Standard Bank Plc., One of Malawi’s leading banks has entered into a partnership with renowned South African-based remittance company, Hello Paisa, to secure the use of its Bureau De Change branches across the country as collection points for international funds from South Africa, United Kingdom, United Arab Emirates and Bahrain.
In announcing the partnership, the Head of Standard Bank PLC’s Bureau De Change, Alinafe Khembo- Banda, noted that the bank’s focus is to provide value to Malawian livelihoods through reliable and secure cash transfers and financial solutions as the partnership is another step forward in the seamless remittance of funds.
“This partnership aims at easing the process for Malawians when sending money to their families back home. Our physical presence and digital capabilities as a bank allow us to play a valuable role in transforming lives.
“Remember, our purpose is to drive the growth of our home, Malawi, and this partnership allows us to cement that commitment,” she said.
Remittances constitute a notable component of Malawi’s economy over the past decade due to the mass economic emigration of tens of thousands of Malawians seeking greener pastures, especially in South Africa. Estimates from the Reserve Bank of Malawi place the value of remittances into Malawi in 2019 at K89 billion (approximately U$118 million), which inadvertently suffered a substantial blow last year due to the effects of the Covid-19 pandemic. It is expected that this partnership will help improve the quality of financial transactions in the country and create ease of access to funds.
