My Bucks Banking Corporation Malawi is urging its valid customers to join Sizoni Yanga promotion in their large numbers before the promotion comes to an end on the 21st November 2022.

Speaking to my Bucks Malawi Marketing and Customers Experience Manager, Linda Nkosi, during the fourth draw of the promotion which took place in Lilongwe branch on Wednesday, she said the promotion is still in progress and customers do stand a chance of winning various prizes.

‘’The promotion is on and through this, lucky customers stand a chance several things like; a four plate gas cooker, 15m x 30m plot, my Bucks Branded T-Shirts and shopping vouchers’’, Nkosi said.

In addition to this, she said that apart from exciting customers with various things, the promotion will also give a help to It’s customers a saving culture.
Therefore, she advised its customers to join the promotion so that they should save their money and stand a chance of winning at the same time.

‘’ I just want to encourage all customers who have not yet joined the promotion to join so that they should save a little something and also stand a chance of winning the mentioned prizes’’, said Nkosi.

In order to qualify for the promotion, my Bucks customers with savings account are supposed to deposit k50, 000 to their account and maintain it as a minimum account balance for a period of one month. Similarly to those with current account are supposed to deposit k50, 000 to their account and maintain it as a minimum account balance for one month.

Hence, customers with fixed account are supposed to deposit k100, 000 to their account and maintain it as a minimum account balance for also a period of one month.
In the fourth draw of the promotion, lucky customers will went away with either my Bucks Branded T-Shirts k20, 000 shopping vouchers.

My Bucks Banking Corporation Malawi launched Sizoni yanga promotion on the 21st June 2022 and it is expected to end on 21st November 2022.

A Nigerian man has been captured on tape attempting to commit suicide in a banking hall after the bank released his money to cyber fraudsters.

In a video posted on social media, bank official could be seen trying to calm him down as he tied a wire around his neck to strangle himself.

According to a Facebook user, who shared the video, hackers gained access into the man’s account and stole over N450,000, so he visited his bank, and they traced and froze the hacker’s account.

After the transaction was successfully blocked, he was told to get a court affidavit to prove that he was not the one who did the transaction. But on getting the court document, he was informed that the money has been released by unfreezing the hacker’s account.

This left him frustrated and enraged, hence his resort to creating a scene at the bank.

Watch the video:

https://twitter.com/TheVyralTrendz/status/1465612858834636800?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1465612858834636800%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fd-32074536682508220348.ampproject.net%2F2111152338002%2Fframe.html

National Bank of Malawi (NBM) plc has introduced Kasupe Finance Account for village savings and loans (VSL) groups without service fee or collateral but with access to cheap credit facilities.

Speaking at the launch in Blantyre, the bank’s head of retail banking division Oswin Kasunda said the product aims to uplift socio-economic livelihood of Malawians.

He said: “Village banks have existed for a long time in Malawi but have operated on their own. We saw an opportunity to associate with them and fill the gaps that they face in their operations.

“This product is there to provide, among others, continuous flow of funds as and when the village banks need the money from the bank.”

The product has a transactional account, credit offering with an interest rate of 1.5 percent per month, business management workshops and free digital payment services.

On her part, VSL groups representative Angella Kachelenga hailed the bank for the product, saying it will provide VSL groups with access to finance and accounts where they can keep their money safe.

To celebrate the launch, the bank is running Agulu Lathu promotion where it is splashing K7 million to VSL groups who will open and maintain a minimum of K300 000 between May and July 28 2021.

After the president of Malawi, Peter Mutharika instructed that people should avoid gatherings, banks also have trimmed number of customers entering the banks.

Banks have directed that only 10 customers should enter the bank at a time.

But this has not pleased customers in Thyolo who are standing on a queue for a long time and being heat by sun.

The customers have asked for tents in order to provide refugee when the sun heats hard.

one of the customers at National Bank in Thyolo district, suggested that banks should also consider customers awaiting to get inside the banks than, only, following orders from Ministry of Health.

“It could be better if they at-least, erected tents outside bank premises so that we, customers, should take refuge from sunlight heat,” George Gwaza suggested.

Another customer at the FDH bank in Thyolo also concurred with Gwaza’s suggestions saying besides fulfilling what the Health Ministry saying bank operators and owners should also consider lives of their customers outside banks.

“Of course this is happening just because of this COVID-19 pandemic but still, we are human beings and moreover, overstaying at the sunlight heat has its own side effects. Therefore, we urge them to hear our cry and do something,” said Maggie Banda.

The customers also asked the banks officials to fix ATM machines to ensure that the number of customers on queues is reduced.

By Chisomo Ngulube

The Malawi Population and Census report launched last Friday has shown that nearly 23 out of every 100 of Malawi’s 17.5 million people save their money and that most of such savings are made with village banks and other meas as opposed to commercial Banks.

The census found that of the 4.2 million that have some sort of savings, the majority of them 54.2 percent use a village bank (VB), 30.3 percent commercial banks. The figures also show a rise in mobile banking as 11 percent of the people who keep their money use the service.

The census figures also show that loans are  accessible to 13.7 percent (547,319 out of 3.98 million) of the households in Malawi. And that from the total number of households 1.3 percent got their loans from a bank, 10 percent from village banks with microfinance institutions, friends and other means providing the rest.

At individual level 15.4 percent (2.7 million) of people in Malawi have access to loans. Here the scale tipped sharply towards VBs in that of the 2.7 million who can get loans, 76.7 percent of them or about two million use the service followed by banks (9 percent), then microfinance institutions, friends and family and other means.

One ardent female ‘Village Banker’ who says she has used the money borrowed from her VB to make extensions to her house explains why she prefers getting money from her group.

“The interest rates are fair at 20 percent. The interests we make are shared equally at the end of the year making my savings worthwhile as I reap more than I could at my formal bank. Customer care is also 100 percent,” she said.

In a village bank members mostly women gather and contribute their money individually which then becomes immediately available to them as loans.

Justice Chimgonda-Nkhoma a development economist says the ease of access to loans has led to VBs eclipsing conventional banks.

 “No bureaucracy when applying for such loans, limited paper work if any. No collateral as they mostly use social belonging. Familiarity with members of the bank is a form of security for borrowers which makes it attractive for them to borrow and save with the village banks,” he observes.

Nkhoma then while acknowledging the challenges involved in taking banking to the rural areas urges commercial banks to be innovative with different platforms through which they can serve the unbanked portion of the population.

Retired Nico Holding Chief Executive Officer, Felix Mlusu once observed that failure by commercial banks to satisfy the needs of customers, citing poor customer service, lack of competition and lack of innovation, among others has caused the phenomenon of village banks to spread like wild fire.

“If you don’t start giving the customers what they need, your market share will continue shrinking and you will wake up one day to find that village banks have taken over,” he told a bankers conference in 2016.

In their defence banks have said they offer more to the economy than village banks.

National Bank Lilongwe Service centre customers were on Wednesday inconvenienced as the branch closed prematurely following a fire which broke inside the bank.

According to a source, customers who went to transact with the bank in the morning found it closed with no explanation given.

Later on, there was a heavy police presence followed by the arrival of a fire brigade at the bank, leaving people all the more perplexed as to what was happening.

However, a statement from the bank says a fire erupted at its main electricity distribution board at the centre, but was successfully put out before it could spread to other areas.

As a safety measure, the branch evacuated customers and members of staff with no injuries reported but the bank remained closed for the rest of the day.

It further assured customers that normal operations have resumed on Thursday at the centre including its Auto Teller Machines (ATM).

Source : Kulinji

There are certain banking mistakes that can land you in serious trouble if you make them. These are some of those mistakes.

filed photo

Standard bank head of marketing and communications, Thoko Unyolo has confirmed the sacking of 10 Standard bank`s branch managers following their failure to meet prescribed targets on Know Your Customers (KYC) guidelines.

Some of the big standard bank branches affected are Blantyre branch, Ginnery corner, Lilongwe, Mzuzu and Zomba among others.

“Standard bank Malawi has adhered and followed our internal human capital requirements and there is no further comment at this stage,” Unyolo said.

Unyolo

Despite Unyolo`s comment on the matter, other sources have said these managers are just unfortunate because they were scored against some guidelines on KYC which are used across the globe where the bank is operating but these are different markets.

The sources have further stated that the development has brought in fear over securing of jobs among employees at Standard bank Malawi.

Recently, the bank had changed its core operating system and shut down all services during the weekend of installing the new system which was punctuated with various shortfalls for about three weeks after its installment.

Robbers who broke into FDH bank on Monday in Mzuzu are on the wanted list by Malawi Police.

The incident happened within the wee hours of Monday and claimed money amounting to K2.5 million wiped out from the ATM.

Police station manager in Rumphi, Charles Mpezeni said the thieves seized the watchman and tied him up then broke and poured water on computers as a plan to destroy their traces.

Mpezeni said the thieves broke the ATM and stole the money.

FDH officials have not yet commented on this matter.

Records show that this is the second incident in the northern region in relation to bank breaking after thieves broke into Standard bank last year in Mzuzu and stole K100 million.

FDH Bank has banned its customers from wearing hats in their heads as they are stepping into the FDH banks premises.

The FDH management passed the statement through written texts pasted on their bank walls.

The notice reads. “To all our valued customers, please note that wearing of a hat in the banking hall is not allowed.

This is a new development at the financial institution, albeit the reasons behind remain concealed. In this regard people can only jump from one speculation to another.

FDH becomes the first bank in Malawi where “a head in a hat” is a recipe for an offence since in other banks it’s a different story.

Most Malawians are ignorant on the matter, hence their silence on the issue.

It’s unfortunate that many companies are trimming off the number of their employees in an error where to get a job it’s a big challenge especially to the youths that have just graduated from various universities.

One of those trimming off their employees is The Opportunity International Bank of Malawi.

The Bank`s deputy CEO Benard Mkandawire has confirmed of the development saying a meeting will be held today where the employees will be briefed of the retrenchment process coming ahead of them.

“We will downsize the staff but I cannot certainly confirm the numbers now.’ Mkandawire said.

Face of Malawi has learnt that the trimming process could be as a result of the economic problems the country is currently going through coupled with frequent blackouts which negatively affected their clients.

Last year, the bank also retrenched over 70 employees.

Speaking on the economic problems Malawi is facing, finance Minister Goodall Gondwe said the economy is expected to pick up this year following the reduction of interest rates which should make the economy bounce back.

“The economy is expected to grow this year by 5.6 percent as opposed to last year`s growth by 2 to 3 percent.” Added  Gondwe.

Ecobank Malawi donated various medical supplies worth k1.2 million to Limbe Health Centre as part of activities to mark Ecobank Day.

The supplies included 50 mosquito nets, 1000 examination gloves, 1000 glass slides, 1000 syringes and 50 litres of disinfectants.

Ecobank Malawi Managing Director Charlse Asiedu said the supplies are aimed at helping in the fight against Malaria.

The Reserve Bank of Malawi (RMB) has predicted that there will be a significant rise in numbers of people who will be accessing life and property insurance services in the next five to 10 years in the country.

This comes as the central bank disclosed that a recent survey revealed that only about three percent of Malawians have their lives or property insured.

Deputy Governor for RBM responsible for supervision Grant Kabango said the country registers low numbers as insurance services are not well understood among most Malawians.

Kabango made the remarks after the official opening of the 2014 Financial Literacy Week being observed under the theme ‘Building a Financially Literate Nation’.

In an interview with Malawi News Agency (Mana), the deputy governor said among other objectives planned in this year’s financial literacy week, stakeholders in the insurance business will take time to educate people on the importance and advantages of having insurance.

We are hoping that we will improve from the three percent you have heard of and we are very confident on this because you might be aware that previously the insurance companies were never regulated by RBM but now these companies are being regulated by the RBM.

We believe that with the efforts that the insurance companies have been putting together and also what the RBM is doing, we should be able to disseminate information regarding insurance whether it be life or property insurance. In this case, we expect the numbers to increase in the next five to ten years, said Kabango.

The which financial literacy week is meant to accord the general public with information on services that are provided by various financial institutions like banks, insurance companies, pension institutions amongst others.

This year’s event was officially opened by Minister of Finance, Economic Planning and Development Goodall Gondwe at Community Centre Ground in Lilongwe.

The Financial Literacy Week will be observed from October 27-31. Among other activities, there will be walk in clinics of various financial institutions and mobile outreach programmes.

Reserve Bank of Malawi (RBM) Governor Charles Chuka was speaking in Mangochi on Saturday when he made a presentation during the 2014 Financial Market Dealers Association (Fimda) annual conference, warned commercial banks that the falling kwacha though profitable, would astronomically drive up the financial institutions’ minimum capital requirement.

“With the falling kwacha, commercial banks will at one point be asked to top up to meet the US$5 million minimum capital requirement for banks,” revealed the governor.

The governor however could not disclose as to when or whether the authorities would intervene in the market.

Malawi currently has over US$400 million in reserves which is an equivalent of over two months of import cover.

Analysts have in recent past pointed on the need for the central bank to move with speed in intervening in the market to save the kwacha from plunging further.

As of Friday, the dollar was selling at an all-time high of K480 up from K410 early September.

Chuka underscored the need to maintain a healthy level of reserves which could cushion the economy in an unlikely event of a drought.

Finance Minister Goodall Gondwe challenged the dealers to play their rightful role to ensure that Malawi moves out of the current catastrophe.

However Fimda president Alfred Nhlema urged the dealers to be responsible in their dealings.

FDH Financial Holdings Limited Chief Executive Officer Thom Mpinganjira has spoken on lack of a national identification system in the country has created room for increased loan defaults.

He says this is causing most commercial banks in the country to lose huge sums of money with FDH alone losing K1.7 billion in unpaid debts.

“When FDH bank started, we said our focus should be small and medium enterprises. We wanted to help our fellow Malawians who have for a long time been suffering. If you saw the results of FDH Bank for 2013, we had to write off K1.7 billion,” he said.

Mpinganjira looking a little bit off recently in an interview with Capital fm said this is as a result of poor systems currently being used by banks to trace their customers in the absence of the national identification system.

“The absence of the ID system in Malawi is terrible because what it means is that a person can go to one bank using one name and then go to another bank using another name. You can never know because our systems allows it,” he said.

He therefore warned that the current situation would force banks to change their position when providing financing especially to Small and Medium enterprises in the country.

FDH was established six years ago and boasts of more than 13 service centres across the country.

FDH bank jointly with Airtel Malawi today launched FDH emoney suitable for both individual customers, agents and corporate customers. Customers who are on FDH emoney can transact using their e-value and cash sitting in their accounts interchangeably.

In his speech at the launch, FDH managing director Philip Madinga, said FDH emoney is secured, convenient, safe and above all friendly.

“FDH Bank in partnership with Airtel Money brings to the market a unique mobile banking solution like never before. FDH e-money is the first of its kind as it allows cashless ATM withdrawals on our ATMs, amongst other exciting capabilities.

“The service also allows our customers to transact outside our branches, and outside banking hours. We also expect that the various Airtel Money agents, most of whom are SMEs spread nationwide, will benefit from this service,” said Madinga.

Airtel Malawi Chief Commercial Officer Charles Kamoto said the partnership will transform the landscape of e-banking services in the country.

Malawians can only benefit from greater convergence between conventional banking services and the mobility that mobile telephony offers, said Kamoto.

According to Kamoto the partnership will see airtel customers transferring money from mobile account to bank account and vice versa, inter-bank money transfer, check bank balance, mini statement as well as cardless ATM withdraws.

He further said the partnership demonstrates Airtel’s commitment to the growth of a banking culture in the country thereby contributing to macro and micro economic growth of Malawi via mobile telecoms services.

Malawi Savings Bank (MSB) has opened a new agency at Liwonde township following an investment of K65 million in the facility.

Speaking after officially opening the new outlet, Reserve Bank of Malawi (RBM) Deputy Governor for Bank Supervision, Grant Kabango, applauded MSB for being practical in the delivery of the Financial Inclusion Charter launched in 2011.

The charter, according to Kabango, declares the commitment of commercial banks to provide products and services specifically designed to reach the unbanked population.

Kabango also said the opening of the agency confirms the overarching goal of MSB of being “today’s people’s bank”.
“MSB and its capable leadership has been and continues to be a real asset to the country’s development of the banking industry,” said Kabango.

He observed that despite working in a challenging environment, MSB has managed to open outlets in the remotest areas of Malawi.

He cited the establishment of 14 branches, 33 agencies and 47 ATMs nationwide as a record achievement that pronounces MSB’s presence in all districts and rural areas in the country.

The Chief Executive Officer of MSB Ian Bonongwe said the development shows the company’s commitment to the financial inclusion charter.

“We feel that it is important that in our own way as MSB, whilst pursuing the business principle, we need to be at places where we are creating shareholders value but at the same time offer the ordinary Malawian have more access to banking facilities.” Said Bonongwe.

“Liwonde is a budding development and business hub and MSB is honored to be part of this development,” he said “Our presence in Liwonde also signifies the commitment we have towards the Financial Inclusion Charter. MSB is in places where others do not want to venture like Usisya, Chiringa and others,” he said.

Bonongwe also said the bank wants to express itself as one that looks positively at innovation in the banking industry hence being the only bank in Malawi that has adopted the ATM deposits technology.

One of the customers Mrs Chilikumtima said transactions will be much faster compared to the time the company was inside the centers post office.

“The coming of the deposit ATM’s will help to minimize the long queues inside the bank and this will help us during the weekends when they are so many things to do.” Said Chilikumtima.