MyBucks Banking Corporation has expressed optimism that the bank will continue to register growth in 2021 despite the resurgence of the Covid-19 pandemic.
The bank’s managing director Zandile Shaba said they had tailored their business strategies to sail through the pandemic and give customers good banking experience amid the economic hardships from Covid-19.
“We believe that, this year, we will make positive strides towards attaining our aspiration of becoming the best digital bank in Malawi, in terms of customer experience, Return on equity and social impact. We will continue to focus on making people’s lives better through convenient and simplified banking, using technology and partnerships,” Shaba said.
Last year, Reserve Bank of Malawi (RBM) Monitory Policy Committee slashed the policy rate with 150 basis points to 12 percent from 13.6 percent.
MyBucks believes the cut, which has triggered two cuts in reference rate would encourage customers to access credit facilities from banks and in turn drive loan interest income for the banks.
Speaking in an earlier interview, Bankers Association of Malawi Chief Executive Officer Lyness Nkungula also expressed optimism about business performance in 2021.
“The year ahead is a mixed bag as the virus is still in existence. Banks are the institutions to help the economy recover and I am sure they will continue working tooth and nail to achieve this humble goal,” she said.
During the first wave of the pandemic last year, figures from Malawi Stock Exchange showed that the banking sector was one of the sectors which did well together with the telecommunications sector.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.