Mwangaza Junior Account

Everything your child needs for a bright financial future

Teaching your child how to save and handle money can be one of the most valuable lessons in life. That's why we've designed the Mwangaza Junior Account for children below 18 years.

Why open a Mwangaza Junior Account?

  • You can secure a stable future for your child, today
  • As a parent/guardian, you are responsible for running the account, so you can save on behalf of your child
  • Interest is accrued on the daily cleared balance and credited to the account quarterly. So the more you save, the more you earn
  • You can use your savings as collateral for loans and overdrafts
  • There are no monthly maintenance fees, which allows you to save even more
  • You receive one free withdrawal per quarter, so that you don't spend your savings on unnecessary fees
  • You can transfer money from your account into your child's account, through a standing order, free of charge within BancABC
  •  You have the option to choose the frequency within which you will receive your bank statement e.g.  daily, weekly, fortnightly, monthly, quarterly, half yearly or yearly
  • You have the option to choose how you want to receive your bank statement  e.g. delivery at your door step, collection by yourself from the bank, posting or e-mail
  • Once your child turns 18, the account will automatically be transferred into their name
  • You'll be looked after, at all times, with personalized service from a dedicated Relationship Officer
 

To Apply for Mwangaza Junior Account

Simply bring the following to any of our branches:

  • An opening and operating balance of TZS 20 000 / USD 100 / EUR 100 / GBP 100
  • The account must be opened by a parent/guardian
  • The parent/guardian's passport, voter's ID or employer's ID
  • The child's birth certificate
  • Two passport size photos each for parent/guardian and the child
  • A reference or introduction letter either from your  employer (if employed), local executive ward, advocate, registered audit firm or an existing customer of the bank
  • Proof of parent/guardian's residential address
  • Parent/guardian's work permit for  non-residents
 

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