ABSA BANK LAUNCHES GROUP SAVING ACCOUNT

Absa Bank Tanzania Head of Retail Banking, Ms. Ndabu Swere (centre), addresses the media (not in the picture), during the official launch of Absa Bank Group Saving Account in Dar es Salaam. Looking on are, Absa's Citizenship Manager, Ms. Abigail Lukuvi (left), and Head of Retail Products and Strategy, Mr Heristraton Genesis.

Head of Retail Products and Strategy at Absa Bank Tanzania, Mr. Heristraton Genesis (right), speaks to the media, during the official launch of Absa Bank's Group Saving Account in Dar es Salaam. Looking on are, Absa's Citizenship Manager, Ms. Abigail Lukuvi (left) and Head of Retail Banking, Ms. ndabu Lilian Swere.

Dar es Salaam: Absa Bank Tanzania has launched a new product, the Group Saving Account, which targets to empower groups of people intent on accomplishing common financial goals to save and invest, part of the bank’s drive to fast-track financial inclusion agenda in Tanzania.

Speaking at the launching event, Head of Retail Banking, Ms Ndabu Swere said: “The Absa Group Saving Accounts is meant for groups, with the account, we empower groups to save, invest and earn interest.”

She noted that the account comes with an array of advantages, top being its flexibility which enables holders to transact anywhere using the bank’s digital systems, agency banking or a cheque.

She added: “the account is also transparent, as holders are posted on what is going on with the account, like deposits and withdrawals, as they can view the account and also get regular notifications.”

Another advantage, she noted, is that the holders are covered with insurance, which can offer indemnity in case of unforeseeable events like death of account holder or their close relatives.

The account also creates a great sense of commitment which is not possible with an individual, as a group, they can save and succeed, because each member feels obliged to work towards accomplishing the common goals agreed.

Another plus with the account is safety, as the account will be secure, due to the fact that as Absa systems are designed to ensure safety of customer funds, our platforms are completely safe.

“I call upon groups with no accounts, groups that have accounts but which lack features of the Absa Group Saving Account, and individuals with no groups to make decisions to utilize this valuable proposition,” said Ms. Ndabu.

She noted that the new product is part of the bank’s drive dubbed ’empowering Africa’s tomorrow, together- one story at a time’ to help the continent overcome its social and economic challenges.

“If our customers manage to succeed in accomplishing their common goals through the Absa group Saving Account, we will have succeeded in empowering Africa,” said Ms. Ndabu.

Speaking at the event, Head of Retail Products and Strategy, Mr. Heristraton Genesis, said the launch of the Absa Group Saving Account, which can be opened by at least three people, was in response to market needs.

“We have been getting suggestions on opening a group account, as a keen financial institution, we have responded swiftly to the demand,” said Genesis, noting that the account was a hybrid model, having functions of a conventional Saving Account and a Group Account.

He explained that to open the account, a group should have a constitution, minutes of a meeting to approve the constitution, names of signatories and letter of introduction.

He said holders of Absa Group Saving Account start to earn interest after the deposit hits Tsh 200,0000, and that as the deposit exceeds  Tsh 1,000,000 all bank charges are waived and it becomes a free service.

He noted that the account was part of the bank’s drive to ensure that formal groups, and informal ones with at least a letter of introduction from Local Government Authorities, get access to banking services.

“The major purpose of the Absa Group Saving Account is to enable people be connected to formal banking services as we take steps to support the universal financial inclusion agenda endevour spearheaded by the Sixth- Phase administration,” he said.