Malawi: Fdh Bank Inculcates Cashless Business Transactions Through 3-Months 'Fdh Pos Swipe & Win' Promotion

22 November 2021

FDH Bank says it is pleased that its clients positively responded to the 3-moth promotion it organised that encouraged its clients to utilize its point of sale (POS) services in supermarkets and fuel filling stations in order to inculcate a cashless spirit of doing business transactions.

This was said by FDH Holdings' Senior Marketing Manager, Ronald Chimchere on Monday at the conclusion of the 'FDH POS Swipe & Win' promotion, whose final monthly draw identified 20 winners going away with K50,000 each worth of shopping vouchers and nine winners of fuel vouchers of K40,000 each.

Chimchere said as a leading digital financial service provider, they decided to inculcate the cashless culture which is convenient for the public as they don't have to carry too much cash on them.

He also said this reduces paper money transactions -- thus lessening the burden by the financial regulator, the Reserve Bank of Malawi, from continuous replacement of bank notes.

"Printing of bank notes is very costly as it is done outside the country and if we help the regulator from continuous replacement of paper money, we contribute towards the control of our economy [by saving on forex through its printing costs].

"From the outset, CoVID-19 pandemic's preventive measure of observing social distance and staying at home, motivated people to carry on their daily business transaction through digital means and we decided to enhance this spirit through this promotion.

"We are extremely pleased that our clients responded positively as their support was overwhelming. We encourage clients to continue the spirit of doing cashless transactions as we migrate into a digital world.

"There are no transaction fees attached to our POS services as they would be required to pay when cashing out bank notes at our ATMs," Chimchere said.

The promotion was launched in July and each month, lucky clients were receiving the K50,000 and K40,000 shopping and fuel vouchers respectively.

Going forward, Chimchere said they would continue motivating their clients through various innovations that are also meant to show the bank's appreciation of their clients custom.

Last month, FDH Bank -- which if the official sponsor of Malawi national football team, the Flames -- launched 'Go Konko Ndi Flames' promotion, whose two grand prize winners shall be sent on fully-paid trip to Cameroun to watch the team participate at the 2022 Africa Cup of Nations (AFCON).

The promotion runs up to December and all it takes is for existing clients or new FDH Bank savings accounts to maintain a balance of K50,000 in their accounts for one month.

The new clients are encouraged visit their nearest FDH Bank Plc branch or Banki Pakhomo agent and keeping it for one month and as one way of observing CoVID-19 preventive measures, clients are also encouraged to be transacting on FDH Mobile Banking facilities for at least five times a month on bill payments, sending money to loved ones or buying airtime top up to qualify for the promotion.

Monthly prizes before the grand draw include five winners each winning a DStv decoder plus two months premium package subscription as well as 10 each for GOtv decoder plus two months subscription.

There will also be K50,000 cash prize each for 30 winners in two monthly draws.

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