Absa Bank Tanzania Unveils the Absa Group Savings Account – A Unique Solution for Collective Savings

Absa Bank Tanzania Director of Retail Banking, Ms. Ndabu Swere (centre), addresses a media conference, during the official launch of the bank's group saving account in Dar es Salaam today. Looking on are, Absa's Citizenship Manager, Ms. Abigail Lukuvi (left), and the bank's Head of Retail Products and Strategy, Mr Heristraton Genesis.

Dar es Salaam, 13 February 2025 – Absa Bank Tanzania has officially launched the Absa Group Savings Account, a versatile financial solution designed to help groups achieve their shared goals while enjoying both transactional and savings benefits. Whether for vacations, social events, emergencies, or long-term investments, this account provides an easy, profitable, and secure way for savings groups to manage their funds.

Speaking at the launch event, Ms. Ndabu Swere, Director of Retail Banking at Absa Bank Tanzania, emphasized the significance of the new product. "At Absa Bank Tanzania, we recognize that financial goals are not always individual – sometimes, they are shared. Whether it’s a family, an alumni association, a neighborhood group, or an investment club, we understand the importance of collective financial management. That is why we have introduced the Absa Group Savings Account – to ensure that groups can access financial services easily, securely, and with great benefits."

The Absa Group Savings Account allows both registered and unregistered groups of at least three members to save together while earning competitive interest rates and benefiting from seamless digital banking access. Account holders will enjoy:

• A cheque book for easy transactions.

• Free unlimited cash deposits at Absa branches, ATMs, or through Absa Wakala.

• Competitive interest rates calculated daily and paid quarterly.

• Zero monthly maintenance fees for groups maintaining an average balance of TZS 1 million and above.

• Free mobile and internet banking access for seamless financial management.

• Enhanced trust and transparency in group financial management.

On his part, Mr. Aron Luhanga, Head of Marketing and Corporate Affairs at Absa Bank Tanzania, spoke about the bank’s broader mission and brand commitment. "At Absa, we are driven by our purpose: “Empowering Africa tomorrow, together, one story at a time.” This new product is a reflection of that purpose, ensuring that Tanzanians can work together toward their financial aspirations. Our brand promise, “Your story matters,” or in Swahili, “Stori yako ina thamani,” is not just a slogan – it is our commitment to supporting our customers at every step of their journey."

With the launch of the Absa Group Savings Account, Absa Bank Tanzania continues to reinforce its commitment to providing innovative and customer-centric financial solutions. The bank invites families, investment clubs, and community groups to open an Absa Group Savings Account and begin their journey towards shared success.

Head of Retail Products and Strategy at Absa Bank Tanzania, Mr. Heristraton Genesis (right), addresses a media conference, during the official launch of the bank's group saving account in Dar es Salaam today. Looking on are, Absa's Citizenship Manager, Ms. Abigail Lukuvi (left) and the bank's Head of Retail Banking, Ms. ndabu Lilian Swere.

Some members of the media at work, during the official launch of the bank's group saving account in Dar es Salaam today. The media was addressed by the bank's Director of Retail Banking, Ms. Ndabu Lilian Swere.