After a year since the launching of its Bancassurance products, MyBucks has made a positive social impact on people’s lives through these products.

Commenting on the impact witnessed, the Chief Commercial Officer of MyBucks Bernard Mkandawire attributed this to customers’ awareness on the need to have preventive coverage that helps them avoid unforeseen incidents and other negative conditions. The Bank’s timely honouring of covering claims has also assisted customers greatly.

He further said “the Bancassurance products offered by the Bank have been aligned to meet customers’ changing needs as well as taking into consideration of different income levels. As such, this has helped in providing customers with consistent, stable and positive experiences in times of need”.

Last year, the Bank launched a personalized savings account dubbed “Linga Savings Account” with a funeral policy that covers some funeral costs of an account holder(s) or their nominated beneficiaries.

The Bank also launched a loan cover product dubbed “Bwenzi Life Insurance” for borrowing customers. According to Mkandawire “this product is beneficial to customers in the unfortunate event that when they pass on, or are retrenched from employment or yield to disability, their debts are paid off for the remaining payment period”. As you can see, in both instances the burden is taken over through the insurance cover.

The bank has also been facilitating property insurance for its borrowing customers. He said the Bank has been overwhelmed with the progress made in its first year of offering Bancassurance products to the public. This has been made possible through strategic partnerships with key insurance players in the industry.

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, 78 agents, and 30 ATMS across the country, offering a full range of banking products and services that include Bancassurance and Microfinance products.