MSB moves in to improve savings culture
NOVEMBER/2/2009

Malawi Savings Bank (MSB) one the commercial banks, has urged Malawians to save their money to make big and meaningful investments in future. "MSB marketing manager Dora Banda was speaking at Chirimba Primary School in Blantyre on Friday during a road show organised by her institution to inform Malawians on the importance of owning a bank account .

Banda said, with only a K500, Malawians can open a savings account with MSB and enjoy many benefits which include access to bank loans and having their funds well secured. "Previously, people used to believe that banking is for the elite. What we are saying is that anybody can own a bank account with which they can save their money "said Banda.

Malawi is one of the countries in the world with a poor banking penetration with over 80 percent of the population unbanked.

Analysts have accused financial institutions for their failure to take banking to the rural masses with most institutions concentrating their activities in the urban areas. " We will be taking these road shows to all the districts of the country to help Malawians appreciate the importance of owning bank accounts," said Banda.

Steven Mkandawire, a resident of Chirimba hailed the bank for the show, saying it helped demystify banking in addition to assisting the masses to appreciate the importance of owning an account.

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