MyBucks introduces K100m unsecured bid bonds for Corporate, SMEs

MALAWI: MyBucks Banking Corporation has announced the introduction of unsecured bid bonds of up to K100,000,000 in a bid to assist corporate and small and medium enterprises (SMEs) in executing contracts and tenders in a timely manner when contracts are awarded.

Loti Nyasulu, MyBucks' Head of Credit, stated in an interview that the move is in accordance with MyBucks' purpose of increasing client partnerships.

He said: “The development is in line with the bank’s goals of leveraging on partnerships to provide better service for our clientele since we are a financial institution that values partnerships.

“In this case, we have seen it important to bring in a solution to our clients with an intent of unlocking their business potentials so that they can become more successful in executing their client demands when they get selected as the successful bidders.”

When asked about the steps to take in order to gain access to the new development, he stated that the first step is to open a MyBucks bank account.

“A client should, first of all, have an account with the bank, then submit their application along with their latest management accounts and audited accounts through their domiciled branches or Relationship Managers and get assisted within 48 hours,” he said.

He went on to say that the new initiative is designed to meet the needs of clients for ease and effectiveness and that MyBucks is looking forward to seeing development among corporations and small businesses in the country.

Blantyre, Lilongwe, Mzuzu, Zomba, Mangochi, Dzaleka, and Kasungu are among the 14 branches of MyBucks, which is a full-fledged bank.

The bank also has over 100 agents, 30 ATMs, three Forex Bureaus, and a Microfinance Division, and it provides a comprehensive range of banking products and services, as well as Bancassurance and Microfinance.