National Bank launches Fuel 360

National Bank of Malawi (NBM) plc has launched the Fuel 360 Financing Package in a quest to address the financing challenges faced by fuel retailers in their business.

Speaking during the launch in Blantyre on Wednesday, the bank highlighted that the initiative will enable retailers to access financing from the bank without collateral, among several other advantages.

“Through research and engagements with our customers, we established that our fuel retailers are involved in intensive cash business, and they have challenges in terms of financing for their product, and we thought of coming in to help.

“We have packages involving credit facilities and digital platforms that retailers can use. As of now, we are giving at least K30 million collateral-free guarantee, and we are also offering temporary overdrafts that they will get up to K30 million. On top of that, we are also offering them short-term loans and POS machines that customers can use to pay for fuel,” highlighted the bank’s head of retail division, Oswin Kasunda.

The high-street bank’s retail division head has hinted that every filling station owner is qualified for the Fuel 360 financing package.

Reacting to the development, Puma Energy Malawi’s retail manager, Tabo Nakaronga, applauded the bank’s initiative, describing it as modern and convenient.

“This is a good initiative that will improve transaction speed to ensure that our customers are one hundred percent satisfied,” he said.

Nakaronga added that: “The fact that they (NBM) are offering loans, it is even more essential to keep businesses going since there will be no disruptions to customers’ supply.”