One of Malawi’s leading financial institutions, First Capital Bank has launched a special farming season loan product ‘Tiyeni ku Munda’ — targeting Malawi government civil servants.
Criteria is that they must possess valid national IDs; stamped bank statements and does not need any other collateral.
Under the theme: ‘Feed the Harvest with a First Capital Bank Loan’, is a response towards the approaching farming season, whose rains is picking up.
“First Capital Bank would like to remind its customers that with a loan of up to K3 million, processed within 48hours, they can secure a harvest that can feed their families and generate additional income,” said a statement from Twikale Chirwa, the Bank’s head of marketing.
“With a loan from First Capital Bank, beneficiaries can qualify for affordable means in order to meet this farming season’s needs.
“First Capital Bank Malawi continues to support its clientele by providing credit to civil service employees of the Government of Malawi, that are deducted through the centralised Malawi Payments Solutions.
The targeted market are civil servants who are First Capital Bank customers as well as non-First Capital Bank account holders at competitive interest rates; no upfront charges.
“Top up facility is available and First Capital Bank can consolidate existing loans with other institutions, credit life and funeral cover.
In October — as the new academic year approached — First Capital Bank also offered loans for civil servants to assist them pay school fees for their children and wards — also with access of up to K3 million and a maximum repayment of 60 months based on affordability.
This was towards the Bank’s campaign aiming at assisting towards children’s educational aspirations and was also for account and non-account holders.
In September, the Bank also rolled out ‘Zangaphee’ loan scheme for the government employees both urban and rural areas for easy access to credit.
All this is being done by the bank in taking cognizance of the need to support civil servants which Chirwa said access to credit has become an urgent requirement for many of its clients.
The loans gives opportunity to customers to access a loan — starting from a minimum of K100,000 and maximum K3 million, based on affordability and they vary from 3 to 60 months.
Chirwa added that the unavailability of mass lending solutions for customers is also one major disadvantages that cause customers to change banking service providers — hence committed to create a viable market segment for the provision of credit to the civil service employees.
In addition, this gives the customers the option of becoming banked by FCB, which is not concentrated in one place only as it is spread out all over the country.
“The loan can be used for purchasing of personal assets, school fees, farming, business, expansion or start up, consolidation of debts and other general purposes,” he had said.