MyBucks introduces ‘Bizinesi itukuke’ loans for Micro, SMEs

MyBucks Banking Corporation has introduced a loan facility, "Bizinesi Itukuke", to promote small and medium enterprises (SMEs) and support businesses affected by Covid-19 pandemic in the country.

The loan facility, according to the bank, will also increase access to financial services among Micro and SMEs and lending limit for the ‘Bizinesi itukuke’ loan is K25,000,000, and is being offered at a concessionary interest rate of 11% per annum, subject to fulfillment of all prescribed terms and conditions.

MyBucks Chief Commercial Officer Bernard Mkandawire said the “Bizinesi itukuke” loan, meant for capital expenditure and working capital, is in line with their strategic intent to making people’s lives better.

"These loans seek to bridge the gaps that the Covid-19 pandemic has left on businesses and the economy, and also promote entrepreneurship and increase access to financial services amongst Micro and SME Customers," Mkandawire said.

Mkandawire: These loans seek to bridge the gaps that the Covid-19 pandemic has left on businesses and the economy

Mkandawire further said in light of the pandemic, all the digital channels for the bank are being properly serviced and maintained so that customers can transact safely and conveniently.

"All Micro and Small and Medium Enterprise customers should visit any of MyBucks’ branch for support in accessing the loans," he said.

MyBucks Malawi is a fully-fledged bank with branches in Blantyre, Lilongwe, Mzuzu, Zomba, Mangochi, Dzaleka, Kasungu and Madisi.

Currently, it has a fully-fledged delivery channel of 17 branches, 85 agents, and 30 ATMS across the country, offering a full range of banking products and services that include Bancassurance and microfinance products.