MyBucks Banking Corporation has announced that it has extended free funeral cover policy to its SME clients through a new account called SME Savings Account.
MyBucks’ Chief Commercial Officer Bernard Mkandawire said the development is under the bank’s variety of bancassurance products which is underwritten by key insurance players in the country. “The new SME Savings Account is one that generically allows SMEs to save and transact their money on a daily basis.” he said, “We have however embedded a funeral cover policy which is free of charge into the account so that it gives overall financial security to SME Business holders”.
Considering that some SMEs operate individually and some as families, the business’s capital is usually the first thing to be disrupted when a family wants to cater funeral expenses in these circumstances. The introduction of this SME Savings account will enable an account holder to have a free funeral cover of up to MK1,000,000 for themselves. “They can feel free to buy policies for their parents, spouse and children at a reasonable fee under the account in order to ensure a customer has peace of mind, and that the cost of a family member’s funeral does not bring financial disruption into a stable business”said Mkandawire.
According to the bank, the initial deposit for the account is K20,000 and the account’s book balance is K10,000. The account also comes with a mobile banking subscription free of charge so as to allow users to transact digitally in light of social distancing measures.
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, 150 agents, and 30 ATMS across the country, offering a full range of banking products and services that include Bancassurance and microfinance products.