NMB Bank has initiated a new way of accumulating funds and promoting the savings culture in the country.
“Spend to Save – Miamala Yako Ni Akiba Yako” the first and only service in the market allows customers to save automatically whenever they are transacting. It does not only elevate how Tanzanians save to new heights but also accords them many benefits.
Filbert Mponzi, Chief of Retail Banking at NMB Bank pointed out that the service’s special wallet in which the savings are deposited was yet another demonstration of the bank’s innovation prowess and top-notch creativity.
He noted that the service also proves NMB Bank’s commitment to promote the savings culture and mobilise Tanzanians to save for future use and investment.
“We are expanding our current account offer to help more customers feel confident about managing their money. Spend and Save in the wallet is packed full of features that will help customers build a healthy savings habit and make the most out of their money,” Mponzi stated.
Additionally, he noted that the novel service proves bank’s market leadership when it comes to innovative and value added banking solutions.
Aloyce Maro, Head of Retail Products and Channels, said apart from assisting customers to save, “Spend to Save” also enhances the way NMB serves them.
He shared that NMB came up with the wallet idea for its Personal, Chap Chap and Mwananchuo account holders after establishing that most of them were not using the accounts for saving.
According to him, eligibility for the service requires a customer to register at any of the over 8,000 NMB ATMs across Tanzania and ascertain the percentage to be deducted from the amount transacted for depositing in the savings wallet, which is between two and 10 per cent.
He added that the accrued savings, which will have to be from transactions made through ATMs, point of sales, NMB Direct or NMB Mkononi, will also earn customers interest.
For those wishing to spend the savings, Mr Mponzi said they can do a transfer from the wallet to their accounts, which allows up to 50 per cent of the amount saved.
“A customer can also opt-out of the wallet and the saved amount will be deposited to the account. All these activities are done through NMB ATMs,” he explained.