DAR ES SALAAM: Absa Bank Tanzania has officially introduced the Absa Group Savings Account, a new financial product designed to support groups in managing their collective savings.
The account provides a practical solution for various groups, from families and investment clubs to community organizations, to achieve their financial goals together while enjoying both transactional and savings benefits.
Speaking at the launch event, Director of Retail Banking at Absa Bank Tanzania Ms. Ndabu Swere, emphasized the importance of the new offering. “At Absa, we understand that financial goals are not always individual. Whether it’s saving for a family holiday, building an emergency fund, or planning for long-term investments, managing finances together is essential,” she said.
She added: “The Absa Group Savings Account is designed to make it easy, secure, and rewarding for groups to manage their funds effectively.
“At Absa, we understand that financial goals are not always individual. Whether it’s for a family holiday, an emergency fund, or long-term investments, collective financial management is vital,” she said.
She added: “The Absa Group Savings Account is designed to make it easy, secure, and beneficial for groups to manage their funds effectively.”
The Absa Group Savings Account is available to both registered and unregistered groups with a minimum of three members.
It offers a cheque book for convenient transactions, free unlimited cash deposits at Absa branches, ATMs, or via Absa Wakala, and competitive interest rates calculated daily and paid quarterly.
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Additionally, groups that maintain an average balance of 1m/-or more will not incur monthly maintenance fees, and the account offers free mobile and internet banking for seamless financial management. The account is also designed to provide enhanced trust and transparency in group financial activities.
Head of Marketing and Corporate Affairs at Absa Bank Tanzania ,Mr. Aron highlighted the bank’s commitment to its customers: “Our purpose is clear – ‘Empowering Africa tomorrow, together, one story at a time.’ The Absa Group Savings Account embodies this purpose by helping Tanzanians come together to achieve their financial aspirations,” he stated.
Absa Bank Tanzania continues to prioritize innovation and customer-focused solutions with the launch of this new product, reinforcing its position as a leading financial institution in Tanzania.
The bank encourages families, investment clubs, and community groups to take advantage of the Absa Group Savings Account and begin their journey toward shared success.
