By Hopecein Makhaza:
FDH Bank plc, which is present in every district in the country, has extended its footprint to Likoma Island, successfully opening the first fully fledged bank service centre on the island.
The launch was graced by Finance Minister Simplex Chithyola Banda on Monday.
Chithyola Banda said the bank will bring numerous benefits, including allowing tourists to the Island access convenient financial services including foreign exchange.
“For example, there will be local economic development as the bank will support the growth of small businesses by enabling entrepreneurs to establish and expand their enterprises.
- Advertisement -
“The bank will also strengthen the trust and customer base through its local existence and finally the residents will have enhanced convenience to banking services,” he said.
FDH Bank Managing Director Noel Mkulichi said the decision to open the service centre is informed by the bank’s new strategy and plans that aim at providing easy access to financial solutions that enable communities to grow.
He said one of the main strategic pillars in the new strategy is customer focus.
“It is for this reason that we have made sure that a branch in Likoma is established. This FDH Bank plc Service Centre is aimed at breaking financial barriers for the people of Likoma.
- Advertisement -
- Advertisement -
“It was initially shocking to hear about the financial accessibility challenges that the people at Likoma are facing. Civil servants have to contribute transport and accommodation for one person to travel to Nkhata Bay with ATM cards of the entire group to withdraw money,” he said.
FDH Bank plc Board Chairperson Charity Mseka rated the move as an milestone for the bank, the people of Likoma and the country at large.
“This is important because access to formal appropriate financial services can help people better manage risks, step out of poverty and build a better life through savings, payments, credit and insurance.
“I therefore make a plea to our people here in Likoma to open bank accounts at this branch and start enjoying the modern banking services that will be offered here,” Mseka said.
Meanwhile, the bank has donated K3 million to Likoma District Hospital to go towards procurement of linen for women’s ward and K2 million to Likoma Secondary School towards procurement of mattresses for students.
In his address, Reserve Bank of Malawi Deputy Governor McDonald Mafuta Mwale hailed the bank for the step.
He said the move is in line with the national financial inclusion agenda.
“Access to banking is essential for economic growth and prosperity, and the opening of this branch will undoubtedly contribute to the development of Likoma.
“Reserve Bank of Malawi is committed to creating an enabling environment through policy and regulation to support growth and access to banking in Malawi,” Mafuta Mwale said.
