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FDH Ships Banking Services to Likoma Island

FDH Ships Banking Services to Likoma Island

FDH Bank plc has broken an all time record of being the first institution to establish a service center and officially launched it's branch on Monday March 11, 2024 in Likoma island.

The development has come as a breakthrough to the island people who for decades have been struggling to access banking services in the mainland coupled with transport, food and accommodation challenges.

Speaking at the most rare and auspicious official opening today FDH bank Plc board chairperson Ms. Chatirty Mseka said FDH bank plc sticks to ensure that access to financial services gap is bridged by reaching out to all the parts of the country with establishment of commercial banks so that adults everywhere have access to a transaction account to keep money, send and receive payments.

"This is important because access to formal appropriate financial services can help better manage risks,step out of poverty and build a better life through savings, payments, credit and insurance," she added.

She then pleaded with the people of Likoma to open accounts at the branch and start enjoying the various modern banking services that FDH will be offering.

Mseka then on behalf of FDH presented dummy cheques wealth K3 million and K2 million to St Peter's mission hospital and Likoma secondary School to purchase maternity linen and mattresses respectively.

Despite transport, food and accommodation challenges some Islanders were crossing lake Malawi even during harsh weather conditions to deposit or withdraw their money at the banks on the mainland further risking safety of their hard earned money.

Martin Mjima one of the Islanders has told Zodiak online in an interview on Monday that this is a welcome development saying the establishment of FDH banking services at the island is a relief to their endangered currency as the new branch has broken all the banking barriers which the Islanders suffered when accessing such services on the mainland.

"It is a welcome development because as you may know for some years People from Likoma have been holding their accounts with banks on the mainland but then when you looked at how People used to withdraw that money it was very expensive... considering one to find food, transport and accommodation; if you put all these things together," he explained.

Mjima added that the coming in of FDH bank service center is a relief to the people of Likoma who will no longer keep their money in houses since the bank is now just a footstep from a door.

In his speech guest of honour and minister of finance Simplex Chithyola Banda highlighted that in 15 years of it's existence, FDH bank plc has shown that it is a true and reliable government partner that has spearheaded various development initiatives that are aligned with the government vision of turning Malawi into an inclusive wealthy middle income country.

"The bank has not only spearheaded cutting edge digital financial services and solutions, but also partners and compliment government in various sectors including social cash transfers and in sports development among others," he posed.

The journey to establish FDH bank service center in Likoma island dates back years ago when the then employee of Malawi's central bank, now board chairperson for FDH bank Plc failed to withdraw her money because at the islands post office did not have capacity to cash out K100,000.

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