The move dubbed, ‘free banking,’ will also play a leading role in growth and economic development of the country, the bank’s Head of Payments and Accounts, Michael Mungure said
Mungure told journalists in Dar es Salaam last Friday that the bank’s move follows customer survey and research to find out reasons behind most Tanzanians not using banking services. “Our free banking product is being introduced to encourage the public use formal banking services in their daily lives,” Mungure noted.
He named some of the fees and charges to be abolished as those involving individual account opening, monthly maintenance fees, transaction fees and dormant account revival fees. “Another fee which has been abolished effect next February is that of transferring money from one account to another within NMB Bank but also balance inquiry fees,” he added.
Speaking at the same press conference, NMB Bank’s Senior Manager for Liabilities and Payments, Stephen Adili called on the public to make use of the ‘free banking’ system being introduced in February to official join the country’s largest commercial bank.
“The public should make use of this new offer to open and revive their accounts with NMB which can now be easily done by digital technology including use of mobile phones,” Adili advised while stressing that joining NMB also comes with a host of benefits such as access to loans.
“Opening of new accounts or reviving dormant accounts can now be done easily and freely by individuals or groups of people to the benefit of the economy in general,” Adili noted noting that in the modern world people without bank accounts are marginalised economically as they can’t access a number of products designed to grow them.
