Malawi Stock Exchange listed NBS Bank plc on Saturday signed a memorandum of understanding (MoU) with Amaryllis Hotel aimed at promoting family banking for generational wealth creation. The partnership was unveiled during a Red Affair dinner organised by the two institutions on Valentine’s Day, February 14, at Amaryllis Hotel in Blantyre.
At the event, the bank launched its Family Banking product in the Southern Region, following its official launch in Lilongwe in January. NBS Bank Chief Operating Officer Shadrick Chikusilo said the bank was transitioning from banking individuals to serving entire families as a unit.
“Over time, we have emphasised banking individual members of each family. We have now transitioned to banking the family in totality. What is important is exposing the whole family to financial services and introducing children to financial literacy at a tender age,” Chikusilo said. He said the facility offers clients more benefits compared to individual accounts.
“I encourage people to visit our suites and speak to our private bankers to better understand the product. It is a gamechanger that responds directly to the needs of the family,” he said.
Amaryllis Hospitality Group Managing Director Ramy Waheed described the partnership as a milestone that brings together two major brands to enhance service delivery to Malawians. Waheed said qualifying NBS clients would enjoy benefits such as discounts on food and beverages, complimentary nights and gym access. He added that the two institutions would also integrate the NBS loyalty programme with the Amaryllis rewards programme.
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“NBS and Amaryllis are strong brands and we will soon be announcing additional benefits under this partnership,” Waheed said. NBS customer and Sycamore Consult Managing Director Audrey Mwala applauded the new Family Banking product, describing it as a game-changer in wealth creation.
“I think banks are now shifting their focus to recognise the importance of generational wealth creation, which is critical for Malawi’s economy. It ensures that people of all ages, especially children, begin participating in financial and wealthbuilding activities from an early stage,” Mwala said.
