On this page you will find a list of the top banks in Malawi. Our customer reviews are based on some requirements that each bank has been graded on including how good or how bad their customer service is, if each bank has a credible online banking system, a good number of ATM machines country-wide, ease of opening a personal savings accounts, money transfer quality, exchange rate policies and more.
Note: If you are a representative of any of these banks that has been reviewed, you can [ contact us ] and if you think we need to make some changes.
Best Banks In Malawi
1. National Bank of Malawi
NBM is a large financial services institution, serving the banking needs of the people and businesses in Malawi. The reason why we rank it #1 here on businessmalawi.com is because they have the most ATM branches, they offer Visa debit and credit cards which can be used worldwide. NBM’s online banking is also one of the best banking platforms in Malawi, it comes with SMS alerts on your phone and you can purchase multiple products on your phone at special rates. Their customer service is better than the average, you will find it very easy to talk to most of their cashiers, but we do admit we do wish the cashiers smiled more.
2. First Merchant Bank
FMB is ranked #2 but they could have easily been ranked #1 because they are improving their services for the better, daily. They have the best banking website in Malawi and they also have the easiest system when it comes to signing up for an account and applying for a Visa debit/credit card. FMB’s online banking platform is the best we have experienced here in Malawi, it is fast, clean and easy to navigate. Their customer service could improve, we sent an email to FMB 2 weeks ago and we have yet to get a reply but again, it is better than the average. The inside of their bank buildings are clean and air conditioned throughout the country.
3. Malawi Saving Bank
Despite being owned 100% by the Government of Malawi, the bank continues to amaze us with the ability to upgrade and fix any major issues that are reported. We had a small issue with our account when we noticed K30,210 missing from our personal account, within hours they found out what happened and they replaced the money with no questions asked. In terms of customer service, they could improve, we have met multiple rude cashiers but overall they have helpful and willing employees. MSB’s online banking is pretty good, it is sometimes slow but it does work and most people might actually like the design, we wish they had different colors but that is just a matter of opinion.
We rank IndeBank 4th place but we think next year they could easily crack the top 3 best banks in Malawi. Their web site is the main issue we have, it simply needs to be redone, a lot of their links don’t work especially those at the bottom of the website, like the branch locator page doesn’t work. Their online banking system is nice, fast but they charge you a fee for K500 a month for online access and we think that is a bit too much, it shouldn’t cost anything for Malawians to use online banking, at very least it shouldn’t cost us that much. Their customer service is great but because they lack enough ATM branches we haven’t had the chance to interact with many cashiers.
5. FDH Bank
FDH bank is ranked 5th but we think they can improve their ranking next year as long as they fix their customer service issues, we had multiple reports stating that cashiers at the banks work too slow, others can be seen talking on cellphones while customers remained unhelped. Despite this, FDH bank does well in most areas, their online banking is great and they do answer their emails unlike their rivals over at FMB. It is very easy to open a bank account at FDH and you can have your account approved in less than 3 hours after submitting your application. We love the speed of FDH, lets hope they pay attention to the other sectors.