FINCA eyeing 1000 new village bank groups in three months


Savings and money lending firm, FINCA Malawi, says through their newly introduced ‘Lets Go, Tiyeni ku FINCA’ promotion which will run for three months, the institution is targeting to create new 1000 village bank customer groups.  

The marketing Manager for the institution, Takondwa Chirwa was speaking in Blantyre on Monday during the launch of the promotion which will run from April to June.

She said existing customer groups, which they call village banks, should invite new groups to get a loan and when they do so, the referring group will qualify for a loyalty discount where they will be given a full circle of loan repayment.

On the other hand, the invited groups will automatically enter into a draw and stand a chance to win a grand prize of K500,000, to one lucky winner, K300,000 to the runners-up, K100,000 to three groups in the third position, and other branded prizes such as caps, and t-shirts.

While wooing existing village bank groups to invite other groups to go and get loans at FINCA, he was very optimistic about making 1000 new village bank customers by the end of the promotion.

“In our efforts to continue supporting our customers, and to build resilience in these tough times, we have decided to launch this promotion. The aim is for our customers to be able to build the capacity of their businesses. So we would like to help our customer build their capital and be able to sustain themselves in the market.

“So, we are targeting 1000 for village banks. We already have many groups and we are very sure that looking at the number of groups that we already have here, if each group brings another group, this is going to be possible and many people will have an opportunity to get loans,” said Chirwa.

As one way of promoting inclusiveness, Chirwa said the microfinance institution is also offering payroll loans to people on full-time employment who will need to apply for a loan through the employer’s guarantee, and automatically they will qualify for the draws.

FINCA Malawi has since expressed satisfaction with its service delivery saying their loan facility has helped many Malawian customers to grow their businesses, educate their children, and build homes.