National Bank of Malawi plc (NBM plc) has launched an innovative financing solution called ‘Fuel 360’ aimed at empowering fuel retailers with tailor-made financial support to enhance operational efficiency and sustainability in the energy sector.
The launch, held in Blantyre on Wednesday, brought together stakeholders from the banking and fuel retail sectors, including representatives from PUMA Energy, private fuel retailers, and key players in the financial services industry.
Speaking at the event, NBM plc’s Head of Retail Banking Division, Oswin Kasunda, said the ‘Fuel 360’ financing package was a result of extensive market research and direct engagement with fuel retailers who face unique challenges in accessing working capital and collateral-based credit.
“We are excited at National Bank of Malawi plc to have launched this new innovative package that we are calling ‘Fuel 360 financing package’. We discovered that our fuel retailers operate highly cash-intensive businesses and face financing challenges when restocking fuel. ‘Fuel 360’ is designed to address this.”
“The package includes collateral-free credit facilities of up to K30 million, including guarantees, temporary overdrafts, and short-term loans. It also comes with digital banking solutions, such as point-of-sale (POS) machines, to enhance transaction convenience and reduce reliance on cash,” said Kasunda.
Kasunda added that normally, fuel stations require guarantees to procure fuel from suppliers like PUMA.
“However, collateral requirements have always been a major barrier. With ‘Fuel 360’, we are offering collateral-free guarantees and overdrafts of up to K30 million. This is a game-changer. The package also includes a staff support component, enabling fuel retailers to offer their employees loans at concessional interest rates, further demonstrating the Bank’s commitment to holistic business growth,” he added.
Head of Retail Operations for PUMA Energy Malawi, Tabo Nakalonga, hailed the initiative as a transformative step towards digitalization and improved financial access in the fuel retail sector.
“This is a switch to a more digital-based platform. It enhances convenience, speeds up transactions, and introduces additional revenue streams like agency banking. Importantly, access to credit ensures smooth operations and continued customer satisfaction.”
“This is an important package with readily available capital and credit to keep fuel stations operating without disruptions, and the ‘Fuel 360’ package has arrived at a critical time for the industry,” said Nakalonga.
“This is a game-changer.”
Oswin Kasunda
NBM Head of Retail Banking Division,
