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National Bank of Malawi eases forex acquisition for travellers

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National Bank of Malawi (NBM) has introduced new credit cards which, among other things, will simplify the process of acquiring forex when one wants to travel outside the country.

Applying for forex to take outside the country continues being one of the biggest headaches for travellers.

But according to NBM Acting Chief Executive Officer (CEO), Macfussy Kawawa, the credit cards are convenient because one can travel without cash and access it whenever and wherever they want it.

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“We thought we needed a tool that would enable people to transact comfortably on the market without carrying cash. So we are in a way contributing to an initiative of working towards a cashless society,” Kawawa said Friday night in Lilongwe after the launch of the card.

He added that for travellers, the card will allow them to access forex without applying for it.

“One has 45 days of an interest free credit after transacting on the card. That is an advantage which will make shopping for our customers cheaper,” Kawawa said.

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One of NBM clients, Felix Muyaso, said the innovation by the bank has responded to the needs of many Malawians, particularly those who travel outside the country.

“It is a card that we have been waiting for a long time. We go to other countries and normally they don’t accept debit cards as a way of credit, so the credit card is a great innovation. There is a grace period of 45 days interest free and there is forex pre-approved, so it is safe,” said Muyaso.

The credit cards, which are in Gold, Classic, Platinum, Business and Corporate, have been designed to meet specific financial needs for all creditworthy NBM and non- NBM customers segmented as personal, small and medium enterprises (SMEs) and corporates.

The customer does not need to have money in their account during the use of the card as it operates on an approved limit which is not attached to any of the customer’s accounts.

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