NBM's Head of Retail Banking Oswin Kasunda made the remarks during the Bank's interaction with vendors in Blantyre.
According to Kasunda, the vendors are conducting their accounts well and are able to pay back the loans, saying the Bank has so far only experienced a five-percent default rate.
"Credit is about risk, in the banking business there is always a risk so if you give out loans you don't expect to have a 100 percent repayment rate as of now the default rate is about five percent which is very good and acceptable."
"Now that the performance is satisfactory as far as the Bank is concerned, it is time we consider extending the package to other towns. We have already received inquiries from Mangochi, Kasungu, Mchinji and others so we will now consider going out of the four cities," said Kasunda.
Tiyanjane Juma from
"After following all the instructions, the Bank gave me a loan and I can testify my business is no longer the same," said Juma.
NBM launched the Taoloka Finance product last year, in the country's four cities of Blantyre,
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