Absa Bank Launches Absa Mzawa Account for Tanzanians Living in the Diaspora

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Absa Bank Tanzania has officially unveiled the Absa Mzawa Account, a new banking solution designed specifically for Tanzanians living abroad.

The product aims to strengthen the financial connection between the more than 400,000 Tanzanians living overseas and their homeland by offering convenient tools for managing money, investing, and supporting families back home.

Speaking at the launch event, Absa Tanzania Managing Director Obedi S. Laiser emphasized the bank’s commitment to innovation and inclusivity, describing the Mzawa Account as a vital link to home that reflects the bank’s dedication to supporting Tanzanians wherever they are in the world.

The Mzawa Account offers investment opportunities in fixed deposits, bonds, real estate, and land in Tanzania, giving users a platform to grow their wealth.

Account holders also benefit from preferential loan rates on personal, home, and vehicle loans, as well as access to cash- or bond-backed overdrafts.

For digital convenience, the account provides 24/7 access to Absa’s Internet Banking platform, mobile app, and USSD services.

It also facilitates easy money transfers to family members in Tanzania. Absa has also set up support channels to assist Mzawa customers with account-related inquiries.

The product comes with multi-currency functionality, simplified global transactions, and inclusive insurance solutions through Absa Bima.

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The event featured key remarks from Ndabu Lillian Swere, Director of Retail Banking, and Thereza Majinge, Head of Affluent Banking, who emphasized the bank’s strategy to empower Tanzanians globally with smart, flexible financial solutions.

The launch was graced by Hon. Cosato David Chumi, Deputy Minister for Foreign Affairs and East African Cooperation, as Guest of Honor. In his speech, he praised the initiative, noting that it aligns with the government’s efforts to deepen diaspora engagement and promote economic participation among Tanzanians abroad.

Also present were notable ambassadors and former diplomats, including Ami Pungwe, Mwanaidi Maajar, Radhia Msuya, Simba Yahya, and Bertha Semu-Somi, as well as Peter Nalitolela, Managing Director of the Dar es Salaam Stock Exchange.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.