MyBucks Banking Corporation has announced “Bizinesi itukuke” a loan aimed to be accessed by Micro and SME Customers.
Chief Commercial Officer for the bank, Bernard Mkandawire said the loan will assist businesses affected by the Covid-19 pandemic capital expenditure and working capital. Bizinesi Itukuke offers a maximum lending limit of K25,000,000, and is being offered at a concessionary interest rate of 11% per annum, subject to fulfillment of all prescribed terms and condition
Prior to the pandemic, the World Bank acknowledged that access to credit is a challenge that individuals and small companies face in Malawi. This was addressed during the credit awareness week organized by the Reserve Bank of Malawi (RBM) in 2019. The loan facility by Mybucks Banking Corporation has timely arrived, to save businesses and households from the impact of the pandemic.