Head of Marketing and Corporate Affairs, emphasized the bank’s brand promise, "Your story matters," or in Swahili, “Stori yako ina thamani.” “This is more than a slogan; it's a commitment to walk alongside you, supporting you in your life's journey to help you write the best stories. We understand your past, envision your future, and pledge to support you every step of the way,” he stated.
In her conclusion, Ms. Swere, invited all young Tanzanians to take advantage of this opportunity and open an Absa Youth Savings Account. This account is designed to help youth build a habit of saving and benefit from the unique advantages offered by Absa Bank Tanzania.
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