Business

MyBucks targets business growth

MyBucks Banking Cooperation has said it is expecting a substantial business growth this year evidence by an increase customers base, deposits, assets and capital base among other factors.

MyBucks Chief Commercial Manager, Bernard Mkandawire, said the bank’s balance sheet was seen at K55 billion last year but as the year wraps up, it is expected to close at K80 billion.

The bank closed its loan book at K11 billion in 2018 and it expects to close at K25 billion this year.

Mkandawire said deposits are also expected to grow to about K54 billion. Customer base has grown from 47, 000 to 70, 000.

The retail bank projects the trend to continue based on stability seen in macroeconomic fundamentals and its plan to enhance digital banking.

“The year has been successful despite challenges that were there compared to last year. However, this year has been successful, among other things we have opened another branch at Malangalanga in Lilongwe and in addition to that we are rolling out a digital banking solution which is called Flex online,” Mkandawire said.

Mkandawire said the bank would continue enhancing its digital solutions.

“Digital banking makes banking way cheaper to the customer as travel expenses are cut, long queues in the bank are minimised and banking is done at one’s place of comfort at any time. It is also cheaper for the bank and the country,” he said.

New Finance (NFB) Bank merged with Getbucks Malawi to form MyBucks Banking Corporation early this year.

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