Standard Bank boosts diaspora remittances

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Mughogho: Malawi needs such remittances to boost our foreign currency reserves position

Lilongwe, March 19, 2024–In a bid to boost diaspora remittances and foreign currency inflows into Malawi, Standard Bank Plc is proud to announce prizes worth more than K30 million for diaspora customers who remit U$2,000 back home through the Bank’s Bureau de Change (BDC).

Under the three-month Transfer and Win Diaspora promotion, Standard Bank has dangled a grand prize of a plot worth K20 Million back home and various cash prizes. The promotion is for all individuals who send money to Malawi from the diaspora and Malawians earning in foreign currency abroad with a need to send funds back home.

Announcing the incentives, The Executive Head of Personal and Private Banking (PPB) Charity Mughogho said the promotion recognizes the role of diaspora communities in the economic development of the country through foreign currency remittances.

“Malawi needs such remittances to boost our foreign currency reserves position, supply and circulation. 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.

To enter the promotion a client needs to transfer a minimum of US$2,000 into a Malawi Kwacha account through Standard Bank BDC. This will give one entry into the monthly draw and subsequent grand draw.

Through our Diaspora Account, we aim to provide a tailored banking solution that caters specifically to the unique requirements of individuals living abroad,” said Mughogho. 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.

This promotion is open to the Bank’s Diaspora Account holders and any other international bank account from the sender’s country of residence. Funds once sent will be deposited directly into the Malawian bank account of the beneficiary.

Malawians residing abroad and who wish to open a Diaspora Account with Standard Bank can do so by simply clicking here to download and complete the application documents or through the e-mail diasporasupportcentre@standardbank.co.mw and the bank’s website.

The promotion will run from 11th March 2024 to 31st May 2024 and draws will be conducted at the end of each month. Monthly draws will see seven customers carting home K500, 000 each. Apart from the grand prize of a plot valued at K20 million, other consolation prizes include a solar system valued at Mk4,600,000 to the first runner up and the third winner will walk away with K1 million.

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