Vice-President Saulos Chilima has challenged commercial banks in the country to serve customers in standard banking halls.
Chilima was speaking in Lilongwe yesterday when he presided over the launch of private banking by Malawi Stock Exchange listed, NBS Bank.
He stressed that banks should offer services that tally with charges that customers pay to access the services.
“While it is appreciated that the cost of providing banking facilities and infrastructure in a populated country such as ours can be significant, it is important that the level of banking charges should be seen to be commensurate with the quality of service.
“Striking a satisfactory balance between bank profitability, on the one hand, and the provision of good banking service to all sectors of the community, on the other hand, is a challenge which the commercial banks and the Reserve Bank must work on together,” Chilima said.
NBS Bank Chief Executive Officer, Kwanele Ngwenya, said that the bank has grouped its customer portfolio into four segments, one of which is private banking.
“We have segmented the market and developed other targeted solutions which we have branded executive banking, smart banking and red banking, in addition to the private banking which we are launching today. Each segment enjoys tailor-made product offerings which are specific to needs of that segment,” Ngwenya said.
The private banking initiative will provide the targeted customers in the category with all banking services that the bank offers in designated places that suit the lifestyle of its clients.
In Lilongwe, the bank has placed the private banking centre at the presidential villas in Area 44.