Vice President, Dr. Saulos Chilima has called on commercial banks in the country to ensure that there is a balance between provision of better banking services and bank service charges.

Chilima made the call when he officially launched the NBS Private Banking at the Presidential Villas in Lilongwe on Wednesday, which will be a service point for high net-worth customers for the bank.

“While it is appreciated that the cost of providing banking facilities and infrastructure in a populated country such as ours can be significant, it is important that the level of banking charges should be seen to be commensurate with the quality of service.

“Striking a satisfactory balance between bank profitability on the one hand, and the provision of good banking service to all sectors of the community on the other hand, is a challenge on which the commercial banks and the Reserve Bank must work on together,” said Chilima.

Chilima said the opening of the NBS Private Banking at the Presidential Villas, amongst other new services and products demonstrates the bank’s continuing commitment as a partner in the economic and financial development of all corners of Malawi.

He, however, urged the bank to extend the services to other parts of the country to reach customers in their localities.

NBS Bank Chief executive Officer, Kwanele Ngwenya said the bank is on a journey of transformation and that the event marks a chapter of unmatched service and chartering new and bold frontiers in the financial services industry.

“Our Private Banking customers will be serviced in our exclusive private banking suites, which are carefully styled to suit the lifestyle and privacy required by such individuals,” he said.

Private Banking is one of the four market segments developed by NBS bank. The other three are Executive Banking, Smart banking and Red Banking.