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Standard Bank offers 10% interest rate for civil servants

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In a quest to continue providing tailor-made financial solutions to customers,Standard Bank has launched a new loan offer that allows civil servants to get loans of up to K15 Million at a low interest rate of 10 percent.

Mughogho (L) with Mwambinga addressing the journalists Mughogho (L) with Mwambinga addressing the journalists

Announcing the offer, Head of Products Charity Mughogho said civil servants loan represents the bank’s bold commitment towards fulfilling its promise to move its customers forward on the journey into the future.

“This civil servant loan service gives Standard Bank customers the swiftness and real-time efficiencies. It allows customers who are working with Malawi Government to acquire loans at an interest rate of 10 percent against the standard interest rate of 25%,” said Mughogho.

Mughogho said the bank strives to make progress real and to lead according to its motto of moving forward by bringing to its customers superior and innovative banking solutions to meet their customer’s needs.

“Moving Forward, Standard Bank remains committed to transforming the lives of our customers for the better and to contribute to the country’s prosperity. We believe that when our customers are empowered with financial solutions that meet their needs, they will be better placed to contribute meaningfully to their personal and business life as well as the nation. Ultimately, we are passionate about moving our customers forward,” he said.

According to Mughogho all civil servants of grades P7 and above (as per instructions from Malawi Government) can now access a loan of up to MK15, 000,000 with a maximum period of 72 months upon opening a salaried account with the bank.

Mughogho also made reference to the recently launched bouquet of digital products that the bank is offering for its customers.

“We have also recently rolled out a number of Digital Products ranging from our mobile app, USSD accessed through *247#, as well as our revitalized internet banking, all of which allow customers to make transfers in and outside Standard Bank, bill payments and other value added services.

“In addition to that we also introduced E-Commerce which allows customers to purchase goods online through their card. Having recently concluded our card based promotion, we would also like to encourage the civil servants to take part in these exciting offers,” she said.

In his remarks, Assistant Accountant General Abel Mwambinga welcomed the initiative saying it will go a long way in ensuring that civil servants access bank services.

“We are so excited with this initiative of Standard Bank because you know we are busy people and this initiative of providing swift banking services will reduce the time we spend in banks. We welcome the initiative and are very excited about it,” said Mwambinga.

Civil servants need to discuss with their line ministry, open a Transactional Account with Standard Bank, channel salary to the account for at least a month and provide a 6 months statement from the previous banker for them to become eligible for these loans.


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