Vice President Dr Saulos Chilima has urged commercial banks in the country to strike a balance between provision of better banking services and bank service charges.
He was speaking when he officially launched the NBS Private Banking at the Presidential Villas in Lilongwe on Wednesday, which will be a service point for high net-worth customers for the bank.
"While it is appreciated that the cost of providing banking facilities and infrastructure in a populated country such as ours can be significant, it is important that the level of banking charges should be seen to be commensurate with the quality of service.
"Striking a satisfactory balance between bank profitability on the one hand, and the provision of good banking service to all sectors of the community on the other hand, is a challenge on which the commercial banks and the Reserve Bank must work on together," said Chilima.
The Vice President said the opening of the NBS Private Banking at the Presidential Villas, amongst other new services and products demonstrates the bankâ€™s continuing commitment as a partner in the economic and financial development of all corners of Malawi.
He, however, urged the bank to extend the services to other parts of the country to reach customers in their localities.
Private Banking is one of the four market segments developed by NBS bank. The other three are Executive Banking, Smart banking and Red Banking.
In his remarks, NBS Bank Chief executive Officer, Kwanele Ngwenya, said the bank is on a journey of transformation and that the event marks a chapter of unmatched service and chartering new and bold frontiers in the financial services industry.
â€œOur Private Banking customers will be serviced in our exclusive private banking suites, which are carefully styled to suit the lifestyle and privacy required by such individuals,â€ he added, saying the bank has deliberately taken away the formal way of banking to ensure a differentiated and unique experience.
NBS Bank Senior Manager for Banking Services, Takula Kapalamula, said the facility will provide high net-worth customers a convenient place for all bank transactions and also a comfortable environment in accordance to their lifestyles.
â€œWe want to make sure that our customers are banking like loyalty and no better place could we have set our private suite other than the glamorous presidential villas.
â€œIn terms of this being a success to the bank, our success only comes by being able to provide quality service to our customers because we want to make sure the customer is the one that is prime,â€ said Kapalamula.