Nia Moja account is a group savings account that provides an opportunity to VICOBA and other savings groups to smoothly collect and manage their group contributions and earn interest on funds deposited into their bank account. The account also helps groups to grow their deposits, get funding for their groups, e.g. loans from the Bank and it ensures easy and safe payments to group members.
Nia Moja account carters for both formal and informal groups wishing to save funds for a common purpose including but not limited to; helping each others in different social events, investing and travelling.
- Currently available in TZS only
- Minimum account opening balance is TZS 20,000
- There are no monthly fees
- No withdrawal charges
- Zero minimum operating balance
- Premium interest accruing monthly on amount starting from TZS 100, 000 and applying bi-annually
- Minimum number of members is three and there is no maximum number of members
Key Benefits of Nia Moja
Requirements of Opening Nia Moja
- Meeting minutes of the group authorizing opening of account and how to operate.
- At least 3 signatories who are required to have accounts with CRDB Bank
- Signatories’ passport size photos
- Signatories’ acceptable IDs (National ID, Passport, Voter’s Registration, Driver’s License)
- Group/Association registration (if available)
Loan Procedure for Nia Moja
- Members must be 18 years and above
- Interest charged on loan is 1.25% p.m which equals 15% p.a
- Loan processed in 7 days
- Minimum loan amount starts from 200,000 to maximum of 30 Million