Blantyre Market venders chairperson, Mevis Rahim making her contribution National Bank of Malawi plc on Friday, 18th of March 2022, hosted vendors and minibus drivers engaged through the Vendors Association Of Malawi and Minibus Operators Association of Malawi respectively.

The traders enjoyed a tour of the bank’s departments at the Head Office as well as Top Mandala Branch followed by a cocktail with the bank’s senior managers.

Through the tour, the traders learned more about the role of the bank in the country’s development as well as financing products available for them.

"We’ve always heard that the bank charges high interest rates on loans, but after coming here, we’ve discovered the truth: we can readily acquire loans, particularly for small businesses. We will encourage our colleagues with small and medium sized businesses to open accounts, ” remarked Mr. Newton Mwenyekondo, Secretary of the Blantyre Vendors Association.

In his speech, the NBM plc CEO Mr. Macfussy Kawawa said that it is very important for banks to engage all marginalised groups in order to promote financial literacy and inclusion in the country.

“When we call ourselves the bank of the nation, there is some skepticism around this statement. Upon further investigation, we discovered that this was due to the fact that not many people truly understand how the bank works, how we are set up, who the people behind the bank are, and most importantly, what kind of products and services we offer to literally every Malawian, ” Kawawa said.

The guests visited several departments including the operations departments where they learnt the structure of the bank and what is involved in the delivery of the banking services.

Miss Mevis Rahim, the chairperson of Blantyre market, expressed her joy adding that, “The visit has been really valuable to all of us since we have learned about things we did not know about. We would just go to the bank without knowing what exactly happens and this has changed today. We’ll now be able to inform our friends about the advantages of opening accounts. ”

Rahim further shared that she and many of her colleagues were shocked to learn that Mo626 is not just for smartphones but also works on a phone without internet. This is an example of the product awareness gaps that contribute to financial exclusion.

According to the bank’s CEO, NBM intends to engage more stakeholders to promote financial inclusion.

“This is part of a project that will involve many segments of the business community in order for them to gain a better understanding of the role of a bank, and allow us to serve them better,” said Kawawa who is also the Chairman of the Bankers Association of Malawi.

National Bank of Malawi is one of the largest financial institutions in the country and was founded in 1971.