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Mkombozi Commercial Bank Plc (hereinafter referred to as “the bank”) is committed to providing a high standard of customer service to all its customers. The bank believes that you have the right to know what level of service you can expect from  the bank at  all the time – even in those rare moments when things don’t go as planned. This Charter is a public document which is also aimed at ensuring that there is transparency in the requirements and general practice relating to provision of services to customers in the bank.

It seeks to broadly answer a number of questions that a customer may have. It contains details of the standards of customer service that the customer may expect from the bank.

It is the duty of all staff of Mkombozi Commercial Bank Plc to:

  • be welcoming, fair, courteous and respectful in dealing with all enquiries,
  • provide clear, concise and prompt communication on all correspondence,
  • perform product delivery within set targets,
  • embrace innovation and best practice and
  • deliver a uniform and consistent service.

Frequently asked Questions include:

Q. How do I open an account?

The bank will provide you with details of various types of accounts that you may open with the bank.

You can have your choice on what type of account would best suit you, based on your needs and requirements

The bank will, prior to opening of the account, require documentation and information as prescribed by the “Know Your Customer” (KYC) guidelines adopted by the bank.

The due diligence process that the bank would follow, will involve providing documentation verifying your identity, verifying your address, and information on your occupation or business and source of funds. As part of the due diligence process the bank may also require an introduction from a person acceptable to the bank if they so deem necessary and will need your two recent photographs.

In the event that the account opening process is likely to take longer time than normal, the bank will inform you of the revised timeline.

The bank will provide you with the account opening forms and other relevant material to enable you open the account. Bank personnel will advise you on the complete details of information that would be required by the bank for the verification process.

The bank reserves the right, at its sole discretion, to open any account and at such terms as the bank may prescribe from time to time

Q. What are the types of accounts that I can open?

The broad categories under which your account would be opened are:

Savings Bank Accounts which can be opened for eligible person / persons and certain organizations & agencies.

Current Accounts which can be opened by individuals / partnership firms / Private and Public Limited Companies / Associations / Societies & Trusts.

Term Deposits Accounts which can be opened by individuals / partnership firms / Private and Public Limited Companies / Associations / Societies & Trusts.

Within the above-mentioned broad categories, the bank may introduce various products with specific features. The details of such products and features will be available from the bank’s officials.

Q. What are the mandates of operation on my account?

Personal accounts opened by you can be opened in your own name (status: known as account for individuals) or by you jointly with others (status: known as Joint Account).

A Joint Account opened by more than one individual may be operated by a single individual or jointly by more than one individual, based on the mandate provided. The mandate for operating the account can be modified with the consent of all account holders.

A minor account will be opened jointly with a guardian and only the guardian would be allowed to operate the account.

At the specific request of the depositor, the bank may register mandate / power of attorney given by the customer authorizing another person to operate the account on his behalf.

If you have a term deposit account, at the time of placing your deposit you can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity.

Q. How do I add or delete the names of joint account holders?

The bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow. They also allow an individual depositor to add the name of another person as a joint account holder.

Renewal of Overdue Term Deposits

The bank will advice the customer 14 days prior to maturity of the Term Deposit.  However;

The bank may, if alternative or special instructions are not provided, automatically renew deposits on maturity for the same period as the previous deposit.

On renewal of a term deposit at the time of maturity, the deposit interest rate applicable for the period agreed with the customer would be applied.

If request for renewal is received after the date of maturity, such overdue deposits will be renewed with effect from the date of maturity at interest rate applicable as on the due date, provided such request is received within 14 days from the date of maturity.

In respect of overdue deposits renewed after 14 days from the date of maturity, no interest for the overdue period will be paid.

Advances Against Deposits

The bank may consider depositors’ requests for loan / overdraft facility against term deposits, subject to execution of a lien on the account as a security for the loan. Amount to be granted as a loan on such security will be limited to 90% of the Term Deposit amount.

Q. How do I open an account for an illiterate or blind person?

The bank may at its sole discretion, open deposit accounts, not being Current Accounts, in the name of an illiterate person, subject to such terms and documents that the bank may prescribe from time to time.

The account of such person  may be opened provided he/she calls on the bank personally along with a witness known to both the depositor and the bank, and after due completion of KYC requirements.

No cheque book facility is provided for such Savings Bank Account therefore at the time of withdrawal/ repayment of deposit amount and/or interest, the account holder should affix his / her thumb impression or mark in the presence of the authorized bank officer who would verify the identity of the person.

The bank may explain the need for proper care and safe keeping of the statement given to the account holder. The bank official may explain the terms and conditions governing the account to the illiterate / blind person prior to opening the account.

Q. Can I transfer funds from my account to another bank?

Money transfer products are available at the bank. The bank is a member of TISS, SWIFT and Western Union. The bank is also a member of UMOJASWITCH Co. Ltd. which facilitates account holders to withdraw money from any member bank. UMOJASWITCH Co. Ltd member banks include more than 24 banks in Tanzania; TIB,  Twiga Bancorp, DCB,  Azania,  Uchumi, BOA, Access, ACB, CBA, TPB, TWB and more.

Q. How do I nominate beneficiaries for my account?

Nomination facility is available on all deposit accounts opened by individuals. Nomination is also available to a sole proprietary company account.

Nomination can be made in favour of one individual only.

Nomination so made can be cancelled or changed by the account holder/s any time.

While making nomination, cancellation or change thereof, it is required to be witnessed by a third party.

Nomination can be modified by the consent of account holder/s. Nomination can be made in favour of a minor also.

The bank recommends that all depositors should avail a nomination facility. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.

Q. How do I know what the transactions on my account have been?


The bank will provide a statement of account for savings account as well as Current account customers at pre-decided intervals. These will be informed to the customer at the time of opening the account.

The statement of account will contain all the transactions that have been done on your account during that period.

The statements given to you at the pre decided intervals would be free of cost to you. If you wish to receive statements in any other manner the same would be made available to you at a nominal charge. This will be communicated to you in advance.

Q. How does the bank pay interest to me?


Interest shall be paid on saving account at the rate specified by the bank from time to time.

No interest is payable on current accounts.

Term deposit interest rates are decided by the bank and can be negotiated depending on the amount of deposit.

The interest on term deposits is calculated by the bank in accordance with its schedule of rates and fees.

Q. What are the various fees and charges that the Bank levies on my account?


For Savings Accounts products the bank has a stipulated minimum balance to be maintained in the account.

The bank also has a complete listing of charges that would be levied by the bank for non-maintenance of balance

The bank also has nominal charges for various special facilities and for various types of transactions.

Q. How does the Bank use my personal information?


The bank values the information provided by you at the time of opening the account.

The bank will not use this information for cross selling of services or products by the bank, their subsidiaries and affiliates without your knowledge.

If the bank proposes to use such information, consent of the account holder/s will be obtained.

The bank will not disclose details / particulars of the customer’s account to a third person or party without the express or implied consent from the customer.

However, there are some exceptions, viz. disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the bank requires disclosure.

Q. What happens to the proceeds of the account in case of the death of an account holder?


If the depositor has registered a nomination with the bank the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the bank is satisfied about the identity of the nominee.

The above procedure will be followed even in respect of a joint account where nomination is registered with the bank.

In a joint deposit account, when one of the joint account holders dies, the bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor, former / latter or survivor, anyone of survivors or survivor.” The payment will be made as per the mandate to avoid any delays that might be caused due to the delays in production of legal papers by the heirs of the deceased.

The joint account holders can give any of the following mandates for the disposal of balance in the above accounts. * Either or Survivor: If the account is held by two individuals say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders. * Anyone or Survivor/s: If the account is held by more than two individuals say, A, B and C, the final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.

Interest payable on term deposit in deceased account

In the event of the death of the depositor before the date of maturity of the deposit and the amount of the deposit is claimed after the date of maturity, the bank may pay interest at the contracted rate till the date of maturity. For the period for which the deposit remained with the bank beyond the date of maturity; as per the bank’s policy in this regard.

From the date of maturity to the date of payment, the bank may pay simple interest at the applicable rate on the date of maturity, as per the bank’s policy in this regard.

Q. Where do I address my complaints or grievances?


Depositors having any complaint / grievance in regard to the services rendered by the bank have a right to approach the authority (ies) designated by the bank for handling customer complaint / grievances.

All bank officials at any of the contact points for the bank are authorized to provide all required information regarding the procedure for lodging the complaint.

Q. What other relevant information regarding my account should I know about?

Stop Payment Facility

The bank may accept stop payment instructions from the depositors in respect of cheques issued by them as per bank’s policy in this regard. Charges, as specified, will be recovered.

Dormant Accounts

Accounts which are not operated for a pre-defined period of time will be transferred to a separate dormant / inoperative account status in the interest of the depositor. The depositor will be informed of charges, if any, which the bank will levy on dormant / inoperative accounts. The depositor can, after providing appropriate identity and address evidence and upon such other documents as the bank may prescribe to re-activate the account.

Safe Deposit Lockers

In respect of lockers held in joint names, up to two nominees can be appointed. Joint locker holders can give mandate for access to the lockers in the event of death of one of the holders on the lines similar to those for deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with a view to avoid hardship to common persons, the bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit account.

Q. Does the bank provide loans to applicants?

The bank has several loan products starting from individual loans, Salaried loans, Micro loans, Entrepreneur loans, Business loans, and Agricultural Input loans.

The bank provides micro loan Insurance Plan for micro finance loans to relief beneficiaries of deceased borrowers from worry and anxiety about how they will meet loan repayment of their   deceased relatives.

The bank, will do all it can to help you fulfill your financial aspirations.

This commitment is based on getting to know you – listening to your needs and working with you to help you achieve your goals. The bank will work hard to provide you with quality advice and competitive products and services.

Products and services designed for you
The bank’ staff will provide you with quality products, services and facilities. The bank’s staffs are well-trained, informed, courteous and helpful.

The staff will communicate with you using plain and clear language. With the bank’s  products and services, the staff  will fully disclose all terms and conditions, what the benefits are to you, any fees and charges that might be payable, and clearly state our obligations to you. If you are not satisfied with the bank’s products or our services, or if bank’s facilities are not up to standard, please let us know.

You can talk to the bank’s customer service staff, Branch management and the entire bank management. The bank has ATM facility to enable   you to operate or review your accounts at a time most convenient for you.

When you are making choices about products and services, the staff will take time to get to know you, understand what is important to you and assist you in selecting the most appropriate solutions to suit your needs.

The staff will continually work to eliminate mistakes and remove things that impede our ability to provide great customer service.
The staff will take the bank’s obligations under personal privacy seriously. The staffs know you and value you and will treat all banking transactions under confidentiality of your personal information. They will keep your personal information secure, and with your help, accurate, complete and up to date.
The bank management values your feedback, both good and bad, and wants to hear from you. Management promise to listen to your feedback, ideas, issues and concerns and respond to them swiftly and efficiently.

If you have a complaint relating to any of our activities, please contact us using the details below:

(+255222137806/7) or visit us any of our branches.

The bank will take ownership and work with you to resolve your complaint and the bank will keep you posted throughout the process.

The bank’s business is built on the relationships we have with you, our customer. The bank is committed to helping you achieve your financial aspirations. When you achieve your goals, the bank too will have achieved its goal.