Sunday, January 24, 2021
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

Cama decries hike in bank service fees

by Orama Chiphwanya
06/01/2021
in Business News, Editors Pick
3 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Consumers Association of Association of Malawi (Cama) has decried the upward adjustment in commercial banks’ service fees, saying this is one of the reasons many Malawians remain unbanked.

The consumer rights group’s reaction follows published statements from various commercial banks in the country indicating upward price adjustments of their services effective January 1 this year.

RelatedHeadlines

Malawi trade balance to face continued pressure—firm

Bank charges Scaring consumers

Firm outlines 3 economic risks

atm | The Nation Online

Results of a recent FinScope Malawi Survey showed that 67 percent of adults are unbanked largely due to prohibitive bank charges.

Disturbed by the high numbers of people outside the formal banking system, in 2017, Ministry of Finance launched the 2016–2020 Strategy for Financial Inclusion, which provided direction to achieving and promoting inclusive finance in the country.

Published statements from FDH Bank plc, First Capital Bank (FCB), Standard Bank plc, NBS Bank plc and CDH Investment Bank (CDHIB) have indicated various adjustments on their services.

For instance, CDHIB customers seeking a new automated teller machine (ATM) card will now  have to part with K10 000 and K16 000 for a replacement of the same.

CDHIB customers will also now have to pay K11 100 for a 50-paged cheque book, up from K9 800 last year, according to a published statement from the bank.

For NBS Bank plc current account customers, a new ATM card will now cost K10 000 and K16 000 for a replacement of the same

For a 50-paged cheque book and a 100-paged cheque book, the bank’s customers will now be paying K15 000 and K35 000, respectively.

Standard Bank plc customers will be debited K15 000 effective this year as monthly service fees for private current account holders while NBS Bank plc savings account holders will be paying K25 000 a monthly service fee.

In an interview on Monday, Cama executive director John Kapito said bank charges remain prohibitive to most customers and have turned away a number of people from banking.

He said: “The ever-rising bank charges by our commercial banks are the reason behind the high rates of financial exclusion.

“Malawi has the lowest number of depositors in the region due to these many and high charges a depositor is demanded to pay.”

Kapito described the move by banks as daylight robbery and wondered why banks advertise their services to consumers.

Bankers Association of Malawi chief executive officer Lyness Nkungula was yet to respond to our e-mailed questions.

Previous Post

Fans barred again

Next Post

Enhancing proactive disaster response

Related Posts

Business News

Malawi trade balance to face continued pressure—firm

January 23, 2021
Some Malawians are still using cash to run away from bank charges
Business News

Bank charges Scaring consumers

January 23, 2021
economy | The Nation Online
Business News

Firm outlines 3 economic risks

January 22, 2021
Next Post
The evacuation centre going through final touches

Enhancing proactive disaster response

Discussion about this post

Trending Stories

  • Not yet given retirement benefits: Mutharika

    Tonse faulted on former presidents’ benefits

    0 shares
    Share 0 Tweet 0
  • High-profile official angered Wirima to quit

    0 shares
    Share 0 Tweet 0
  • Wasteful Chakwera

    0 shares
    Share 0 Tweet 0
  • Malawi vs Uganda.

    0 shares
    Share 0 Tweet 0
  • Legendary Patani Mwase remembered

    0 shares
    Share 0 Tweet 0

Opinions and Columns

Bottom Up

Thanks Team Onjezani Kenani; our turn now

January 23, 2021
My Thought

Cloud hangs on Mtambo’s head

January 23, 2021
Off the Shelf

Goodbye Trump, you were a joke

January 23, 2021
Back Bencher

Chakwera’s ‘politics’ rant was in bad taste

January 23, 2021
  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2021 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.