Tanzania Postal Bank launches savings account for women

Friday March 29 2019

By Majuto Omary @majutoy2k momary@tz.nationmedia.com

Dar es Salaam. Tanzanian women will have something to smile about after TPB Bank PLC launched a special account for them, in a bid to promote savings.

The account, dubbed Tabasamu, was launched yesterday by the Vice President of United Republic of Tanzania, Ms Samia Suluhu Hassan. She said the move will help Tanzanian women to improve their saving culture, while enabling them to meet their targeted economic dreams.

This is being done a few months after former Tanzania Womens Bank, which was specifically established to offer financial services to women, was merged to TPB Plc due to liquidity problems.

Speaking during the launching ceremony, Vice President Samia Suluhu Hassan commended the TPB Bank for introducing the special account, saying will help to improve financial independence among women.

She said the aim of establishing TWB was to recognise the contribution and the role of women in the country’s economic development as well as to give an opportunity to all women to enjoy the specialised banking services.

Deputy minister for Finance and Planning, Dr Ashatu Kijaji, said the main purpose of the government to merge the two banks was to ensure savings that were under TWB were safe as well as to ensure the bank’s clients continued with banking services.

“The decision to merge two financial institutions is to strengthen the banking system in the country as it is happening now whereby TPB Bank is one of the strongest financial institution in the country,” said Kijaji.

TPB Bank Plc board chairman, Dr Edmund Mndolwa, said Tabasamu account has been established to support the efforts made by the government to empower women.

“TPB Bank Plc believes that women can achieve their daily earnings and gain their economic worth without depending on anybody,” said Mndolwa.