Current Account
Service/Product Target
Personal, SME and corporate clients
Product Attributes/ Features
- No minimum balance required
- Use of a cheque book
- Access to an overdraft for qualifying customers
Personal Banking
Savings Account
Service/Product Target
Individuals, whether adult or minor and corporate organisations or businesses
Product Attributes/ Features
- Minimum balance of MK5,000
- Interest paid once a year.
- Interest is at 3% per annum. Subject to review
- Allows for withdrawals through ATM, POS machine or withdrawal slip
Special Savers Account
Service/Product Target
Salaries or employed individuals or individuals who own a business
Product Attributes/ Features
- Minimum Balance MK1,000
- Interest rate at 1% per annum. Subject to review.
Student Serve Account
Service/Product Target
Students aged least 18 years
Product Attributes/ Features
- Minimum balance of MK500.
- Interest is at 2.5% per annum. Subject to review
Mlimi Account
Service/Product Target
Clubs and individual farmers and estate owners.
Product Attributes/ Features
Minimum balance of MK200
ITF Account
Service/Product Target
Children or persons under the age of 18
Product Attributes/ Features
- Minimum Balance of MK5,000
- Interest paid once a year.
- Interest is at 3% per annum. Subject to review
- Signatory is the guardian.
Fixed Term Deposit
Service/Product Target
For customers with excess funds which they intend to commit to an investment for a fixed period of time.
Product Attributes/ Features
- Minimum balance of MK25,000
- Predetermined fixed period
- Interest is paid on expiry of each contractual period
Short Term Deposit
The facility is available to qualifying corporates. The contracts accounts available are:
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7 Day call
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30 Day Call
The Bank expects seven (7) days or thirty (30) days notice depending on the type of account, prior to any withdrawal of funds. Should a withdrawal be made without notice, the customer is penalized on the interest, which could otherwise have accrued for seven days or thirty days, i.e. interest is forfeited. The minimum deposit required for these accounts is K50,000.
.Fiesta Save Account
Service/Product Target
Personal and SME customers who wish to save money with the desire to accumulate wealth or finance an important event such as a weeding or vacation.
Product Attributes/ Features
- Minimum opening balance of MK20,000
- Monthly deposits of at least MK10,000 through a cash deposit or a standing order
- Interest rate at 6% above ordinary savings account
Call Account
Service/Product Target
For all customers who would like to invest their funds for short term requirements.
Product Attributes/ Features
- Interest of 2.5% per annum on a 7 days Call Account and 2.25% per annum ona 30 days Call Account. Subject to review
- Minimum Balance is MWK 50,000
- Customer to always have a Malawi Kwacha account as the main account.
Amayi Angathe Business Savings Account
The Amayi Angathe Product and Service Offering has three main categories. These are; a Savings Account, Credit Facility and an Information Web Portal with dedicated Account Relationship Managers. The attributes of this product and service offering are summarised below:
AMAYI ANGATHE BUSINESS SAVINGS ACCOUNT
Attributes
- Minimum book balance of MK3,000.
- Concessionary monthly service fee of MK200– No service fee to apply in the
first six months.
- Free ATM card on account opening.
- Free Mo626 plus ATM usage.
- Discounted fee for salary payment through Electronic Funds Transfer (EFT). Transactions charge is 50% of the standard EFT charge.
Consumer Loans
Service/Product Target (Who Is The User In Mind)
Product Attributes/ Features: How Does The Product Work?
- Min – MK100,000
- Max – MK3,000,000, unsecured
- Repayment amount not to exceed 30% of salary
- Maximum repayment period of 36months
- To be covered under bancassurance for death and permanent disability
- Unsecured loan of up to MK3 million
- Can be topped up after paying 50%
- Second loan is accessible as long as repayment remains at 30% of net income
- Can be repaid before expiry at no cost
Mortgage Finance and Home Improvement Loan
Service/Product target (who is the user in mind)
Salaried employees & high net worth customers who want to buy property or improve existing property. (within city /town boundaries)
Product Attributes/ Features: How does the product work
- Max – Dependent on financial capacity of the customer and up to 85% of market value of the property offered as security
- Repayment amount not to exceed 35% of salary/income
- Customer to contribute 15% of the purchase price
- Maximum repayment period of 240 months
Pay- Day Loan
Service/Product target (who is the user in mind)
Salaried employees – middle and low income earners
Product Attributes/ Features: How does the product work
- 50% of net pay
- Available in multiples of K10,000
- Min – MK30,000
- Max – MK1,000,000
- Repayable on next pay day – within 30days.
Premium Gold Finance
The Premium Gold Finance Scheme has been designed to assist customers in middle to junior managerial positions and owners of Small and medium Enterprises to fulfill their personal dreams and ambitions by providing them with top quality financial services in form of a gold VISA card, a gold cheque book, an overdraft facility, personal loans occasionally when justified and a designated cashier at all National Bank of Malawi service centres.
Personal Vehicle Loans
Service/Product Target (Who Is The User In Mind)
Business and salaried customers who want to purchase brand new/ second hand and reconditioned vehicles
Product Attributes/ Features: How Does The Product Work?
- Max - Dependant on financial capacity of the customer
- Maximum repayment period of 36 months for reconditioned and second hand, 48 months for brand new vehicles
- Second hand vehicles should be less than 5 years.
- Reconditioned vehicles should be less than 10years
- Accessible by NBM and non NBM customers.
Employer Guaranteed Loans
Service/Product Target (Who Is The User In Mind)
Designed to assist high net worth corporate customers to avail their employees with loans via the Bank
Product Attributes/ Features: How Does The Product Work?
- Min – MK100,000
- Max – Determined by the employer and Bank
- Repayment amount not to exceed 30% of salary
- Maximum repayment period of 36months
- Employer to provide a guarantee
- Accessible by NBM and non NBM account holders because employer deducts loan repayments at source.
- Interest rate is lower than ordinary consumer loans
- Processing is faster
- Can be repaid before expiry at no cost
Asset Based Financing Scheme
Service/ Product Target (Who is the user in mind)
Salaried and high net worth Customers who own property within city /town boundaries
Product Attributes/ Features: How Does The Product Work?
- Max - Dependent on financial capacity of the customer and up to 85% of market value of property offered as security
- Maximum repayment period of 60 months
- Repayment amount not to exceed 35% of salary/income
- Customers qualify for high amounts.
- Pricing is low with a minimum at RBM reference rate +6.1% pa
Financial Lease
A Financial Lease, one of the facilities offered by the Personal and Business Banking Division is a way of financing the purchase of the capital asset(s). The Bank, called the Lessor, retains the legal ownership of the asset throughout the tenure of the lease while the client, called the Lessee, has the economic ownership as they derive economic benefit through the usage of the asset.
In a Finance Lease, the legal ownership of the asset passes on to the lessee upon the successful completion of the lease.
Moneygram
This is an international money transfer service available at all National Bank of Malawi service centres.
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VisionTo be the most successful financial institution in Malawi with international visible presence. |
Mission StatementTo provide the best financial services in Malawi and internationally, distinguished by outstanding service, product innovation and sustained earning. |
