Tchereni cuts the ribbon to symbolically launch the service as Standard Bank’s Charity Mughogho looks on
* This approach is suitable for our economy, where there is need for more integration as we strive towards the MW2063 vision
* The Ministry remains committed to supporting initiatives that promote innovation, customer satisfaction and overall stability of the financial system
By Duncan Mlanjira
Secretary to Treasury Betchani Tchereni in the Ministry of Finance says innovative and bespoke banking services hold key to achieving economic targets under MW2063 national vision.
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He said this on Tuesday when he officially launched Standard Bank’s revamped private banking services, saying such transformative offerings can contribute meaningfully to Malawi’s dream of a prosperous, industrialised and inclusively wealthy nation by 2063.
“This approach by Standard Bank is suitable for our economy, where there is need for more integration as we strive towards the MW2063 vision,” he said. “The Ministry remains committed to supporting initiatives that promote innovation, customer satisfaction, and the overall stability of the financial system.”
Tchereni went on to commend Standard Bank for its commitment to innovation and customer-centricity, saying such principles are crucial in a dynamic and competitive banking environment.
“I would like to commend Standard Bank for its proactive approach in enhancing its private banking offering and responding to the need for transformation.
“Private banking services play a critical role in fostering financial stability and facilitating wealth management for high-net-worth individuals and families.
He pledged that the government would continue providing a conducive environment where financial service providers will excel and enable the growth of the country.
Standard Bank, listed on Malawi Stock Exchange, has revamped its private banking services, according to Head of Personal & Private Banking, Charity Mughogho, is to meet the growing needs of customers and deliver superior service locally and offshore.
“The new customer value proposition is designed to provide supreme financial solutions tailored to the unique needs of high-net-worth individuals and families,” Mughogho said.
“It combines personalized wealth management strategies with cutting-edge technology, ensuring seamless access to a comprehensive suite of financial solutions.
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“These include discounts on air tickets with Emirates Airlines, accommodation with Sunbird Hotels, car hire with Avis, offshore investment arrangements, home improvement loans and family insurance.”
She further said the revamped services underscored the bank’s commitment to delivering financial services that enable growth for its customers: “We remain dedicated to providing supreme service and creating lasting value for our clients in line with our core purpose, ‘Malawi is Our Home, We Drive Her Growth’.”
She added that the restructured private banking services have been crafted with a deep understanding of client aspirations and goals.
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“We recognize that our clients require more than just financial services; they seek trusted advisors who can offer tailored strategies to preserve and grow their wealth effectively. As such, the new propositions will continue to enhance growth of private banking clients and the economy,” she said.
Through the revamping of the private banking services, the bank aims to exceed expectations of its customers and strengthen their financial well-being.
Standard Bank has been recognised by both Global Finance and Euromoney as the best private bank in Malawi and Africa — to which Mughogho said: “We are committed to continue providing superb financial solutions.
“At its core we have a full package of financial services, wealth management, insurance, renewable energy solutions, family banking and rewards.”
Senior Standard Bank executive Frank Chantaya, board director Margareth Chirwa and Mughogho pose with Tchereni and South African High Commissioner to Malawi (seated)
Meanwhile, in a bold move to enhance consensus building and collective bargaining on economic policy, Standard Bank has launched a stakeholder engagement platform, dubbed ‘Growth Conversations’ — whose first engagement will take place today (July 25) at Bingu International Convention Centre (BICC) in Lilongwe; under the theme; ‘Towards Economic Recovery and Growth-Embracing Sustainability’.
At the launch of the initiative in Lilongwe, Head of Brand & Marketing, Tamanda Ng’ombe said the media platform is a continuation of Standard Bank’s positioning as a financial institution that has national development matters as part of their purpose.
Ng’ombe said the platform will see Standard Bank broadening its stakeholder engagements to stimulate the economic policy arena, adding that ‘Growth Conversations’ will build on the bank’s track record of leading in dialogue that translates into reforms in economic policy and national development.
Standard Bank-led dialogues have produced tangible results in key sectors of the Malawi economy, such as infrastructure; energy; mining; agricultural productivity; tourism and Foreign Direct Investment (FDI).
Positive outcomes in infrastructure and energy include construction of the Malawi rail stretch of Nacala Corridor, restructuring of ESCOM’s foreign-currency denominated debt with the DBSA, among others.
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