Why NMB scrapped some service charges
NMB head of accounts and payments, Mr Michael Mungure
What you need to know:
- Sharp increases in banking service charges have burdened customers. To retain and even attract new clients, NMB Bank Plc has come up with an initiative
Dar es Salaam. NMB Bank customers will not raise some service charges.
That was said by the bank’s head of accounts and payments, Mr Michael Mungure, in Dar es Salaam.
“Due to the increasing operational costs, commercial banks have increased charges, but to avoid burdening customers NMB has scrapped some charges,” he said.
Due to high rates of nonperforming loans, commercial banks have raised their service charges by 30 and 50 per cent.
According to him, the bank has removed fees for opening accounts, checking balances, fund transfer, monthly payments and reviving dormant accounts.
NMB’s senior manager for liabilities products, Mr Stephen Adili, said previously the bank customers were paying Sh2, 200 for reviving dormant accounts, Sh1,900 as monthly service levy and Sh800 for transactions.
