By Chisomo Phiri
National Bank of Malawi (NBM) has introduced a loan product called ‘Share Purchase Loan Product’ that enables its customers access loans for buying shares on the Malawi Stock Exchange (MSE).
Speaking during the launch in Blantyre on Tuesday, NBM Head of Retail Banking Oswin Kasunda said the loan facility is open to customers, whose regular income is paid directly into their NBM bank account.
“They could be individuals or SMEs but with a demonstration of capacity to repay, observed through inflows on their bank account in the last three months at a minimum.
“The loan product is only for NBM account holders. The bank will provide a minimum of K250, 000 loan for customers to purchase the shares,” he said.
Kasunda added that the loan product, which can also be acquired by Small and Medium Enterprises (SMEs) could be repaid to a maximum of 36 months.
“The loan package further provides that the shares should be purchased through the Stockbrokers Malawi Limited,” he said.
In his remarks, Stockbrokers Malawi Limited Chief Executive Officer(CEO) Noel Kadzakumanja said the facility will help customers that do not have cash at the right time get an opportunity of buying shares.
“Not always do customers have cash to buy shares. This loan facility is a great opportunity for them,” he said.
NBM is a Malawi’s premier financial institution which provides a wide range of banking services to individuals, corporations, and institutions.
Established in 1971, the bank has grown to become a leading player in the financial industry in the country.
With over 30 branches and more than 100 employees, NBM offers a comprehensive range of banking products and services, including personal and business banking, investment banking, and wealth management.
The bank is committed to providing innovative solutions to meet the diverse needs of its customers, and its strong customer service ethos has earned it a reputation as a trusted and reliable financial partner.
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