Exim Bank launches new savings product
Exim Bank has launched a new deposit product it hopes will encourage Tanzanians on lower incomes to save regularly.Exim Bank has launched a new deposit product to encourage low-income Tanzanians to save regularly.
Called the Haba na Haba Account, it is also aimed at employees earning a regular salary and corporate professionals, the Daily News reports.
Consumers can authorise the financial institution to take a small portion of their regular income or savings every month and put them aside into a separate account.
This can take place during a period of between 12 and 120 months and the minimum deposit is 20,000 shillings (£8) a month.
Exim Bank explained many households are struggling in the difficult financial climate.
"More and more families are finding themselves cash-strapped and the key word today is security and the only goal is resource augmentation," it added.
This comes after Vodacom Tanzania announced it is expanding its mobile money transfer service by investing in network operations as a growing number of citizens start using the solution, the Citizen reported.