Dar es Salaam. Mwanga Hakika Bank has introduced a new campaign aimed at eliminating several banking charges and making financial services more accessible, particularly for individuals and small businesses.
Under the initiative dubbed Benki kwa Zero, customers will be able to open accounts without an initial deposit and will not be subject to monthly maintenance fees or other deductions, according to the bank.
The lender also unveiled an upgraded version of its Pesa Hakika mobile application, which offers digital account opening, short-term loans and investment services.
Speaking during the launch in Dar es Salaam on Tuesday, the bank's managing director, Mr Jagjit Singh, said the move was intended to make banking services simpler and more affordable for customers.
“We believe banking services should be simple, transparent and affordable for every Tanzanian. Through Benki kwa Zero, customers can save and transact without worrying about deductions,” he said.
The bank's chief commercial officer, Mr Thomas Enock, said the initiative was expected to address challenges faced by individual customers and small and medium-sized enterprises (SMEs), while encouraging more people to move their savings from the informal sector into the formal financial system.
He said technology had enabled the bank to reduce operating costs and pass some of the benefits to customers.
The upgraded Pesa Hakika App allows customers to open accounts digitally without making an initial deposit and provides access to investment products and short-term credit facilities under the Mkopo Chap service.
The bank said the platform incorporates enhanced security features to support business and retail transactions.
The move comes amid growing competition among lenders seeking to attract customers through digital banking services and lower transaction costs, as financial institutions increasingly target underserved segments and expand access to formal financial services.
