Standard Bank ignites excitement in diaspora forex markets

There is increased interest by Malawians living abroad to remit foreign currency (forex) home, a development Standard Bank Plc says will in the long-term help improve availability of forex and boost national development.

Standard Bank Executive Head of Personal and Private Banking (PPB) Charity Mughogho said yesterday in Lilongwe at the first draw of the bank’s Diaspora Transfer and Win promotion that it has ignited excitement by Malawians abroad who are remitting funds back home for various purposes.

She noted that during the month under review the promotion boosted the Bank’s trading volumes and revenue by 19% and 17%, respectively, signalling increased interest by Malawians in the diaspora to remit forex back home.

“There’s a positive response by our customers as they continue to transact with us through our Bureau de Change. This is in line with our goal to help facilitate growth of the economy by revitalising the supply side of foreign currency which the country needs the most to meet its trading needs,” said Mughogho.

The PPB Head said the promotion recognizes the role of diaspora communities in the economic development of the country by boosting supply and circulation of forex through the remittances.

“At Standard Bank, we recognize the significance of our diaspora communities in contributing to economic development back home. The promotion is open to individuals living in the diaspora who have a Standard Bank Diaspora Account or any international bank account from their country of residence,” Mughogho said.

She said the promotion aims to empower individuals living outside the country with convenient banking solutions that enable them to seamlessly manage their finances and support their loved ones back home. Malawi’s Vision 2063 clearly shows that the economy is predominated by agricultural revenue for foreign exchange earnings. The diaspora can serve as a vast untapped market for forex inflows when remittance and transfer services gain wider acceptance and usage as safer channels of sending money back home to Malawi.

During the March draw, seven customers each won K500,000 totalling K3.5 million. At the end of the three month promotion, there will be a grand prize of a plot valued at MK20 million, a solar system valued at MK4,600,000 and other consolation cash prizes.

To enter the promotion a client needs to transfer a minimum of US$2,000 into a Malawi Kwacha account through Standard Bank BDC. Malawians residing abroad and who wish to open a Diaspora Account with Standard Bank can do so by sending an e-mail to diasporasupportcentre@standardbank.co.mw.

The promotion will run from 11th March 2024 to 31st May 2024 and draws will be conducted at the end of each month.

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