Managing Director for Nedbank Malawi, Paul Guta, made the remarks in Blantyre when the bank organised a business interactive dinner for its customers. He said the bank is prepared to introduce cutting edge technology to enhance customer services.
“In the first quarter of the year business has been good for us. We are taking a growth pattern. But to maintain that we need a good relationship with our clients that is why we organised the business interactive dinner so we also hear from them on areas we can work on for continued provision of quality services,” said Guta.
Commenting on the general outlook of the country’s economy, Guta said the recent cutting of policy rate by the Central Bank has a trickle-down effect.
He said, “Reserve Bank of Malawi lowered the policy rate and as commercial banks we followed suit. If the economy keeps on improving and inflation goes down, well our customers also benefit as most of the banks in the country reduce interest rates just as we have done at Nedbank. This again gives us confidence on how the Central Bank is managing the financial services industry in the country.”
Adding his voice on the recent interest rate capping proposal, Guta said he was glad that reason prevailed.
“I should commend all those who deliberated on this bill at higher levels. Reason prevailed. Let the interest rates be determined by market forces other than putting a ceiling. The decision by Parliament is good for this country and is good for the economy, we have seen and experienced that even in a free market economy when rules are adhered to market forces play out and eventually interest rates either increase or decrease depending on how the economy is performing,” added Guta.
According to internet sources Nedbank group is one of the largest financial services groups in Africa offering wholesale and retail banking services as well as insurance, asset management and wealth management. It is headquartered in Sandton, South Africa.