Boosting Rural Economy Through Village Banks — P2 Insurance Industry Casts the Net Wide — P4 2 SPECIAL PULLOUT the NATION 21 NOVEMBER 2013

People’s views on insurance policies— p4 Boosting rural economy through village banks — P2 Insurance industry casts the net wide — P4 2 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

SCALING THE HEIGHTS

by Bernard Kambeja, Save the Children village savings and loans coordinator

The following are organisations and institutions that are raising the bar in promoting the financial sector in Malawi:

1. Airtel 2. Business Finance 3. Continuing Education Centre PHOTOGRAPH: NATION LIBRARY NATION PHOTOGRAPH: 4. Indebank One of VSLs meetings in Ntchisi 5. MSC 6. MSB Boosting rural economy 7. Masm 8. Nedbank 9. Nico Holdings through village banks Limited t is not uncommon these But for the purpose of this days to see a group of essay, such groups will be 10. Nico General Iwomen in a village setting referred to as VSLs. sitting in a circle. VSLs are self-selected ARCHIVE FAST Insurance For sure, some might have groups of people (usually asked what the women were unregistered) who put their 11. Rennies doing and they were told that money in basket funds from the women were members of which they borrow each other. Travel ‘banki ya kumudzi,’ meaning The borrower pays back the FACTS the members of a village bank. money at an agreed period 12. Saile The terms banki m’khonde, with interest, causing the fund banki ya kumudzi or village to grow. The history of banking begins with the first Financial bank are now household Most, if not all, VSLs have prototype banks of merchants of the ancient names in most parts of the a cut-off point when their Services country. regular savings and interests world which made grain loans to farmers and Both local and non- would be shared out among traders who carried goods between cities. 13. Standard governmental organisations the members using a formula (NGOs) implementing these that links payouts to the This began around 2000 BC in Assyria and Bank interventions also call them amount saved. Usually the with different names. cut-off point is between nine Babylonia. While some NGOs call to 12 months. 14. TNM them village savings and VSL members use the loans (VSLs), others call them money that has been shared Malawi’s insurance penetration is currently 15. Victoria savings groups or savings and out as they wish, without any pegged at three percent whereas 71 percent internal lending communities restrictions whatsoever. Forex Bureau (Silcs). All these terms refer to VSLs seem to attractive of its population is unbanked. what most communities call PAGE 3 village banks. SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 3

SPECIAL ESSAY SCALING THE HEIGHTS Improving livelihoods through village banks

PAGE 2 to most people they offer interests on savings and provide micro-finance insurance and loans, usually in excess of the borrower’s savings. That aside, a loan is processed fast and provided at a convenient time to the borrower. What is more pleasing is that the members discuss and agree on the borrowing period. In this way, the funds are constantly working and accumulating interest in the process. These savings, insurance and loan facilities allow members to meet small and short-term financial needs for income generating activities, social obligations and emergencies without having to borrow from formal financial institutions, taking expensive supplier advances or relying on relations. This is a big boost to social security. PHOTOGRAPHS: NATION LIBRARY NATION PHOTOGRAPHS: VSLs require a written or Village banks provide start-up capital for small-scale businesses oral system of record-keeping. As such, NGOs implementing VSLs play an important role in of the VSL has been ensuring that this is instilled stopped. in the groups. It is a fact that at certain The basic principle of VSLs times of the year, it is not easy system is to help communities for rural communities to raise save money which is in turn a weekly contributions. source of capital from which There are also times when they can borrow. the demand for members to VSLs provide savings and work in their gardens is so simple insurance facilities in high that it also becomes a communities without access challenge for them to attend to formal financial services. weekly meetings. Members of VSLs meet Since rules governing regularly. It can be weekly, the operations of savings fortnightly or monthly. groups are formulated by They are, however, advised members themselves, there that a month should not go is nothing an NGO can do if without a meeting because it the members decide to call it is during such meetings that quits. all transactions take place (in VSLs members are free to suspend the savings to the presence of all members) accommodate pressing to ensure transparency and demands for labour in their accountability. fields. All members see who has Regardless of the saved and who has not; who suspension, it is advised has borrowed and who has not that members must continue and what that means in terms servicing their loans. So, of net worth. members may still agree To ensure that transactions to meet at certain times to do not take place outside such allow for repayment and meetings, a lockable cash A woman stands in front of a house being built with money from a village bank disbursement of loans, but box or a heavy-duty lockable there will be no savings. canvas pouch is used. This The challenges helps to prevent unauthorised The constitution provides meeting, each member recites challenges facing VSLs, but notwithstanding, VSLs cash movements and risks of a framework for governance, rules and regulations that chief among them all is have proved to be a good tampering with records. helps in dispute resolutions, govern that particular VSLs. unstable incomes. intervention to turn around socioeconomic fortunes of VSLs membership is open taking certain disciplinary This is repeated several While it is important to to both men and women. It rural communities and a actions and in specifying times until the rules are ensure financial discipline and viable option for them to is, however, advisable that how the social fund will instilled in each member of regular savings, the reality three of the five committee access small loans to meet open, with clear terms and the group. is that rural incomes are some social obligations or members be women in a case conditions of saving and Thereafter, the recitation unstable and variable. start small-scale enterprises, of a mixed group. borrowing. can be reduced in frequency It is under such challenge especially where opportunities For smooth operations of Each member of the or eliminated altogether economic circumstances to access such loans from a group, members agree on a executive committee is because each member is that most VSLs suspend formal financial institutions set of rules or come up with assigned to remember one or now aware of the group’s their savings by mutual are nonexistent or limited a constitution to guide their more rules. regulations. agreement. In principle, to people with recognised activities. During the group’s There are a number of this means the operations collateral security. 4 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

SCALING THE HEIGHTS FEATURES People’s views on insurance policies FDH Bank

Joseph Kazembe Lusubilo soaring from Blantyre says Nkhonjera from he does not have a Blantyre says he Since our incorporation in 2008, policy because he has two policies FDH Bank Limited has grown TNM Moyo Cover extraordinarily fast over the past does not have enough five years, all thanks to our valued information on and Masm. Masm customers. insurance cover and come handy when I FDH Bank’s vision has been, how he can get one. am sick and do not and remains, for the bank to be I wished employers have money to pay the leading provider of first class medical bills. With banking solutions in Malawi and had keen interest in the Southern African Region, and encouraging their Moyo Cover, I know achieving such a vision requires employees to get I would not leave my the need to offer exceptional insurance cover. family in trouble if I customer service. were to die today. The bank emphasises on the need to deliver services with speed and excellence. Being the only “home grown bank”, we strive to remain relevant to all residents of Limbani Manda from Tinna Chikoko from Malawi because we believe that Blantyre says he does Blantyre says she we understand this market and not have a policy because is a beneficiary of your banking requirements better. Superior customer service insurance policies are her mother’s Masm for big people. They do In our continuous efforts to scheme. She covered improving our service offering not target nonentities me so that I am to our clients, the bank now has like myself. I doubt if able to get quality dedicated Account Relationship they have packages for medical care when I managers and officers within both our corporate banking, and our low income people. am sick. After all, they only focus personal and business banking divisions. These managers and on making profits not officers will now be the key points helping people. of contact with the bank, ensuring that our customers banking and financial needs are understood and satisfied appropriately. The bank also plans to continue with the extension of its branch network to complement the existing 12 branches and agencies. In addition, we are also currently installing additional ATMs across the country to ensure that customers can access essential banking services without requiring one to physically go inside the branches, this is in addition to the rolling out of our Point of Sale (POS) machines which shall be made available in Agnes Mziya from Blantyre all major shops across the country. says she does not have a Making banking enjoyable and policy at the moment, but simple she intends to have one Memory Mzingwachi FDH Bank uses a highly Shogun Mukhwapa from dependable and flexible banking sometime this year. I used Gongwa from Blantyre says

Nkhata Bay says he maintains JOSWAH SEKANAWO PHOTOGRAPHS: platform known as T24 that to be a beneficiary of my she does not have a policy. In a savings protection policy supports our continuously father’s medical aid policy. Malawi, it is not a big issue Marriam Rashid from evolving range of value added with Nico. My policy is for five I am working hard to get a whether one has a policy or Blantyre says she has a services, providing many secure years, meaning I can benefit policy with Masm since it is not. The problem is that medical aid policy. I decided methods of managing one’s from the policy after expiry of money without the need for any the only medical aid policy I most of us do not know the to have a policy so that I am that period. importance of insurance cover. human interaction whatsoever. know. secured health-wise. The flawless integration of T24 and our FDH Online or Internet banking solution makes banking simple and enjoyable for our customers. Our FDH Online Insurance industry casts the net wide banking platform is probably not only appealing, but also a number of products one of the best online banking SEKANAWO JOSWAH Maclonx Mwase said the platforms on this market. also meet the needs of that are affordable to STAFF WRITER industry has come up FDH Bank strives to develop with several initiatives to the market,” he said, people with different social and offer customised products backgrounds. and services that would simplify Malawi is one of the encourage people to buy citing crop insurance as “It is true in the past banking for customers through countries where insurance insurance policies. an example of innovative we used to focus on the technology and services that shall “The financial education products by the industry. is regarded as a option not a affluent market of middle not only cater for the general must. programme is one of such Mwase said most public, but also for all key sectors to high income groups, but of the country and in particular No wonder insurance initiatives geared at increase insurance companies are now the focus is broadened the financial literacy level, also using mobile phones the SME sector, which is one of penetration in Malawi with insurance companies the key driver of this country’s remains at a meagre three especially of insurance, and banks (Bancasurance) coming up with products economy. percent. among Malawians. as another dimension to that cater for people of all Apart from using our banking Insurance Institute of “The launch of diverse insurance business. social backgrounds,” he platform to make banking Malawi education secretary innovative products are He said insurance has said. PAGE 11 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 5

ADVERTISING SCALING THE HEIGHTS 6 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

SCALING THE HEIGHTS ADVERTORIAL Business Finance Ltd: Providing financial solution to businesses Business Finance Limited Simply put, Invoice money is advanced to a (BFL) has tailored some Discounting is a facility business against an LPO. distinctive financial whereby a business Purchase Order financing products to assist small can discount (“Sell”) therefore provides and medium enterprises its invoice(s) with BFL immediate financing (SMEs) as well as and obtains immediate especially to Small and upcoming businesses cash. What it means is Medium Enterprises for them to make money that when a business (SMEs) who obtain and help their businesses has issued an invoice(s) orders from reputable and grow fast. for goods or services credit worth institutions Since its inception, supplied on credit, it and organisations. BFL BFL is establishing can bring a copy of will after appraising the itself as a key market that invoice to BFL. transaction provide the player in providing two After appraising the needed finance quickly financial products:- transaction, BFL will and efficiently for you to Invoice Discounting and immediately pay your supply the order timely Purchase Order (LPO) business for the invoice and without hurdles financing. rather than you waiting to keep your customer In order to remain for payment from your satisfied for repeat competitive, businesses customer for 30, 60, 90 business. realise that they need to or even 120 days. Business Finance give credit terms to their BFL also offers Ltd understands that customers. However, Purchase Order (LPO) challenging economic they also need early financing. Purchase times call for creative payment of sales invoices Order financing is a thinking and that is why to assist with their own funding option for the company came up cash flow and Invoice businesses that need with these distinctive Discounting provides cash to finance single financial products to this very solution, or multiple customer hold its customers hand allowing businesses orders. This facility is an and help their business to get the best of both effective form of business through these economic worlds. financing in which challenges. SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 7

ADVERTISING SCALING THE HEIGHTS 8 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

SCALING THE HEIGHTS ADVERTORIAL Savingsplus Account only from Indebank

Small and medium-sized enterprises (SMEs) are highly significant in developing countries particularly Malawi for the contribution they make in creation of employment, and overall economic growth. SMEs however experience wide range of challenges including limited access to financial products and services; a lot of SMEs use personal accounts for business while a greater percentage of this group does not have bank accounts. This prompted Inde- bank to introduce Savingsplus, which is a tailor made account to support business transactions and financial management. Indebank introduced SME and Personal Savingsplus earlier in 2013 in order to meet savings and transacting needs of both existing and potential customers, the account offers flexibility as account holders are able to save while transacting. Customers are able to issue SMEs can beneﬁt a lot by opening Savingsplus Account LIBRARY NATION PHOTOGRAPHS: cheques on their savings account; this is advantageous as Savingsplus K10 000 while a customers’ an opportunity to accounts through quarterly ers options to buy airtime (TNM, those who cannot afford to oper- monthly fee is K 1 000. For access loans to expand grow their statements made available at a MTL, Access and Airtel), and ate a current account are able to Personal Savingsplus, minimum businesses, and run away from reasonable fee. The account fur- pay personal or business Escom transact conveniently balance is K5 000 and monthly informal borrowing. ther allows customers access an bills while with internet banking, The account is affordable as fee is K500. The Savingsplus account also ATM card and internet banking customers do request for cheque the minimum balance for SME Savingsplus account offers enables customers track their services which accords custom- books and transfer funds. SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 9

ADVERTISING SCALING THE HEIGHTS 10 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 11 ADVERTORIAL SCALING THE HEIGHTS SCALING THE HEIGHTS ADVERTORIAL Nedbank: Firmly grounded to serve MW economyFDH takes banking to greater heights Nedbank Malawi Limited offers execution. offer our clients with suitably export customers through timely hassle free business conduct with PAGE 4 established partnership This service mitigates risks as such, our products and and Business Current known as Kutapa Khashi—a a wide full range of retail and Key among the bank’s structured pre and post shipment procurement of inputs and suppliers and customers. FDH Bank has with AHL and promotes the certainty services are tailor-made to accounts offer various convenient, dynamic and friendly business banking services to the corporate lending products is the export finance loan facilities as delivery of the products. For more and specific details on enjoyable and simpler, Commodities Exchange of predictable cash flows, suit the needs for all. flexible payment methods short-term loan facility that is there whole spectrum of the Malawian Offshore Trade and Structured well as structured commodity In support of the above the trade finance solutions kindly we are also looking at Limited (AHCX) to provide reducing the risk in trade FDH Bank offers a to allow customers to to make your life easy in times of economy. Commodity Finance solutions trade and import finance solutions, Nedbank is geared to direct your enquiries to the head enhancing our product financing for producers and transactions and makes wide range of savings make payments or money unforeseen emergencies and other The bank’s corporate banking designed to suit unique client facilities. facilitate your import and export of trade Finance at Nedbank on and service offering to key traders. FDH Bank also bank deals possible. accounts that attract no transfers directly to third urgent needs such as medical products include transactional requirements. An offshore loan from Nedbank transactions through sound telephone numbers 01 771 986/ customer segments of the offers Structured Trade and Products and services management fees and are parties through cheques expenses, utility bills, funeral banking; corporate current Nedbank recognises that the will enable clients to optimise transactional banking solutions. 0999 966 375/0888 827 258 or country. Our efforts in Commodity Finance, the Being the first and only easily acquired from as low rather than cash. expenses, travel, etc. This loan is and savings accounts; foreign days of a one-size-fits-all financing their cross border business Export and import Letters of the trade finance officer on 01 developing such services art of transferring risk in local bank, we always as K200, not forgetting Apart from our Working readily available to all salaried FDH currency accounts (FCAs), approach are gone and that dealings and management of the Credit, documentary collections 820 477/0881 667 323. You may to cater the many needs of financing transactions from strive to understand the the free ATM cards that Capital and flexible Bank customers, both old and new, investment accounts; local and businesses now need innovatively earnings thereof. The solutions and open payments are handled also email us on: ckalilombe@ diverse sectors in Malawi parties less able to bear Malawian market and keep compliment the service Personal loans, we have who require a short-term loan to offshore lending; trade finance structured solutions. will enhance the clients’ in a manner that ensures that nedbank.co.mw or bchikonga@ may be clearly seen in the those risks to those more local businesses at the package that is offered to recently launched a short- cater for emergencies. instruments and treasury We are, therefore, glad to relationships with suppliers and the client enjoys a smooth and nedbank.co.mw existence of the recently equipped to bear them. heart of our business, and the customer. Our Personal term lending product

BLANTYRE CAMPUS MZUZU CAMPUS These programmes are scheduled to commence on: JANUARY – JUNE 2014 SEMESTER JANUARY – JUNE 2014 SEMESTER Enroll into our various CERTIFICATE & DIPLOMA courses 11 January 2014 for Weekend courses starting Enroll into our various CERTIFICATE & DIPLOMA courses as follows: from 8:00 am as follows:

1. DIPLOMA IN JOURNALISM (2 YEARS) 13 January 2014 for Full Time courses starting 1. DIPLOMA IN JOURNALISM (2 YEARS) from 8:00 am TUITION FEES: K250, 000.00 per year TUITION FEES: K250, 000.00 per year

2. DIPLOMA IN GRAPHIC MEDIA STUDIES (PRINTING) LILONGWE CAMPUS 2. ASSOCIATION OF BUSINESS MANAGERS AND (2 YEARS) ADMINISTRATORS (ABMA) JANUARY – JUNE 2014 SEMESTER TUITION FEES: K250, 000.00 per year LEVEL 4 IN : Enroll into our various CERTIFICATE & DIPLOMA courses as follows: 3. DIPLOMA IN INDUSTRIAL LABORATORY TECHNOLOGY Business Management (3 YEARS) JANUARY – JUNE 2014 SEMESTER FULL TUITION FEES: K60,000.00 TUITION FEES: K250, 000.00 1. DIPLOMA IN JOURNALISM (2 YEARS) Students to pay registration and exam fees

4. PAEC ACCOUNTING PROGRAMMES TUITION FEES: K250, 000.00 per year Certificate in Financial Accounting These programmes are scheduled to commence on: Accounting Technician/Diploma A 2. ASSOCIATION OF BUSINESS MANAGERS AND 25 January 2014 for Weekend courses starting Accounting Technician/Diploma B ADMINISTRATORS (ABMA) from 8:00 am TUTION FEES: K60,000.00 per semester. Students to LEVEL 4, 5 & 6 DIPLOMA IN pay registration and exam fees. BENEFIT FROM THE SUPPORT OF HIGHLY QUALIFIED, COMPETENT AND PROFESSIONAL STAFF Business Management 5. ASSOCIATION OF BUSINESS MANAGERS AND Application forms can be collected from Katoto Secondary ADMINISTRATORS (ABMA) Community and Rural Development Closing date for receiving applications is 6th December, LEVEL 4,5 & 6 DIPLOMA IN FULL TUITION FEES: K60, 000.00 2013. Business Management Students to pay registration and exam fees Community and Rural Development Apply now, enclosing copies of the relevant certificates to: Application forms can be collected from Kamuzu The Director FULL TUITION FEES: K60, 000.00 College of Nursing. Continuing Education Centre Private Bag 303 Students to pay registration and exam fees These programmes are scheduled to commence on: Chichiri BLANTYRE 3 6. ADMINISTRATIVE STUDIES ( TEVETA LEVEL 4) 18 January 2014 for Weekend courses starting from 8:00am TEL: 01 876 210/01 871 863 /01 870 411 1 Year 20 January 2014 for Full Time courses starting FAX: 01 871 863 TUITION FEES: K60,000.00 per Semester from 8:00 am E-MAIL: [email protected] Application forms can be collected from Polytecnic 12 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

ADVERTISING SCALING THE HEIGHTS SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 13

SCALING THE HEIGHTS ADVERTORIAL Victoria Forex Bureau opens in Mzuzu

Victoria Forex Bureau “Our services are Bureau was established has announced that its unique in the sense that in 1998. The Bureau has fifth branch will open we are fast and efficient a strong loyal customer soon in Mzuzu. and our rates are very base and is a Malawian The Bureau plays a attractive. Our friendly company that is proud pivotal role in providing staff always gives a better to serve the people of foreign exchange to the service that our customers Malawi. general public travelling deserve. We also trade in “Our business from Malawi. Victoria major currencies that are premises are highly Forex Bureau has four accepted in this region of patronised because we other branches which Africa and worldwide”. do not compromise are located in Blantyre, “Victoria Forex Bureau our services and our Kanabar House, opposite is open and ready to experience in the Sunbird Mount Soche; in discuss individual needs business is reputable Lilongwe at the Shoprite and requirements in all and dependable. If Centre, Old Town; in foreign transactions and you want the best Limbe along Customs offers competitive rates competitive rates and Road in Aram Mall and with no commission excellent service, you at Chileka Airport in the charges”, he said. now have a choice of five arrivals meeting area. Victoria Forex Bureau’s branches to meet your Patrick Tembo, services include buying needs wherever you are Manager at Victoria Forex and selling foreign in Malawi. Whatever your Bureau indicated that the currency, buying needs, we are flexible and company decided to open travellers’ cheques, urge you to visit one of more branches to satisfy Western Union and our branches to discuss customers’ demand for Moneygram services, your requirements with forex services and to serve cashing South African us”, he said. the residents and visi-tors VAT cheques and Victoria Forex Bureau of the fast growing city enchasing of personal started in small premises of Mzuzu. He said the cheques. in Kanabar House and foreign exchange company Tembo says the public today it operates from offers an efficient superior response has been mod-ern and secure service. impressive since the locations. 14 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

ADVERTISING SCALING THE HEIGHTS SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 15 ADVERTISING SCALING THE HEIGHTS SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 16 ADVERTORIAL SCALING THE HEIGHTS 17 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013 ADVERTISING SCALING THE HEIGHTS 18 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

ADVERTORIAL SCALING THE HEIGHTS ATM Cash Deposit: Unique, innovative facility In a drive to deliver modern, convenient and tellers. superior banking services • Free ATM cash to its customers, Malawi deposit service. Savings Bank Limited • Immediate credit has introduced ATM to their account. Cash Deposit Facility—a Malawi Savings modern, secure, innovative, Bank Limited therefore unique and intelligent encourages its existing cash depositing system customers who do not have that gives customers more ATM cards to visit their freedom to do banking nearest Malawi Savings transactions anytime every Bank Limited branch/ day. agency and register for This follows a survey iCash ATM cards. which identified the risks For those who are not that limited banking hours yet Malawi Savings Bank provide to customers. Limited customers, they The bank discovered that are encouraged to open customers were keeping accounts and register for their cash in unsafe places, the iCash ATM cards so waiting for the next day BANK SAVINGS MALAWI PHOTOGRAPH: Malawi Savings Bank customers can now deposit money on ATMs that they can benefit from to make their deposits this amazing product. whereas others failed to secure. A personalised instructions displayed on that their money has been banking halls as more The facility is currently deposit due to long queues banking experience of the ATM screen deposited. The receipt people are opting to available at Blantyre in the banking halls, depositing money which • Insert cash actually shows the new deposit through the ATM Branch, Limbe Branch, denying them freedom to does not involve filling directly into the deposit balance in ones account at their own convenient Lilongwe Branch, Lilongwe do other important things deposit slips or standing slot after the deposit. time. Mall agency and Mzuzu in the day. on long endless queues in • Verify the amount The ATM cash deposit On the other hand, Branch. Through this ATM cash the banking hall. deposited on the ATM facility accepts 4 biggest the ATM cash deposit The bank will roll over deposit facility, Malawi As your own bank teller screen notes K1000, K500, K200 facility offers the the facility to the other Savings Bank Limited is standing before the ATM, People definitely might and K100. These are the following benefits to the branches and agencies in a providing a total banking you simply have to follow wonder how secure the same notes that the ATM customers: phased approach. experience whereby one these simple steps: facility is. As a matter of dispenses when a customer • Freedom to The ATM cash deposit cannot only withdraw cash • Insert the ATM fact a receipt will be printed is withdrawing on the ATM deposit cash anytime, any facility is convenient, very from the ATM but also card and enter pin to verify the amount machines. day, no waiting for banks easy to use and secure, deposit cash. • Select cash successfully deposited. The ATM cash deposit to open. giving customers more This is a self-deposit deposit option on the ATM This is proof enough to facility will help the bank • Freedom for freedom. This is more than system which is easier, screen and follow simple assure the customers in reducing queues in the customers to be their own just ATM! faster, convenient and Standard Bank: Moving you forward in instilling a saving culture

In a bid to instil a culture of She said pure save account the Contractsave Account. This a Contractsave account offers to also be very convenient,” saving among its customers, is offered with no monthly enables customers to determine customers the option of a life Kubwalo-Chaika said. Standard Bank, one of Malawi’s management fees and a the kind of future they want benefit of K500, 000 paid to a The bank also offers automatic leading banks says it has a predetermined monthly to have when they retire from nominated beneficiary upon the debt settlement insurance to all wide range of products that direct debit and is linked to active work by taking control of death of the primary account its personal loan, Vehicle and make it convenient and easy for a transactional account such their own savings. holder and is targeted at the asset finance as well as home customers to grow their savings as a current account. This “There is a general feeling more affluent of our customers loan customers to ensure that and also to make it a part of encourages customers to have that saving money is difficult. as opposed to the puresave upon the unfortunate event their lifestyle. The range of the zeal and discipline of Contractsave account removes account,” said Kubwalo-Chaika. of death of the customer, the products is wide, and aligned to saving by discouraging regular the burden off the shoulders The savings accounts are surviving family members do the needs of customers because withdrawals and also by it’s very of customers who think they not all that Standard Bank not inherit the burden of having the bank understands that each design of being a wallet within cannot afford to save by entering offers, insurance services are to service the outstanding loan customer is unique. your usual banking account. By into a contract with Standard also available to its customers. nor face the trauma of asset Head of Personal and Business setting finds in the wallet on Bank to save for an important Standard Bank is the pioneer repossession by the bank. Banking Margaret Kubwalo- the side, the customer can make event of their life be it wedding, of Bancassurance services in The asset is simply handed Chaika says the bank offers high payments and spend from their retirement or education,” she Malawi and is backed by more over to the family so that they value savings as well as asset and current account while keeping said. than 100 years of experience can continue to live comfortably life protection packages through the side pocket in tact. The minimum balance for this within the Standard Bank Group. whilst the other life covers that its Bancassurance offering. “The minimum opening account is K10 000. Customers Bancassurance services are the breadwinner could have had Standard Bank’s savings balance for Puresave is K2000 can open an account or set up offered to the bank’s customers taken, goes towards supporting products range from a making it easy for anyone to a monthly standing order with to preserve customer’s assets the other daily needs of the traditional savings accounts start saving,” said Kubwalo- any amount above K10 000. financed by the bank as well as family like education, food, to a saverplus, Pure Save and Chaika. “Customers can set up This account has a duration of 3 offer automatic debt settlement clothing, among others Contractsave accounts, which a monthly debit order on their to 12 months with an option of upon the death of a customer “As a bank we do not take according to Kubwalo-Chaika transactional account to go to rolling it further for those who whilst the asset or loan financed for granted the privilege of were introduced as a way of this account so as to grow their want to save for a longer period is still owed to the bank. being associated with these ensuring that Malawians are savings.” of time. The standing order “Standard Bank’s home loan life changing products as we encouraged to a build a true Kubwalo-Chaika said the also ensures that customers are and vehicle and asset finance have witnessed beneficiaries of saving culture to empower account accrues a daily interest encouraged to set aside a certain customers are offered in house our customers’ estate spared of themselves financially during a rate of 10 percent which is amount every month in order to insurance to protect the financed the trauma of having cars and rainy day. paid quarterly to the holder’s grow the minimum balance. assets against damage or theft homes repossessed as we have “Like Murphy’s Law, problems account. The account has an “No monthly management at affordable rates and great automatically settled their come when one is completely additional benefit of having a fees are charged on this account convenience as all the services loans with substantial balances out of pocket. This is more death cover that doubles ones to encourage customers to are offered under one roof. without having to touch an critical in Malawi where most balance of up to K100 000 upon separate their savings from Whilst the actual Insurance risk individual’s terminal benefits. people are not used to saving death of the primary account normal transactional accounts is underwritten by reputable Come and experience our for eventualities. As a bank we holder. The money is paid to a whilst preserving the savings Insurers, claims handling is also world of banking convenience thought of introducing products nominated beneficiary. value. Standard Bank believes facilitated by the bank to ensure that puts you first,” asserts that would incentivise a habit of Another account tailor made in offering its customer’s added that the customer is offered Kubwalo-Chaika tongue in saving,” said Kubwalo-Chaika. to promote the saving culture is value at all times and hence efficient service which tends cheek. 19 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

SCALING THE HEIGHTS ADVERTORIAL Nico Holdings revenue up 85% Masm closes first aid response

SEKANAWO JOSWAH statements for the half He attributed this to STAFF WRITER year ended 30 June good strategies despite gap with EMS ambulances 2013, the group reported the harsh economic environment in the Nico Holdings Limited significant improvement people in Malawi, but also and the indifference some country. SEKANAWO JOSWAH is a conglomerate with compared to the same STAFF WRITER Malawians travelling in motorists show when they period in 2012. This “Due to strategies that our neighbouring countries hear EMS ambulances’ subsidiary companies were in place and also is despite operating The Medical Aid Society like Zambia, Tanzania and sirens as major challenges. throughout Africa. on account of diversity Mozambique. “Some motorists do not in a challenging of Malawi (Masm) in Nico was also the first and robustness of the September 2007 launched “We work hand in want to pave way for EMS company to list on the economic and business portfolio, the group the Emergency Medical hand with international ambulances when they hear Malawi Stock Exchange environment. registered satisfactory Service (EMS) after seeing a organisations such as Medical the sirens,” said Kamanga. in 1996. The group’s gross investment returns. gap in the first aid response Air Rescue Service (Mars) Masm EMS has five revenue grew by 85 “Depreciation of in the country. Zimbabwe, International ambulances and employs 10 Nico is involved in SOS South Africa, Net Care nurses and 10 technicians percent from K16.5 the currency and high The targets were people general insurance, life who had emergencies at South Africa, Euro Assist, at their three bases of insurance, pension billion in 2012 to K30.4 interest rates have, Africa Assist and ER 24,” Mwaiwathu Hospital in however, impacted home, workplaces and other administration, billion in 2013. accident areas throughout said Kamanga. Blantyre, Lingadzi Masm us and our customers banking, mortgage Profit before transfer the country. During former president Medi Clinic in Lilongwe and of policyholders ‘Future negatively. Even though Masm call centre manager Bingu wa Mutharika’s Katoto Masm Medi Clinic in finance, lease finance the inflation rate has funeral, EMS ambulance Mzuzu. Benefits’ increased from Kwangu Gomba Kamanga and information improved, we are yet to said her organisation was the VIP ambulance. “Our crew was trained systems, among others. K3.6 billion in 2012 to feel the benefits of the introduced EMS to ensure The Ministry of Health in advanced life support, The group’s corporate K9.4 billion in 2013, declining inflation,” he that people are getting also asked EMS to cover intermediate life support strategy is to expand resulting in an increase said. quality services. presidents who came to and basic life support at attend the funeral from Mars in Zimbabwe,” she representation and in profit before tax from The General Insurance “When EMS was K110 million in 2012 to introduced, we decided to Chileka Airport to Mount said. operations in the business achieved Soche. She said from time to K3.7 billion in 2013. premium income make it a 24-hour service whole of the Common and base it at medical “What is more pleasing time the crew undergoes Profit after tax was growth of 76 percent is that we have been able to refresher courses to update Market for Eastern K2.6 billion in 2013 institutions because of and Southern African over the year to K10.6 some facilities they have save lives in cases of accidents their knowledge and remain compared to a loss after billion. There was through EMS. When KIPS on track. (Comesa) Region. such as laundry, sluice and tax of K237 million in significant improvement incinerator rooms help us in restaurant building collapsed Kamanga urged people to To date, Nico has 2012. in claims and premium our work,” she said. in Blantyre, EMS was the contact Masm EMS in cases insurance companies in Nico Holdings collection management, EMS plays a crucial role first team to respond and of emergencies. Malawi, Mozambique, managing director, Felix resulting in the division in helping people who it saved a lot of lives,” said “We provide quality Tanzania, Uganda and Mlusu said the past six registering satisfactory experience emergencies Kamanga. services, 24 hours in a day She cited poor and we are helping to save a Zambia. months have been better operating profit in the anywhere, any time. Masm has not only assisted infrastructure such as roads lot of lives,” she said. In unaudited financial than the last year. half year. 20 SPECIAL PULLOUT THE NATION 21 NOVEMBER 2013

ADVERTORIAL SCALING THE HEIGHTS Rennies providing quality and fast services

Rennies Foreign Exchange us to provide to you the travelling money abroad. Bureau is a wholly best solutions. The Bidvest Bank owned subsidiary of the We focus on all major World Currency Card™ Bidvest Group Limited, currencies through a is issued to customers an international trading correspondent global immediately and can and services JSE-listed network, we are a be used as soon as company that operates leading dealer of the overseas travel on three continents. foreign bank notes in destination is reached, Our customers expect Malawi namely United your funds are accessible the best value for their States dollar, British in the currency of your money, and rather than pound, Botswana pula, destination. Use your make big promises, we Chinese yuan, Canadian card at over two million are the foreign exchange dollar,euro,Austarian Visa—accredited ATMs bureau that delivers dollars, United Arab worldwide and cash our highest customer Emirates dirham, points to make payments. expectations. As specialist Mozambican metical, The pre-loaded cards are convenient, safe and cost in money management, South Africa rand and effective. we are very conscious of Tanzanian shilling With pre-loaded our duty to do business as well as encashing currency, there is no need in a responsible way and foreign currency personal cheques. Recently, to worry about fluctuating that is just the way forex exchange rates, cheaper we have been the business should be. to use than a credit card first foreign exchange We are a fully-fledged as there are no merchant bureau to offer a range foreign exchange dealer fees to pay. They have pin of innovative pre-paid with a reputation as and signature protected the market leader in currency cards supported for extra security. You the foreign exchange as by the international Visa can track your spending well as inward money network. with instant text or email transfers for both The World Currency notification. If you lost MONEYGRAM ™and Card™ offer travellers your card, we will replace WESTERN UNION ™. the chance to carry travel it within 24 hours. With these two reputable funds safely through To make use of any of services, you can receive unfamiliar countries and our product or services, money sent by your cities with ease. For years you do not need to hold relatives from abroad there have been a certain a bank account with within 10 minutes as degree of paranoia us. On top of that, NO we have the fastest and regarding the safe COMMISSION is charge friendly service. transportation of money in all of our services. So With more than 19 years when travelling through why not take advantage of involvement in foreign foreign countries. Rennies of our knowledge and exchange in Malawi, we Foreign Exchange expertise? We are here to have the knowledge and offers a solution that provide you with the best conveniently simplifies expertise to understand options available across a the safe carrying of your business. This helps wide range of services. MSC Forex Bureau easing access to forex in Mzuzu

JOHN CHIRWA have been exchanging “We are operating in STAFF WRITER currencies in banks Mzuzu because it is a only. There is no any fast growing city, and we Development activities other stand-alone forex would want to grow with taking place in Mzuzu bureau apart from us. it. But with progress, City have not eluded the So, we want to give we also plan to move financing and banking clients more options to Karonga and Nkhata industry. A stand-alone from the services Bay because the market forex bureau, MSC offered by banks. is also growing in these Forex Bureau, has been “Unlike banks, districts,” he said. introduced to offer we don’t charge MSC presently offers alternatives to clients. commissions or service selling and buying MSC, introduced in charges. We exchange of forex in the major January this year, is currency according to currencies of dollar, the only forex bureau the rate of that day,” he pound, rand and euro. in Mzuzu that is not said. “We want our attached to a commercial MSC is situated near customers to recognise bank. Mzuzu Market, opposite our company first before MSC branch manger Immigration Offices. we move into other Joseph Mwalwanda said The bureau is presently services such as western the bureau has been operating in Mzuzu union,” he added. introduced to offer only. MSC was certified clients an option of But Mwalwanda said by the Reserve Bank getting services from a they plan to open offices of Malawi (RBM) to private bureau. in Karonga and Nkhata operate as a bureau in “People in Mzuzu Bay in the near future. January this year.