Niamoja provides an opportunity to VICOBA and other savings groups to smoothly collect and manage their monthly or weekly 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.
- Savings account specially designed for groups.
- Currently available in TZS
- Just TZS 20,000 to open up the account
- Forget monthly fees
- Strictly no withdrawal charges
- Premium interest accruing monthly on amount starting from TZS 100, 000 and applying bi-annually
- Free Simbanking and Simaccount registration
- No charges on monthly statements
- Unlimited cash withdrawals
- Attractive interest rates
- Dedicated Relationship Manager
- Real time collections from members through SimBanking, SimAccount, FahariHuduma Wakala and Branches.
- Countrywide Accessibility
- Meeting minutes of the group authorizing opening of account and how to operate.
- At least 3 signatories
- Signatories Photos
- Signatories’ acceptable IDs (National ID, Passport, Voter’s Registration, Driver’s License)
- Group/Association registration (if available)
- Group members must be 18 years and above
- Five to thirty group members who know and trust each other.
- 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