NBS Bank freezes accounts

NBS malawi

NBS Bank has freezed accounts of all customers who failed to update their information with the bank.

NBS malawi
Not so caring? some of the bank’s customers unable to access their salaries

According to the bank, customers whose accounts are not in compliance with Reserve Bank of Malawi’s Know Your Customer requirements were blocked on 31st October.

The move has affected many customers who use NBS to get their salaries as they have been unable to access their money with the bank demanding an extra update of their accounts.

In a statement on its Facebook page on Monday, the bank advised all affected customers to update their information at their nearest branch.

The required information include a valid identity card such as passport or national registration ID, proof of residential address such as utility bill and proof of source of income such as pay slip.

The bank says after an accountholder submits the information, their account will be restored in 24 hours.

Meanwhile, some customers have blasted the bank for freezing their accounts despite the customers updating their information on several occasions.

“I already updated my account and they are requesting for another update why NBS, I lost business because of this, receiving money you are able to do, but giving money it’s a problem, please wake up,” commented one customer on the NBS Bank Facebook page,.

Other accountholders complained that the bank is yet to unfreeze their accounts over 24 hours after they updated their details.

“I updated yesterday, why up to now my account is still blocked?” a customer asked.