NBS Bank now offering credit card services - 09/10/2009

Malawi’s NBS bank continues to advance innovations to satisfy the needs of its customers. The bank has since launched first ever Visa Credit card on Malawi‘s local market with great functionalities. 

It means Malawians will now pay for goods and services without having to carry loads of hard cash following the launch of the card in Blantyre.  

The bank unveiled the Visa Credit card alongside the Visa Debit Card which will help Malawians to cut on cash based transactions.

Following the launch customers will be able to use the Visa in all shops which have Visa Point of Sale devices, without necessarily having the funds readily available.

A statement from the company’s executive staff member Mayamiko Kalizang’oma explains the card, its brief history and functionalities.

It says Visa is a World- wide society comprising 22, 000 members and with over 1billion cards worldwide and further says this figure has more than doubled over five years.

Visa world is divided into 6 regions namely USA, EU CANADA, LAC, AP, CEMEA. 
There are more than 23 million merchants and 1 million ATM’s World- wide.

The functions of Visa include licensing operating regulations, research, product development, marketing/ promotions and most importantly processing of transactions. Financial institutions offer or rather issue cards for many reasons.

Major among the reasons the statement says include:
> Lower cash holding, larger float of cheap funds
> Electronic processing.
> Enables staff to focus on service and sales.
> Customer retention/ competitive threats.
> Opens up other target markets, eg rural areas.
> Relationship card.
> Profit-fees.
> Interest, foreign exchange etc.

The statement further says customers would want Visa cards among reason to enable 24 hour access to funds, fewer queues, worldwide access at POS and  ATM’s safety( less cash to carry) and simplified borrowing. Visa cards are also vital to customers for status, more interest as funds remain in account, good control because of itemized statements showing POS transactions and other like affinity cards; travel insurance; emergency cash and card replacement.

>> VIEW GALLERY OF THE LAUNCH

>> CLICK HERE TO LEARN MORE ABOUT THIS PRODUCT

<< BACK