Over 80% of the Malawi population live outside of the main urban centers and have, historically been poorly served by the Conventional ‘bricks and mortar’ bank branch networks.  FMB has deployed a unique approach to ‘banking the unbanked’ by launching a co-branded card in partnership with Tobacco Association of Malawi (TAMA), a leading tobacco growers co-operative and Farmers World Limited and Agora Limited, merchants with a country-wide network of stores  serving the farming community.

The Makwacha card is a PIN protected on-line debit card which can be used at any FMB ATM or any of over 60 mini ATM –GSM POS terminals situated at merchant stores in rural trading centers throughout the country.  The card can be used to buy goods at the merchant stores or withdraw cash at either an FMB ATM or a merchant store.

Account opening requirements for a Makwacha card are very simple and no opening deposit is demanded, nor is the cardholder expected to maintain a minimum account balance.  The card is linked to a savings account and funds maintained in the account earn interest at a competitive rate.

Although initially targeted at tobacco growers, the Makwacha card is gaining widespread acceptance amongst other rural dwellers and is also proving attractive as a payroll payment solution for organisations with large rural workforces.

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