As Malawi continues to grapple with the impact of the Covid-19 outbreak, FDH Bank offered a moratorium to customers who had taken out loans and been negatively affected by the pandemic, effectively freezing loan repayments for a period of three months.
In a statement, Dr Ellias Ngalande, FDH Bank’s Managing Director, explained that the leading financial services provider had effectively joined hands with the government, the Bankers Association of Malawi, and the Reserve Bank of Malawi financial regulator, as part of ongoing efforts to ensure that customers were cushioned against the economic impact of the Covid-19 pandemic.
Dr Ngalande explained that customers with FDH Bank loan facilities who had been negatively impacted would, upon contacting the bank, be granted a three month moratorium from loan repayments, meaning that collection of loan instalments would only resume at the end of the three month period. Similarly, borrowers who had been negatively affected and wished to extend their loan repayment period or revise loan instalments were encouraged to contact the bank.
Ellias Ngalande explained that FDH Bank had cut its digital banking fees as part of efforts to encourage customers to carry out transactions online, in order to maintain social distancing.
Dr Ngalande pledged to ensure FDH Bank customers receive the support they need to protect their safety and wellbeing. To this end, FDH Bank recently implemented a promotion, offering customers who utilised the bank’s vast digital platforms the opportunity to win a new car, thereby encouraging customers to avoid visiting their local branch in person.
Founded by highly successful Malawian businessman Dr Thomson Mpinganjira, FDH Bank is a financial services provider that has invested considerable resources in developing a range of innovative digital banking products, including in-demand mobile service to extend the bank’s reach across Malawi. Find out more about other companies established by Dr Thomson Mpinganjira by viewing the attached infographic.
As well as effecting a three-month loan repayment moratorium, in May 2020 FDH Bank cut its digital mobile fees by 40% to incentivise customers to carry out transactions online. As Kawawa Msapato, FDH Bank’s Head of Personal and Business Banking explained, the bank has taken strident measures to protect the health and welfare of all of its customers. Mr Msapato urged existing and future clients to take advantage of FDH Bank’s digital banking platforms as a way of maintaining social distancing while carrying out bank transactions.
Kawawa Msapato explained that, as an essential service, FDH Bank will continue to be available to its customers, with the majority of its branches open across Malawi. Nevertheless, they are urged to make full use of the bank’s comprehensive range of digital platforms. Find out more about FDH Bank’s digital services by viewing the attached PDF.
FDH Bank Partnered with the Queen Elizabeth Central Hospital
FDH Bank is currently working with the hospital’s Cancer High Dependency Unit to implement Covid-19 screening of patients as part of attempts to reduce transmission of the disease.
As Peter Kafwamba, the unit’s administrator explained, the program has been made possible by the support of FDH Bank, which has worked with the hospital for the last three years funding a variety of different initiatives. Mr Kafwamba said that the screening will enable healthcare personnel to more effectively direct patients upon arrival, reducing the risk of Covid-19 infection for cancer patients at the unit, which was recently renovated thanks to FDH Bank sponsorship.
Ellias Ngalande explained that FDH Bank had pledged MK25 million to the Covid-19 Ministerial Committee, as well as donating MK7 million to a private sector coalition to fund procurement of Covid-19 testing kits.
Find out more about collaborations between FDH Bank and the Queen Elizabeth Central Hospital by watching the attached video.