LILONGWE (Malawi NewsNow ) —The New Finance Bank-NFB has reduced its base lending rates following the recent reduction in the Liquidity Reserve Requirement (LRR) ratio to 7.5 from 15.5 % by the Reserve Bank of Malawi.
The Bank’s Manager for its capital City Branch Mr Edwin Mwitumba said the move by New Finance Bank is also aimed at fitting the trends on the market.
“We have also adjusted our rates, we have reduced them so that customers; our customers should benefit and enjoy the reduction of base lending rates so that when they are repaying their loans to the bank at least they will pay reasonable amounts” Mwitumba disclosed.
Mwitumba further explained that the Bank will focus on Small and Medium Enterprises (SME)’s, and business development for the month of August aimed at drilling customers on entrepreneurship skills so that they know how to access capital.
“We are going towards that direction as you know that Malawi economy is driven by SME’s. A lot of people in that business; so we would like to give a platform to them so that they should enjoy the services which the bank is offering to them” Mwitumba said.
New Finance Bank started its operations in the country on 27 January this year.