Standard Bank’s Diaspora Transfer & Win promotion ignites excitement in diaspora forex markets

* From March, the promotion boosted the Bank’s trading volumes by 19% and revenue by 17%

* Signalling increased interest by Malawians in the diaspora to remit forex back home

Maravi Express

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.

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Charity Mughogho, Standard Bank’s executive head of personal & private banking (PPB) attested to this yesterday in Lilongwe at the first draw of the Diaspora Transfer & Win promotion, saying 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 by 19% and revenue by 17% — 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,” she said. “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.”

Marketing Manager Dingani Ngulube (right) leads the draw process

Mughogho further 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.”

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.

“MW2063 national vision 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 and at the end of the three month promotion, there will be a grand prize of a plot valued at K20 million, a solar system valued at K4.6 million 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 Bureau de Change.

Malawians residing abroad and who wish to open a diaspora account with Standard Bank are encouraged to send an e-mail to diasporasupportcentre@standardbank.co.mw.

The promotion is running from March to May 31, 2024 and draws will be conducted at the end of each month.

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