Business Current Account

It is designed to offer hassle-free daily transactions and smooth running of your small and medium-sized business.

  • Account can be operated in TZS, USD, EURO, GBP
  • Cheque to facilitate cash withdrawal and transfers.
  • VISA/ BOAT SESAME Cards
  • Access to overdraft facility
  • Overdraft facility for those who meet loan conditions.
  • The business account can be opened by individuals or any registered businesses.
  • An opening balance of TZS 150,000
  • Ledger fees of TZS 5,000
  • Access to SMS/ E-mail alerts.
  • Withdrawal below TZS 15 million (OTC) – TZS 2,500
  • Withdrawal above TZS 15 million (OTC) – 0.12% of amount with cap of TZS 50,000
  • Enjoy unlimited number of withdrawals on ATMs and at the counter without conditions
  • Deposit money for free.
  • Joint account allowed
  • Access to Mobile Banking services (Swahiba Mobile App & B- Mobile) & Internet
  • Ideal for business transactions
  •  

Individual persons who are employed

• Employment identity card

• Letter of introduction from employer

• Two passport size photographs (2’x2′)

• Opening amount

• Referee with an account with BANK OF AFRICA-TANZANIA 

Sole Proprietors

• Extract from Registrar of Companies

• Business License

• Identity Document – Voters Card or Passport or Driving License

• Referees – Two referees with an account at BANK OF AFRICA-TANZANIA 

• Two passport size photographs

• Opening amount

 Registered businesses/ associations/Limited Companies

• Certificate of registration (Original & Photocopy)

• Memorandum and Article of Association

• Business License

• Minutes with resolution to open an account at BANK OF AFRICA-TANZANIA 

• Letter of application for account opening

• TIN number and or VAT registration certificate

  • All Branches
  • BOA Web
Business Savings Account

Is a tailor made saving account that enables businesses to develop a saving culture. Business Savings Account offers a higher interest per annum, paid after every six months. The accounts aim at facilitating businesses and enable customers to grow their deposits.

  • Account can be operated in TZS only
  • Offers interest of up to 2.5% pa
  • VISA/ BOAT SESAME Cards
  • Interest accrued daily and paid after every six months
  • Savings can be used as a lien to acquire a business loan  
  • Initial deposit TZS 100,000
  • Minimum balance TZS 50,000
  • Eligible for ATM Card.
  • Eligible for Mobile Banking and Internet banking
  • Withdrawal up to TZS 1,000,000 at ATMs per day
  • Joint account allowed
  • A special GL will be created for this Account.
  • Ledger fee – TZS 2,000
  • Minimum interest earning balance – TZS 10,000,000
  • Access to SMS/ E-mail alerts.
  • Withdrawal below TZS 15 million (OTC) – TZS 2,500
  • Withdrawal above TZS 15 million (OTC) – 0.12% of amount with cap of TZS 50,000
  • Enjoy unlimited number of withdrawals on ATMs and at the counter without conditions.
  • Deposit money for free
  • No cheque book issued
  • Access to SMS/ E-mail alerts.
  • Enjoy unlimited number of withdrawals without restrictions
  •  

Individual persons who are employed

• Employment identity card

• Letter of introduction from employer

• Two passport size photographs (2’x2′)

• Opening amount

• Referee with an account with BANK OF AFRICA-TANZANIA 

Sole Proprietors

• Extract from Registrar of Companies

• Business License

• Identity Document – Voters Card or Passport or Driving License

• Referees – Two referees with an account at BANK OF AFRICA-TANZANIA 

• Two passport size photographs

• Opening amount

 Registered businesses/ associations/Limited Companies

• Certificate of registration (Original & Photocopy)

• Memorandum and Article of Association

• Business License

• Minutes with resolution to open an account at BANK OF AFRICA-TANZANIA 

• Letter of application for account opening

• TIN number and or VAT registration certificate

  • All Branches
  • BOA Web
Chama Account

The objective of the product is to provide investment groups with an opportunity to organize monthly contribution through deposits made and to earn an interest of funds maintained. They are also able to access credit facilities based on deposits held among other credit assessment criteria.

The Chama is an account that seeks to provide investment groups, formal and informal saccos with an opportunity to make monthly savings while earning a high rate of return on their savings and also access loans of up to 3 times the group’s savings.

Product Attributes :

  • Competitive interest rates
  • No monthly charges
  • No minimum monthly contributions on account once operational
  • Chama loan can be advanced up to 3 times the groups savings
  • Inclusion of free standing order from current account to savings account
  • Access to free quarterly chama clinics
  • Interest paid every 6 months
  • Inclusion of fixed deposits account with competitive interest rates
  • Free standing order to the chama account for BOA account holders
  • Access to free bi-annual chama clinics
  • Up to TZS 15ml unsecured loans
  • Up to 48 months for repayment.
  • Certificate of Registration (Optional)
  • Resolution to open an account for the group with the bank
  • Partnership deed and constitution
  • Other KYC requirements as per the banks policy.
  • All Branches
  • BOA Web
My Business Pack

Unlike a regular current account, we designed this package as a current account that’s backed by a Savings Account on the side, to help your transact and save. Because we care about informal business.

My Business pack is a comprehensive and lump-sum offer intended for small-scale business, people operating in the informal sector. The Pack thus enables them to benefit from preferential tariffs on a set of products and services backed by a Savings Account.

  • Current deposit account
  • Saving account with possibility of carrying out automatic money transfers from a deposit account
  • Free standing order on internal accounts
  • SESAME withdrawal card
  • Mobile Banking Services
  • The Pack does not grant entitlement to a cheque book
  • Passport size Photo
  • Certified Copy Of An Identification Paper;
  • Proof of Address (Utility bills)
  • KYC Compliant
  • All Branches
  • BOA Web