MTUWA—People requested for it

National Bank of Malawi (NBM) has introduced what it calls Diaspora Account to accord customers outside the country an opportunity to save or invest their money in the country with convenience.

The account is expected to be housing funds for people that want to keep money in US Dollars, South African Rand, British Pound and Euro.

NBM Service Centre Manager for Henderson Street Tamara Mtuwa Wednesday told journalists the move was in response to requests from diaspora customers.

She said the product has been designed to meet the requirements of those in diaspora at competitive rates.

“It is not just an account because it involves several things where we have mortgage services, funeral insurance cover and diaspora clubs and societies account and we are excited to bring it for their development,” Mtuwa said.

Meanwhile, the bank has supported the Bankers Association of Malawi (Bam) annual conference with K5 million.

NBM Marketing and Corporate Affairs Manager Akossa Hiwa said the sponsorship is a testament of the financial institution’s quest to contribute towards wealth creation in the country.

“This is not the first time we have worked together with Bam and, as the bank of the nation, we believe that Bam is critical in ensuring that the banking sector is stable and we strive to foster economic growth of the nation,” she said.

Bam Chief Executive Officer Lyness Nkungula hailed the bank for the support.

“We do not take this for granted and they are not only helping Bam but also Malawians because, in line with theme, we will look at the importance of access to finance for Malawians to prosper,” Nkungula said.

Source: https://times.mw/national-bank-moves-to-attract-remittances/