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Standard Bank Launches Zichuluke Promotion to Support Mid-year Activities for Village Banks

Charity Mughogho: We came with the promotion to place the aspirations of progressive financial groups at the heart of its service offering

LILONGWE, 9th JUNE 2021 – Standard Bank has launched Zichuluke Promotion to accord a chance to village banks and community savings groups to fully enjoy their biannual sharing of proceeds such as groceries.

The promotion, which will run from 31st May to 8th July, also aims at deepening the connection the bank has created with village banks since launching a tailor-made solution known as Khonde Savings Account early this year.

Khonde Savings account is a financial solution that aims at supporting financial ambitions and needs of registered village banks in the country through secure and convenient transactions when saving and lending money.

To enter the Zichuluke Promotion, one has to open a Khonde Savings account for their respective village bank or group and transact at least three times.

The winning village bank will cart home a grand prize of K1 Million followed by a second prize to three groups who will take home K200,000 each.

In addition, there will also be weekly prizes categorized in two; First prize of K100,000 to one group, and second prize of K50,000 each to five groups.

Head, Consumer and High Net Worth Clients, Charity Mughogho, says Standard Bank came with the promotion to place the aspirations of progressive financial groups at the heart of its service offering.

“Through Zichuluke Promotion we are enabling village banks that contribute money for various purposes such as buying groceries to have convenience as they purchase merchandize mid- year. As a financial institution that drives the growth of Malawi we will always ensure that we support citizens to advance their livelihoods through viable opportunities within a community set up.”

Khonde Savings Account comes with an option of a life insurance pay-out of K200,000 in the event of death or permanent disability for every village bank member with a maximum of 20 members.

The offer of life insurance is optional to registered village banks at a monthly premium of K8,000. The second option has a basic offering without life assurance and does not attract a monthly service fee.

The account also has free access for village banks to the bank’s 247 platform and all online transactions within the bank. Group members will have an option of viewing transactions in the account using the digital channels that will be offered.

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