Standard Bank has registered a 14 percent increase in customer growth and grew the loan book 4 percent thanks to the Switch your Salary and Win Promotion.
This was announced during the first draw of the Switch your Salary and Win Promotion in Lilongwe where one of the the bank’s lucky customers Dizderio Mangani won the monthly grand prize of MWK1 million.
Speaking during the draw Standard Bank’s head of personal banking Takula Kapalamula said the promotion is encouraging people to move their salary accounts from other banks to Standard Bank which in turn takes over their loans and offers a flexible repayment of up to five years.
“We have been overwhelmed with the response from our customers. We have seen a steady growth in new customers. At Standard Bank, we have solutions and services that Malawians from all walks of life can benefit in their day to day financial needs, whilst also supporting clients to plan for their current and future aspirations. To enter this promotion customers need to switch their salary accounts to Standard Bank.
The bank has made the switching process more convenient and flexible and extended repayment of loans up to five years.” He said.
The four month promotion will see clients Win cash prizes every month with the grand prize being 10 million kwacha in October.
During the Tuesday draw one customer won and 1 million another 500 thousand kwacha, three others won 200 thousand kwacha each and 50 others went home with fifty thousand kwacha each.
“One of the major points of inquiry for most clients and stakeholders was how one can move their loan from other banks to Standard Bank. We can do this in 6 steps where we need an official correspondence from the other institution one is holding a loan from. After calculating affordability and credit checks we can issue a loan takeover. Thereafter processing loans even before the salary is switched as we use the letter of undertaking from the employer of the client, ” said Kapalamula
