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Money. Back Guarantee

Bank M aims to be a focused corporate bank with unparalleled processing skills and customized customer-focused products. In order to be such a bank, we have the People, the Products and the Delivery Channels to bring to you banking with precision and comfort at a time and place of your choice. So confident are we of our delivery skills that we are the first bank in the African continent to offer you Service Standard Guarantees (SSG), aptly branded Money.back Guarantee.
What it means is that we will, at all times deliver what we have promised, within the time we have promised for it’s delivery and with the same standards of care that we have promised for it’s delivery. Deficiencies in service delivery, if it ever happens, would be compensated at a pre-agreed rate in a transparent process.
Product Indicators/Service Service Standard Guarantee Conditions Penalty
Account Operations
Cheque Book for new clients Cheque book will be delivered to  customer’s office on the 3rd working day from the time account is opened in the system
  1. The cheque book will be delivered to customer’s office on the 3rd working day from the time account is opened in the system. 
Refund commission collected
Account Operations Cheque book for existing clients (Dar branches) Cheque book will be delivered to  customer’s office within 24 hours from the time of application
  1. The Service Standard of 24 hours would be computed from the time application is received via internet banking (FCDB) service to the time cheque book is delivered to customer’s office.
Refund commission collected
Account Operations Cheque book for existing clients (upcountry)   Cheque book will be delivered to  customer’s office on the 3rd working day from the time of application
  1. The Service Standard of 3 working days would be computed from the time application is received via internet banking (FCDB) service to the time cheque book is delivered to customer’s office.
 
Refund commission collected
Account Operations Internal Transfers - Same currency Transaction completed within 30 minutes
  1. The Service Standard of 30 minutes would be computed from the time of receipt of the application at the branch counters/head office with the received time stamp affixed on the application form or from the time payment request is received via internet banking service to the time transaction is posted in the system.
  2. Cleared funds should be available in the account to be debited.
  3. Call back confirmation should be received in maximum of three attempts on the registered telephone number(s).
  4. In case of bunched applications from one applicant, SSG will apply to the first application only.
  5. Customers to register for Money Mail to be able to receive their payment advice through courier.
Refund commission collected
= TZS 1,000 or
Equivalent in USD  
Account Operations Internal Transfers - Forex Transaction completed within 1 hour
  1. The Service Standard of 1 hour would be computed from the time of receipt of the application at the branch counters/head office with the received time stamp affixed on the application form or from the time payment request is received via internet banking service to the time transaction is posted in the system.
  2. Cleared funds should be available in the account to be debited.
  3. Call back confirmation should be received in maximum of three attempts on the registered telephone number(s).
  4. In case of bunched applications from one applicant, SSG will apply to the first application only.
  5. Transactions on Saturdays and Sundays, being forex holidays, will be excluded from the arrangement.
  6. Customers to register for Money Mail to be able to receive their advice through courier.
Refund commission collected
= TZS 1,000 or equivalent in USD
Account Operations Account Opening Account will be opened within 24 hrs from the time of receipt of completely filled up Account Opening Form and is accompanied with all KYC documents as per the applicable checklist provided by the Bank. The account will be operational before 10a.m on the subsequent working day
  1. The Service Standard of 24 hours would be computed from the time of receipt of application documents by the Relationship Managers or at Head office with the received time stamp affixed on the application form to the time account is opened.
  2. All supporting documents should be submitted in one lot.
Refund equivalent of 3 months account maintenance fees  of TZS 50,000 or  USD 50 per month = TZS 150,000 or USD 150
Account Operations    

 

Bankers’ Cheque Issuance of Banker’s Cheque within 8 minutes
  1. The Service Standard of 8 minutes would be computed from the time of receipt of the application at the branch counters/ Head office with the received time stamp affixed on the application form or from the time payment request is received via internet banking service to the time transaction is posted in the system.
  2. Cleared funds should be available in the account.
  3. Call back confirmation should be received in maximum of three attempts on the registered telephone number(s).
  4. In case of bunched applications from one applicant, SSG will apply to the first application only.
 
Banker’s cheque fees to be refunded  = TZS 10,000 or USD 10 per item
Fund Transfer Inward TT Inward SWIFT copy  emailed to customer and amount credited within 1 hour
  1. The Service Standard of 1 hour would be computed from the time inward swift copy is emailed to the customer to the time transaction is authorized in the system.
  2. Funds remitted by the applicant’s bank should be sighted in our account.
  3. Email indemnity form should be executed for the customer to receive email copies.
Refund of commission collected = USD 10
Fund Transfer Outward TT Transmitted SWIFT copy emailed to customer within  4 hrs
  1. The Service Standard of 4 hours would be computed from the time of receipt of the application at the branch counters/head office with the received time stamp affixed on the application form or from the time payment request is received via internet banking service to the time transmitted swift copy is emailed to the customer.
  2. Cleared funds should be available in the account.
  3. Call back confirmation should be received in maximum of three attempts on the registered telephone number (s).
  4. In case of bunched applications from one applicant, SSG will apply to the first application only.
  5. All supporting documents should be submitted in one lot.
  6. Transactions submitted on Saturdays and Sundays, being forex holidays, will be excluded from the arrangement.
  7. Email indemnity form should be executed for the customer to receive email copies.
Refund commission collected to process the transaction
Fund Transfer Inward TISS Inward SWIFT copy  emailed to customer and amount credited within 1 hour
  1. The Service Standard of 1 hour would be computed from the time inward swift copy is emailed to the customer to the time transaction is authorized in the system.
  2. Funds remitted by applicant’s bank should be sighted in our account.
  3. Email indemnity form should be executed for the customer to receive email copies.
Refund agreed amount of TZS 10,000 or USD 10      
Fund Transfer Outward TISS Transmitted SWIFT copy emailed to customer within 1 hr
  1. The Service Standard of 1 hour would be computed from the time of receipt of the application at the branch counters/head office with the received time stamp affixed on the application form or from the time application form is received via internet banking service to the time transmitted swift copy is emailed to the customer.
  2. Cleared funds should be available in the account.
  3. Call back confirmation should be received in maximum of three attempts on the registered telephone number(s).
  4. Applications received 1 hour before the official closing time for TISS transactions at the counters of Bank of Tanzania will only be covered under the SSG.
  5. In case of bunched applications from one applicant, SSG will apply to the first application only.
  6. Email indemnity form should be executed for the client to receive email copies.
 
Refund commission collected = TZS 10,000 or USD 10
Trade Finance Import Letters of Credit Transmitted SWIFT copy to be emailed to customer within 4 hrs
  1. The Service Standard of 4 hours would be computed from the time confirmation is received from the customer on acceptance of LC draft by beneficiary to the time transmitted swift copy is emailed to the customer.
  2. Unutilized credit limit in the customer’s name should be available to accommodate the request.
  3. In case of bunched applications from one applicant, SSG will apply to the first application only.
  4. All supporting documents should be submitted in one lot.
  5. Email indemnity form should be executed for the client to receive email copies.
  6. Only if confirmation from overseas bank is not required.
 Refund 5% of fee collected, max TZS 100,000
Trade Finance Export Letters of Credit Original Letter of credit with covering letter emailed to beneficiary within 4 hours    
  1. The Service Standard of 4 hours would be computed from the time of receipt of transmitted swift copy from the issuing bank or from the time of receipt of application letter from another local bank to the time original letter of credit with covering letter is emailed to beneficiary.
  2. For non customer beneficiaries, email address of beneficiary should be within the body of the documentary credit.
  3. Applicable only to letters of credit on which no clarifications are required from issuing bank.
  4. Email indemnity form should be executed for the client to receive email copies.
Refund 5% of fee collected, max TZS 100,000
Trade Finance Bank Guarantees Processed within 4 hrs
  1. The Service Standard of 4 hours would be computed from the time confirmation is received from the customer on acceptance of Bank Guarantee draft by beneficiary to the time transmitted swift copy or copy of the original Bank Guarantee (for Inland Guarantees) is emailed to the customer.
  2. Unutilized credit limit in the customer’s name should be available to accommodate the request.
  3. All supporting documents should be submitted in one lot.
  4. Email indemnity form should be executed for the client to receive email copies.
  Refund 5% of fee collected, max TZS 100,000
Fund Transfer Commissioner for Domestic Revenue (CDR) Processed within 1 hour
  1. The Service Standard of 1 hour would be computed from the time of receipt of the application at the branch counters/head office with the received time stamp affixed on the application form or from the time payment request is received via internet banking service to the time a payment confirmation receipt is emailed to the customer.
  2. Cleared funds should be available in the account.
  3. Call back confirmation should be received in maximum of three attempts on the registered telephone number(s).
  4. In case of bunched applications from one applicant, SSG will apply to the first application only.
  5. Availability of this SSG is linked to the availability of the TRA TAXBANK infrastructure for Revenue collections transactions.
  6. Email indemnity form should be executed for the client to receive email copies.
Refund of commission collected = TZS 10,000
Fund Transfer Commissioner for Customs and Excise (CCE) Processed within 1 hour
  1. The Service Standard of 1 hour would be computed from the time of receipt of the application at the branch counters or Head office with the received time stamp affixed on the application form or from the time payment request is received via internet banking service to the time a payment confirmation receipt is emailed to the customer.
  2. Cleared funds should be available in the account.
  3. Callback confirmation should be received in maximum of three attempts on the registered telephone number(s).
  4. In case of bunched applications from one applicant, SSG will apply to the first application only.
  5. Availability of this SSG is linked to the availability of the TRA TAXBANK infrastructure for Revenue collections transactions.
  6. Email indemnity form should be executed for the client to receive email copies.
Refund of commission collected = TZS 10,000
Credit Credit Approval  - New clients 10 working days from application date
  1. The Service Standard of 10 working days would be computed from the date of receipt of complete application documents by the Relationship Managers or at Head office with the received stamp affixed on the application form to the date Letter of Offer is issued.
 
 Refund 5% of fee collected, max TZS  1,000,000/= or
USD 1000/=
Credit Credit Approval -Existing  clients (Renewal/extension) 5 working days from application date
  1. The Service Standard of 5 working days would be computed from the date of receipt of complete application documents by the Relationship Managers or at Head office with the received stamp affixed on the application form to the date Letter of Offer is issued.
Refund 5% of fee collected, max TZS  1,000,000/= or
USD 1000/=
Credit Credit Approval – Additional Exposure on Existing clients 5 working days from application date
  1. The Service Standard of 5 working days would be computed from the date of receipt of complete application documents by the Relationship Managers or at Head office with the received stamp affixed on the application form to the date Letter of Offer is issued.
  Refund 5% of fee collected, max TZS  1,000,000/= or
USD 1000/=
Products Money Wireless Access provided within 24 hrs of opening of account
  1. The Service Standard of 24 hours would be computed from the time account is opened to the time online Banking access is provided to the customer.
  2. Account opening form must be duly signed for Money Wireless service agreement.
Equivalent of 1 month Money Wireless fees = TZS 25,000 or USD 25
Cash Cash Receipts

Up to 2Mio
2-25Mio
25-50Mio
50 -100Mio
100Mio & above


5 minutes
10 minutes
25 minutes
45 minutes
1 hour
  1. The Service Standard would be computed from the time of receipt of the deposit slip at the branch counters with the received time stamp affixed on the slip to the time transaction is posted in the system.
Equivalent of 1 month Money Wireless fees = TZS 25,000 or USD 25
Cash Cash Payments

Up to 2Mio
2 -10Mio
10-50Mio
50-100Mio
100Mio & above


5 minutes             
10 minutes
25 minutes
45 minutes
1 hour
  1. The Service Standard would be computed from the time of receipt of the cheque leaf at the branch counters with the received time stamp affixed on the cheque.
  2. Cleared funds should be available in the account.
  3. Call back confirmation should be received in maximum of three attempts on the registered telephone number(s).
  4. In case of bunched applications from one applicant, SSG will apply to the first application only.
Refund commission collected to process the transaction


GENERAL CONDITIONS:
  1. The Service Standard time referred to above is computed on the basis of working hours.  For example, the Service Standard Guarantee timeline in respect of an outward TT application received at our counters at 7.00 pm on one day would run from 7.00 pm on the date of receipt (1 hour remaining on the date of receipt) to 11 am (3 hours) on the next working day.
  2. The bank’s responsibility for emailing a document is over when the document is processed and email successfully sent and registered in the sent items.  Failure to transmit due to error at the receiving side will preclude any liability on the part of the bank.
  3. Bank's failure to perform any term or condition of this Guarantee as a result of conditions beyond its control such as, but not limited to war, strikes, fires, floods, lightening strike, acts of God, governmental restrictions, power failures, terrorism acts or damage or destruction of its own or any service provider’s premises, network facilities or servers, shall not be deemed a failure to perform under this Guarantee.
  4. Credit approval is at sole discretion of the bank.