Chiperegano Investment Account

The Chiperegano Investment Account is an investment account specifically designed for women who want to save as a group . The name "Chiperegano" reflects the spirit of contributing together, as business women pool their resources into one account to boost their communal business ventures . This account targets micro and small business women in groups who wish to save collectively and leverage their combined savings for greater financial benefits than they would achieve as individual applicants .

This account offers several practical features designed for group savings. It provides an easy way for women to save money as a collective, with the account earning interest on the deposited balance . One of the most significant features is that deposits can be used as security for a group loan, allowing members to access credit based on their pooled savings . The minimum account balance required is MK50,000, and importantly, the account does not have monthly fees, making it an affordable option for small business women .

The Chiperegano Investment Account is directly linked to a loan facility. Group members are allowed to borrow up to 200 percent of their savings . For example, if your group has saved MK100,000, you can access a loan of up to MK200,000. The Chiperegano investment account itself serves as collateral for the loan, with members offering mutual guarantees to support each other's borrowing . This structure ensures that the group's collective savings back the loan, reducing risk for the Bank while providing members with access to larger credit amounts.

When your group borrows against the Chiperegano Investment Account, the interest rate is calculated as the Base Rate plus a Risk-Based margin . The specific margin depends on the group's risk profile as assessed by the Bank. For current Base Rate information, customers are advised to contact NBS Bank directly or visit any NBS Bank Service Centre, as the loan facility is available at all branches .

To open a Chiperegano Investment Account, each member must provide valid identification. Acceptable forms of ID include a valid passport, valid driver's license, or Malawi Electoral Commission registration card accompanied by a letter from a recognized authority . Alternatively, a letter from an employer along with an employee ID is accepted. Proof of residence is also required, such as a water bill or other utility bill confirming the member's address .

Unlike standard SME savings accounts which are designed for individual business owners, the Chiperegano Investment Account is uniquely structured for women who save as a group . While the Individual Business Savings Account requires a minimum balance of MK10,000, the Chiperegano account requires a higher minimum balance of MK50,000, reflecting its group nature . However, the Chiperegano account has no monthly fees, making it cost-effective for groups. Most importantly, this account is specifically designed to serve as security for a loan, allowing groups to borrow up to 200 percent of their savings, a feature not available with standard savings accounts .

Beyond the investment account itself, NBS Bank offers Chiperegano Loans specifically for groups using this account . The Bank also provides the Zayela Business Loan and SME Overdraft Facility to business women contributing to Chiperegano accounts, offering additional avenues for accessing credit to boost communal business ventures . These complementary products recognize the unique needs of women's business groups and provide flexible financing options beyond the standard 200 percent borrowing limit against savings.