A product for lower-tier small and medium enterprises (SMEs) in small towns of Kahama, Tabora, Iringa, Morogoro, Mbeya, Mtwara, Zanzibar, Dodoma, Moshi, and Tanga. SME Account is a non-interest bearing transactional account with fixed monthly ledger fees.
Available in Tanzania Shillings only, SME Account offers a cost-effective value proposition to SMEs in smaller townships through cost-effective banking. However, this product can only allow for Term Loan and not Overdraft provision. Any customer intending to request for Overdraft is required to upgrade to the Standard Current Account.
Target market - startups and small and medium enterprises (SMEs) / small traders with an average monthly turnover of not more than TZS 50 million.
- Minimum balance of TZS 30,000
- Free monthly statements
- Free inward & outward TT confirmation
- Access to internet banking and mobile banking
- Term Loans available upon request with slightly higher interest rates - by 2%
- Free cash withdrawals with no restrictions to amount and frequency
- Free cash deposits
- Free TRA transfers / acceptance
- TT & TISS & cheque book twenty-five leaves as per prevailing tariffs.
- Currency - Tanzania Shillings
- Opening balance - TZS 50,000
- Minimum balance - TZS 30,000
- Channels / accounts & information access -:
- Cheque book
- Mobile banking
- Internet banking
- Monthly ledger fee - TZS 10,000
- Transaction fee: debit & credit - nil
- Non-maintenance of average balance - USD 10
- Over the counter transaction fee - nil
- Dormant account activation - USD 10
- *All fees are subject to an 18% value added tax