Standard Bank launches ‘Zichuluke Promotion’ to support ‘Village Banks’

Spurred by the recurrent financial hiccups among many Malawians, one of country’s leading financial institutions, Standard Bank, has launched Zichuluke Promotion to accord a chance to village banks and community savings groups to fully enjoy their biannual sharing of proceeds such as groceries.

The promotion, which will run from 31st May to 8th July, also aims at deepening the connection the bank has created with village banks since launching a tailor-made solution known as Khonde Savings Account early this year.

Charity Mughogho: we are enabling village banks to flourish.

Khonde Savings account is a financial solution that aims at supporting financial ambitions and needs of registered village banks in the country through secure and convenient transactions when saving and lending money.

To enter the Zichuluke Promotion, one has to open a Khonde Savings account for their respective village bank or group and transact at least three times.

The winning village bank will cart home a grand prize of K1 Million followed by a second prize to three groups who will take home K200,000 each.

In addition, there will also be weekly prizes categorized in two; First prize of K100,000 to one group, and second prize of K50,000 each to five groups.

Head, Consumer and High Net Worth Clients, Charity Mughogho, says Standard Bank came with the promotion to place the aspirations of progressive financial groups at the heart of its service offering.

“Through Zichuluke Promotion we are enabling village banks that contribute money for various purposes such as buying groceries to have convenience as they purchase merchandize mid- year.

“As a financial institution that drives the growth of Malawi we will always ensure that we support citizens to advance their livelihoods through viable opportunities within a community set up.”

Khonde Savings Account comes with an option of a life insurance pay-out of K200,000 in the event of death or permanent disability for every village bank member with a maximum of 20 members.

The offer of life insurance is optional to registered village banks at a monthly premium of K8,000. The second option has a basic offering without life assurance and does not attract a monthly service fee.

The account also has free access for village banks to the bank’s 247 platform and all online transactions within the bank. Group members will have an option of viewing transactions in the account using the digital channels that will be offered.

Follow and Subscribe Nyasa TV :

Sharing is caring!

Follow us in Twitter
oldest most voted
Inline Feedbacks
View all comments
2 years ago

Please hands off the village banks, they are the last resort for poor Malawians. You have failed is big time. Banks are a scheme for syphoning and milking skinny Malawian. Mukufuna mutilandenso ma village bank, No! Takukanilani. Tizisunga tokha

2 years ago

Standard Bank, where were you when we came looking for very small loan amount of say Mk50,000, but you would never grant us. Your interests on loans and other services are very high which make you enjoy huge profits at the end of the year. With our Village banks, the interest could be high, but in the end we are the shareholders and benefit from the interest we charge each other. Risks are there, but the benefits surpass the risks.

Keen Observer
Keen Observer
2 years ago

Ma bank ale omwewa akumapezeka ndalama zasowakowa ndiye athandize munthu? Kapena amukame?

2 years ago

When time comes for them to borrow from you ..u start stories we don’t borrow money to groups….bring your grand pa,s grand parents….eish big thieves

Read previous post:
Airtel, MBC team up to beam Euro matches

“We will be beaming the matches while Airtel will be reaching out to their customers." Malawians who cannot afford to...