Mwanga Hakika Bank, known for its emphasis on customer-centric services announced a major strategic move by launching the “Benki kwa Zero” campaign and an enhanced version of its banking application, the Pesa Hakika App.
This step aims to bring transparency, cost efficiency, and to stimulate financial inclusion in Tanzania. Through the “Benki kwa Zero” campaign, Mwanga Hakika is transforming the banking fee structure by eliminating account opening costs (Hatuna Kianzio / No Minimum Balance), abolishing monthly maintenance fees (Hatuna Ada / No Fees), and removing hidden deductions (Hatuna Makato / No Deductions).
Speaking during the launch, the Managing Director, Jagjit Singh, said: “We believe that banking services should be simple, transparent, and affordable for every Tanzanian. That is why we are bringing ‘Benki kwa Zero’ to our new and existing customers, including the youth and small business owners, so they can keep and use their money with confidence without fear of any deductions.”
Furthermore, the Chief Commercial Officer, Thomas Enock, stated that this move directly aims to address the challenges facing many individual customers as well as the Small and Medium Enterprises (SMEs) sector. This launch demonstrates how the financial sector can leverage technology to lower operational costs and pass that benefit on to the end consumer.
The campaign will not only strengthen Mwanga Hakika’s position in the market but will also encourage an increase in capital and deposits moving from the informal sector into the formal financial system.
In tandem with the campaign, the presence of the new Pesa Hakika App brings modern fintech services that are vital for economic growth. A major economic highlight of this App is the ability for customers to open an account without any initial deposit and without deductions.
In addition to investment features, the App offers short-term loan solutions through ‘Mkopo Chap’, digital self-onboarding capabilities, and verified high-level security for business transactions.
