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NBS Bank, Malawi Posts Corporation Revive Partnership In Agency Banking Deal

Tochukwu Egesi
Tochukwu Egesi

Acting Post Master General of Malawi Posts Corporation, Zachaeus Meke on Thursday launched the NBS Bank-MPC banking agency partnership deal, which will afford Malawians access to all banking services in post offices across Malawi.

Meke has called this banking sector partnership the first step in the MPC's turnaround strategy, disclosing that plans were under way to partner other stakeholders like insurance firms as well as mobile communication companies, in a bid to return to profitable relevance in Malawi.

NBS Bank Chief Treasury and Global Markets Officer, Benedicto Bena Nkhoma receives services at the newly established NBS Pafupi bank at Bvumbwe Trading centre in Thyolo. Photo Credit :Malawi Voice

According to NBS Chief Treasury and Globe Market Officer, Benedicto Nkhoma, the main objective for the partnership was financial inclusion; mainly to help it reach Malawi's rural masses with banking services and facilities, with MPC being the most reliable facility to aid the achievement of that objective.

“With MPC, this is the partnerships of giants in Malawi. We are re-launching partnerships today and among the products that will be offered include; withdraws, deposits, balance inquiry, loan repayment and account statement,” Nkhoma added.

NBS Bank which was established in 1964, has over 700 banking agencies while MPC has 180 post offices in Malawi.

Malawi In Focus:

Population - 18.6 million (Compared to South Africa's 59.6 million)

GDP: $7.667 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $380 (Compared to South Africa's $6,193)

Financial inclusion

Tochukwu Egesi

Financial Services Strategy & Digital Economy Specialist (Scribing in Personal Capacity)