National Bank of Malawi (NBM) plc has launched a new product targeting Accountants who are registered with the Institute of Chartered Accountants in Malawi (ICAM) and those involved in business which is registered.
Launching the product in Blantyre during an induction of new members for ICAM, NBM Service Centre Manager for Henderson Street Service Centre Tamara Mtuwa said NBM plc came up with the product after ‘listening’ to the needs of their customers.
“As the Bank of the Nation, we always strive to serve our customers better, we want to give what our customers want, not what we want, this, perhaps, is what has earned us the title ‘The Bank of the Nation’.”
“We have been listening to what our customers want through various interactions that we have had with our customers which have led us to come up with unique products that target a specific target group.”
“Today we are here to unveil a unique product specifically tailored for our Accountants. This special package for Accountants targets those accountants registered with the Institute of Chartered Accountants in Malawi (ICAM) whose salary has been consistently received through their NBM account. If the salary is not received through an NBM plc account, then they need not worry to access this product as long as they are willing to open an account with us,” explained Mtuwa.
NBM Accounts Relationship Manager Mwayi Kalulu made a presentation about the offering of the product to the newly inducted ICAM members.
She said among other offerings, Accountants whose net salary or income is MK2, 000,000.00 and above will automatically be invited to the premium platinum club while those who earn MK500, 000.00 and above will automatically be invited to the premium gold club.
Accountants in the age ranges of 18-35 years and whose salary band is between MK300,000.00 and MK1,000,000.00 will automatically qualify for our other product called Step up professional product.
“This product offers Accountants an overdraft facility whose maximum limit is aligned with net salary and is renewable in 12 months. They will also be offered a credit card with a maximum limit aligned with the net salary to cater for travel and e-payments requirements with a repayment ratio of 50%.”
“The product also offers Accountants with a general-purpose loan of up to K20 million with a maximum repayment period of 48 months and a credit life on the loan amount. On top of that, the product offers a subscription loan of up to K1 million with a maximum repayment period of 6 months. There is also an insurance loan with a maximum loan aligned with the customer invoice and the maximum repayment period is 12 months,” said Kalulu.
She said to access the product, Accountants need to submit all Know Your Customer (KYC) documentation and a letter of undertaking from the employer and also submit a letter of introduction from ICAM confirming that they are a member of the accounting body.
Kalulu said Accountants with business income and their business is registered will also be considered for the product.
ICAM Acting Chief Executive Officer Charles Chimpeni hailed NBM plc for the product targeting accountants saying it will help the accountants to be innovative.
“We all agree that we cannot depend on salary to survive and this product will make accountants to be innovative because they can start their eon businesses and some can use the same product to get a loan to pay for their subscription fees with ICAM. We welcome this product and we are hopeful that fellow accountants will embrace it,” said Chimpeni.