Diaspora Remittances Boosted as Standard Bank Dangles Prizes
Apart from the grand prize plot valued at K20 million, other prizes include a solar system worth around K4.6 million and K1 million in cash.
BLANTYRE, Malawi - In a bid to boost diaspora remittances and foreign currency inflows into Malawi, Standard Bank Plc has announced prizes worth more than K30 million for diaspora customers who remit U$2,000 back home through the bank's Bureau de Change (BDC), writes Frank Phiri.
Under the three-month "Transfer and Win Diaspora" promotion, Standard Bank has dangled a grand prize of a plot worth K20 million back home and various cash prizes.
The promotion targets individuals who send money to Malawi from the diaspora and Malawians earning in foreign currency abroad with a need to transfer funds back home.
"Malawi needs such remittances to boost our foreign currency reserves position, supply and circulation," said Charity Mughogho, the Executive Head of Personal and Private Banking.
"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, a client needs to transfer a minimum of $2,000 into a Malawi kwacha account through Standard Bank BDC, which 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 added.
The promotion, open to the bank's Diaspora Account holders and any other international bank account, will see funds sent deposited directly into the Malawian bank account of the beneficiary.
It will run from March 11 to May 31, 2024, with monthly draws awarding seven customers K500,000 each.
Apart from the grand prize plot valued at K20 million, other prizes include a solar system worth around K4.6 million and K1 million in cash.