GT Bank customers to save up to 5 percent with Jibakishie

Business Reporter

Mwananchi Communications Ltd

What you need to know:

Interest rates depend on the loan rates set by the market. According to her, what the customer needs to do is to direct the bank on the percentage to be deducted from any expenditure done through their savings in the account.

Dar es Salaam. Guaranty Trust Bank (Tanzania) Ltd customers will in the near future earn an interest of up to 3 percent by just putting up a savings of 5 percent or more from any expenditure transacted through their accounts.
The bank's Relationship Manager, Mercy Urio said this when briefing journalists on Friday January 28.
She was introducing a new product Jibakishie which basically entails clients transacting through their bank accounts.
According to her a customer only needs to direct the bank to deduct a certain percentage from their transactions for a number of issues including house rents that will then be saved in their accounts and at the end of the month get an interest rate of up to 3 percent depending on the market rates.
“The service will benefit our customers who will earn an interest from their savings at the end of the month and be able to access the money anytime they wish,” she said.
Ms Urio said interest rates depend on the loan rates set by the market. According to her, what the customer needs to do is to direct the bank on the percentage to be deducted from any expenditure done through their savings in the account.
Guaranty Trust Bank (Tanzania) Limited is a subsidiary of Guaranty Trust Bank PLC, with headquarters in Lagos, Nigeria, and listed on the Nigeria and London Stock Exchange Market
The Banks Retail Banking Group, Daniel Mcharo said Guaranty Trust Bank has been operating for 30 years in 11 countries globally.
However, he said that in Tanzania the Bank has been operating for four years now, currently with only one branch.