'Miamala yako ni Akiba yako'.

Frequently Asked Questions (FAQs)

  • 1. What is Spend to Save?

    Spend to Save is a self-initiated saving by an individual whereby they can register and choose to save a certain percentage (between 2%-10%) in their e-wallet every time they perform a transaction. Customer will earn interest of 0.5 to 2.5 % annually, paid monthly depending on the amount saved.

  • 2. What are the attributes for ‘Spend to Save’ service?
    • Customer must operate a transactional account with NMB e.g. Personal Account, Personal Account TPDF, Chap Chap Account and Mwanachuo Account
    • Customer will be able to choose a percentage to save (between 2%-10%)
    • Customer will be able to opt-out the service at any time and their savings will be transferred to their main Account.
    • Customer will have access to the ‘Spend to Save’ menu at the ATM for opting in/registration, balance inquiries, changing of the percentage to save and opting out.
    • The Spend to Save saved amount shall be earning an interest rate of up to 2.5% annually, paid monthly
  • 3. How does a customer sign up for Spend to Save?
    • Any customer with Personal, Personal Account TPDF, Chap Chap or Mwanachuo Account shall visit any NMB ATM
    • Then they will be requested to Insert their card and input PIN
    • Then choose “Other Services”
    • Then choose “More”
    • Then choose “Spend to Save/Weka Akiba”
    • From there the customer will have the Spend to Save menu and choose “Registration/Jisajili”
    • Where they will then enter the percent that they wish to save between 2-10%.
    • Then they will be subscribed to the service
    • The customer can access their saved balance at the NMB ATM and choose “View Balance” on the Spend to Save menu in the ATM
    • The customer can also change percent of the saving percentage by choosing “Percentage Update” on the Spend to Save menu.
  • 4. How does a customer save?

    Customer will be able to save only if they perform any transaction such as bills payment, airtime purchase, fund transfer and cash withdraw on POS, QR (Scan to pay), ATM, NMB Wakala, NMB Direct or Mkononi.

  • 5. What percent will the customer save?

    There are options in the percentage that the customer can save. Currently, the customer can save between 2%-10% of the amount spent. Hence customer will be required to choose between 2%, 3%, 4%, 5%, 6%, 7%, 8%, 9% and 10%.

  • 6. What if I spend the exact amount in my account?

    If the amount spent is the exact amount in the account, meaning there will no amount left to be saved, then no amount will be saved and it will not remain as a debt rather it will be zero TSH saved on that transaction.

  • 7. Does the saved amount on Spend to Save gain interest?

    The saved amount on Spend to Save is eligible to gain interest every month. The interest amount gained shall be paid monthly through the customer’s transactional account (e.g. NMB – Personal Account, Personal Account TPDF, Chap Chap Account and Mwanachuo Account).

  • 8. How does the customer view the saved amount on Spend to Save?

    Customer can access their saved amount through the ATM option of ‘Balance Inquiry’. The customer will be able to view the amount of balance that they have saved.

    The below steps will be applicable;
    • The customer will choose the Spend to Save Option
    • Then choose “Balance Inquiry”
    • Then the customer will be able to view their Balance on Spend to Save.
  • 9. How does the Customer Opt-Out?

    Customer can opt-out of the ‘Spend to Save’ option through the ATM. After the customer opts out, their Spend to Save balance will be transferred to their transactional account.