Sophie Mlumbe, head of consumer banking said: “In response to this, we are implementing a personal loan moratorium for all new personal loan applications, to ease the financial burden and allow our customers to celebrate the season with peace of mind.”

Mlumbe said the unsecured civil servant loan of up to K15 Million is open to Ecobank and non-Ecobank customers while the unsecured personal loan of up to K25 million is only open to Ecobank salaried customers.

She added that Ecobank is committed to fostering financial well-being, providing customers with an unprecedented one-month repayment break, and unlocking unparalleled financial flexibility during this celebratory season.

“This exclusive Year-End Loan Campaign is effective immediately and extends throughout the month of December to January 2024, providing eligible individuals with an opportunity to embrace the holiday season with financial ease and freedom,” said Mlumbe.

The move by the bank comes at a time when the Malawi market is on a spiralling trajectory in food and non-food items raising pressure on consumer’s disposable income.

Figures from the National Statistical Office (NSO) show inflation stands at 33.1 percent, a record high.