National Bank of Malawi (NBM) plc has launched “Fuel 360,” a groundbreaking financing package designed to transform the fuel retail sector.
This innovative solution provides tailored financial support to fuel retailers, enabling them to boost operational efficiency, drive sustainability, and thrive in the competitive energy industry.
Speaking at the launch earlier this week in Blantyre, Oswin Kasunda, NBM plc’s Head of Retail Banking Division, said the package was developed after extensive market research and direct engagement with fuel retailers.
“We are excited at National Bank of Malawi plc to have launched this new innovative package that we are calling ‘Fuel 360 financing package’. We discovered that our fuel retailers operate highly cash-intensive businesses and face financing challenges when restocking fuel. ‘Fuel 360’ is designed to address this,” said Kasunda.
He added that the package includes collateral-free credit facilities of up to K30 million, including guarantees, temporary overdrafts, and short-term loans. It also comes with digital banking solutions, such as point-of-sale (POS) machines, to enhance transaction convenience and reduce reliance on cash.
Kasunda added that normally, fuel stations require guarantees to procure fuel from suppliers like PUMA.
“However, collateral requirements have always been a major barrier. With ‘Fuel 360’, we are offering collateral-free guarantees and overdrafts of up to K30 million. This is a game-changer. The package also includes a staff support component, enabling fuel retailers to offer their employees loans at concessional interest rates, further demonstrating the Bank’s commitment to holistic business growth,” he added.
Head of Retail Operations for PUMA Energy Malawi, Tabo Nakalonga, hailed the initiative as a transformative step towards digitalization and improved financial access in the fuel retail sector.
“This is a switch to a more digital-based platform. It enhances convenience, speeds up transactions, and introduces additional revenue streams like agency banking. Importantly, access to credit ensures smooth operations and continued customer satisfaction,” said Nakalonga.
Nakalonga added that this is an important package with readily available capital and credit to keep fuel stations operating without disruptions, and the ‘Fuel 360’ package has arrived at a critical time for the industry.
