NEWS AND EVENTS

ACCESSBANK KIKUNDI ACCOUNT ATTRACTED MORE THAN 170 LOANS AND SAVINGS GROUPS.
Posted By: MARKETING Last Update by:19, April 2017

ACCESSBANK KIKUNDI ACCOUNT ATTRACTED MORE THAN 170 LOANS AND SAVINGS GROUPS.

It has been almost six months now since the Deputy Permanent Secretary from the Ministry of Finance and Planning, Honourable Mrs. Dorothy Mwanyika officially launched the AccessBank Kikundi Account which is powered by AccessMobile, more than 170 loans and savings groups from across the country have joined Kikundi account in order to benefit from the services offered by the bank . This account is specifically tailored for informal savings and loan groups that are keen to save and loan to its group members.

Speaking at on this, the Chief Business Development Officer at AccessBank Tanzania Mr. Andrea Ottina said, “There has been a good response from many savings and loans groups that have joined this account, this is a very unique account which is tailor made to assist informal group’s to keep their money safe and manage their money in a more modern and digital way. This is a more effective way of saving and managing money that records and keeps all transaction information, an issue that was never there before with the groups. Many groups used to save via the old system like through the use of large cash boxes locally known as “Vibubu” which are not safe. These groups that have opened a Kikundi account have enjoyed the benefits of the account include; easy to use, easy to manage and most important security”. He also said that, these informal groups have a total savings with the bank of more than 134 billion TZ shillings.

AccessBank has partnered with an international NGO called Care International. Care International has been involved in the teaching and monitoring of these informal savings and loans groups, many of which are located within local towns and villages. These groups usually have 15 – 30 members that meet at least once a week for the purpose of buying shares, taking loans as well as debating on other current affairs influencing today’s generation. The group’s entire money is saved in a cashbox and 3 members are selected to keep the cashbox keys’. Normally, there are upto 5 group leaders that are chosen by the group members, this includes the Group Chairman, 2 Accountants, Secretary and Treasurer. Three other members from the group are given the cashbox keys that will be opened at least once a week after commencement of their meeting. This system of keeping money in a cashbox and giving the keys to three members has proven to be unsafe and most often the money can be stolen during the last round of the group’s saving contribution, this is when the amount of cash kept is the most.

Based on this information, AccessBank decided to come up with a new way of saving the cashbox money by starting Kikundi account that is connected to  mobile phone and works as follows; for every transaction it will be initiated by the Group Chairman and will then be approved by two treasurers through their mobile phones.

Commenting on this Mr. Sijaona Simon, Senior Marketing Officer at AccessBank Tanzania said, “Kikundi account has helped many informal groups with the issue of security, furthermore, the group’s members have enjoyed free banking services through their mobile phones.  AccessBank through its AccessMobile services offers free mobile banking services to its customers that have opened a Kikundi account. A customer that has subscribed to AccessMobile can transact using his/her account without any charges, this is a service that has attracted many of our customers. Kikundi account as we know is powered by AccessMobile thereby making instant mobile banking transactions that benefit these groups at no fee or charge. Finally, I would like to call out other informal groups that have not yet opened a Kikundi account, to contact us through our many AccessBank branches near you and open a Kikundi account and enjoy free mobile banking”.

AccessBank is a financial institution that serves entrepreneurs both small and medium. Through our stakeholders AccessHolding, International Finance Corporation (World Bank), KfW, African Development Bank and MicroVest our vision is; commitment to the development of the financial system that supports social progress by rendering services to all people with the same ambition for excellence and quality.