Malawi Savings Bank (MSB) says it has simplified identification requirements people have to present to the bank before opening an account.
Non-working Malawians have long been complaining of restrictive identification requirements banks demand from would-be savers such as passports, identity cards and driving licenses.
In his remarks when launching “Champini Account” at at Ntaja Trading Centre in Machinga on Monday, MSB Credit Manager Chiyamiko Littah said the newly-launched account was specifically designed to remove the barriers and offer every Malawian a chance to save their earnings with the bank.
“We, at MSB, noted that challenge and we decided to simplify the requirements to help everyone to open an account. And with this product [champini] now our customers can open their accounts just by presenting a letter from the chief or the District Commissioner or the farmers’ association that customer belongs,” said Littah.
He said Champini is targeting farmers of different cash crops as a way of empowering them to play an active role in the economy.
Jane Mkanda, 35, and a grocer at the trading centre, hailed the bank for choosing to go closer to people at the grassroots through the new product.
“It’s good that they are coming to the rural areas. Now we can save our money without travelling long distances to access bank services,” Mkanda said add that it was her first time to open a bank account.
“It’s not that we don’t want to save; banks are demanding more than what we can manage to provide. For example, how do they expect me to produce a passport when I’ve never been outside Malawi? Or can I produce a driving license when I can only dream about driving or indeed owning one?” she asked.
The account balance remains K500 and the bank says there is no charge for switching from the Savings account.
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