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NBS Bank adjusts bid bonds limit to K200 million

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Malawi Stock Exchange-listed NBS Bank has adjusted upwards bid bonds limit from K100 million to K200 million, a development expected to ease pressure on businesses.

A bid bond is mostly secured through a surety agency, such as an insurance company or a bank, and helps to guarantee that a contractor is financially stable and has the necessary resources to take on a project.

Most institutions, including the government and non-governmental organisations, require that people bidding or providing various goods and services provide a bid bond or a guarantee from a financial institution.

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NBS Bank plc Head of Marketing and Customer Experience Tamanda Ng’ombe Longwe said the new facility aims at ensuring small and medium enterprises have a guarantee in their bids for projects and services.

She added that the bank wants to show that it has the needs of customers at heart, hence the decision to increase the limit of pre-approved unsecured bid bonds to K200 million.

“Customers just need to bring an application letter and bid documents. They should have an account with any service centre credited with the applicable fees plus monthly ledger fees.

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“As an additional sweet spot for our customers, accounts opened on the same day of application are also eligible to access this facility,” she said.

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