Standard Bank boosts diaspora remittances through through promotion whose grand prize is K20m worth of land plot

* To run from March to May 31 and draws will be conducted at the end of each month — which will see seven customers carting home K500,000 each

* Other consolation prizes include a solar system valued at K4.6 to the first runner-up and the third winner will walk away with K1 million

By Duncan Mlanjira

In a bid to boost diaspora remittances and foreign currency inflows into Malawi, Standard Bank Plc has launched a promotion that entices Malawians in diaspora to be remitting at least US$2,000 back home through the Bank’s Bureau de Change (BDC).

There other prizes in the more than K30 million promotion whose grand prize is K20 million worth of plot of land.

Announcing the three-month promotion — Transfer & Win Diaspora — Standard Bank said 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.

Executive Head of Personal & 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,” she said. “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,” Mughogho said.

She added that 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.

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 visiting the banks diasporasupportcentre@standardbank.co.mw and the bank’s website. to download and complete application documents.

The promotion will run from March to May 31 and draws will be conducted at the end of each month — which 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 K4.6 million to the first runner-up and the third winner will walk away with K1 million.