Category Archives: Business

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Business, Travel & Tourism

Standard bank gives MK9m in Tourism Month Awards

MaraviPost

LILONGWE-(MaraviPost)-Standard Bank Plc has presented a total of K9 million to outstanding photographers and poets who contested during the commemoration of the just- ended Tourism Month in September.

Speaking during the awards ceremony on World Tourism Day September 27, hosted by the Minister of Tourism Vera Kamtukule in Lilongwe, Standard Bank’s Head of Compliance Chikondi Kapyepye said the sponsorship highlights the bank’s commitment in promoting Malawi’s tourism potential.

“As Standard Bank, we sponsored the photography and poetry competitions because we believe that just like music or painting, these two art forms have a unique ability to showcase the beauty of Malawi and promote our nation as a premier tourism destination,” Kapyepye said.

She said that the competition exposed Malawi’s potential as displayed in images and the spoken word.

“These competitions provided an excellent platform for our talented photographers and poets to display Malawi’s unique beauty and culture while fostering economic development. Through our Joy of the Arts initiatives, we want to create a platform where our youths are encouraged and empowered to pursue their talents and passion. We believe that the creative industries are an avenue for young people to build on their talent, create revenue and contribute to the development agenda of the country.” she said.

Kapyepye also thanked government for heeding calls to waive Visa restrictions, a lobby that Standard Bank facilitated through its dialogue platform series, the “Growth Conversations.”

“Waiving visa restrictions with several countries will unlock tourism arrivals into Malawi and help increase foreign currency inflows,” she said.

The top three winners in the photography category were Chimwemwe Kamangira, David Kausiwa and Edwin Mauluka. They walked away with prizes in the form of photography equipment vouchers worth K2 million, K1.5 million, and K1 million.

In the poetry category which was conducted in conjunction with the Association of Teaching English in Malawi (ATEM), six exceptional student poets across Malawi each won MK750,000 worth of school fees and stationery.

Minister of Tourism Vera Kamtukule praised Standard Bank for the partnership saying it motivated the artists to assert themselves in promoting Malawi as a tourism destination.

“Corporate sponsorship as demonstrated by Standard Bank is a vital component of tourism product development and we are grateful for the bank for their initiative,” she said.

Business, Malawi

“All is a falacy! Malawi never signed any fuel supply deal with UAE companies”-Kanyama

MaraviPost

LILONGWE-(MaraviPost)-Despite the romours making rounds, there has been no contract signed or money paid for fuel supply from the two proposed deals with with G.E.T Global and Sheikh Saud bin Saqr al Qasimi of the UAE, according to the National Oil Company of Malawi (NOCMA) chief executive officer Clement Kanyama.

In an interview, Kanyama outlined all the legal processes that are undertaken when purchasing fuel from a supplier, which were not exhausted in the two deals to warrant upfront payment.

“The on-going infrastructure construction activities do require considerable petroleum products. The reality is that unless an allocation (an average of US$50million, each month) of FOREX to fuel importers is matched with actual consumption, the additional consumption arising from implementation of major projects shall be met.

“With existing fuel importers not securing adequate FOREX to match day to day fuel consumption, the Ministry of Transport and Public Works (MOTPW) secured a fuel supply from a UAE based refinery through an arrangement with GET Global,” said Kanyama who added that since Covid 19 outbreak, Malawi has not managed to generate adequate forex to pay for the critical imports.

He added that through the two deals; “We are benefiting from a situation where all the four suppliers have agreed to waive a contractual requirement. In this, we are required to establish letters of credit with these suppliers, when they supply on open credit and the amounts are due, we are also not able to pay the amounts on the due dates.

“As a result of that, there have been times when the volumes of fuel in the strategic fuel reserves have been depleted, and there have been some instances where we’ve run out of stocks in the retail outright,” he said

He said currently, in line with requirements, MOTPW is processing an importers licence, with MERA and seeking hospitality with NOCMA, where NOCMA shall be an Agent and MOTPW shall be the Principal Hospitality agreement has not been signed.

“Offer from GET Global to Ministry of Transport and Public Works to sell fuel from a refinery is on concessionary terms. Process for signing of hospitality agreement between NOCMA and Ministry of Transport and Public Works – the existence of an importers’ licence shall enable NOCMA to conclude hospitality agreement. NOCMA understands that Ministry of Transport and Public Works is processing/applying for importers license, for submission to MERA.

“NOCMA has advised of terms and conditions applicable to hospitality, between NOCMA and Ministry of Transport and Public Works. This is part of the process of negotiating a hospitality agreement. No financial transactions have taken place on this arrangement, as Hospitality Agreement is not yet assigned.

“Since MOTPW is yet to be issued a licence by MERA and a hospitality agreement is yet to be signed, verification work with entities who are storing the product has not been carried out by NOCMA. This includes, obtaining confirmation on the bank accounts, which will receive payments for onwards processing to the supplier/ refinery,” he said.

Kanyama said NOCMA verification of the product: shall be based on MOTPW having been issued with an importers license and Hospitality agreement, signed between NOCMA and MOTPW.

“Given that MOTPW is part of the Malawi Government, NOCMA shall obtain a Treasury prior approval on use of bank accounts under this Hospitality Agreement – NOCMA can confirm that no financial transactions have taken place between NOCMA and MOTPW under the proposed Hospitality Agreement,” he said

Kanyama said with such a scenario, NOCMA examined the situation and concluded that in addition to engaging local banks to secure increased Forex, they also decided, such as one, where the suppliers are paid in Malawi Kwacha.

However, he said to do that, there is a need to follow the processes, such as open tender, restricted tender and single sourcing.

“Now allow me to indicate that Sheikh Saud bin Saqr al Qasimi who then came up with an offer that they are willing to be paid in Malawi Kwacha. Now, this Malawi kwacha will not be taken to UAE, but shall be used by this office of the sheik in implementing the activities which they intend to implement in Malawi under the MOU.

“So, I can assure you, and I can assure the country that, as NOCMA, we have not seen anything which is suspicious to us. This is a single sourcing of a supplier because there is an advantage, where they are going to pay in Malawi Kwacha,” he said.

Concerning the contract between the Ministry of Transport and Public Works and G.E.T Global which is on concessionary terms, NOCMA CEO said the Ministry of Transport and Public Works is yet to be issued a license by Mera and a hospitality agreement is yet to be signed.

He said this includes verification work with entities storing the product, which he said has also not been carried out by NOCMA, which among others is to obtain confirmation on the bank accounts that will receive payments for onward processing to the supplier.

Business, Malawi, Regional

Chakwera meets IMF chief Kristalina Georgieva on Malawi’s ECF implementation

Lloyd M’bwana

NEW YORK-(MaraviPost)-President Lazarus McCarthy Chakwera on Monday, September 30, 2024 met the International Monetory Fund (IMF) Managing Director Kristalina Georgieva on the progress of the Extended Credit Facility Implementation.

Among other issues, Chakwera briefed the Georgieva on debt restructuring.

The Malawi leader is therefore expected to meet the World Bank Managing Director for Operations Anna Bjerde at World Bank Headquarters.

Chakwera has been in New York, USA for 79th United Nations General Assembly.

He is expected to return home on October 2, 2024.

Business

Malawi government urged to prioritize project funding security amid MABCATA dispute

Maravi Post Reporter

By Twink Jones Gadama

A governance activist, George Chaima, is sounding the alarm on the Malawi government’s project funding approach, emphasizing the need for secured funding sources before embarking on new initiatives.

This caution comes on the heels of the Malawi Building and Civil Allied Traders Association (MABCATA) threatening to take over tollgates due to unpaid arrears of 15 billion kwacha from various road maintenance and rehabilitation works.

Chaima stressed that conducting thorough due diligence is crucial to avoid potential pitfalls. “The government must ensure that funding sources are identified and approved before starting any project,” he urged.

This would prevent unnecessary delays, financial losses, and disputes with contractors.

The recent dispute between MABCATA and the Roads Fund Administration (RFA) highlights the importance of secure funding.

The government’s failure to settle outstanding arrears led to MABCATA’s drastic measure, which was only halted by a court injunction.

This issue is not isolated, as community organizations and social services face similar challenges due to project-based funding regimes.

Research has shown that such funding models can lead to limited service capacity, growing waiting lists, declining volunteer numbers, and staff burnout

In Malawi, where infrastructure development is critical, ensuring stable funding is vital.

Chaima’s call to action echoes concerns raised by experts, who advocate for long-term funding solutions to support community-based services.

By adopting a more secure and transparent funding approach, the Malawi government can mitigate risks, ensure successful project delivery, and promote sustainable development.

As the government moves forward, it must heed Chaima’s warning and prioritize funding security to avoid similar disputes and ensure the success of its projects.

Business, Malawi

No any financial transactions has been made with Transport Ministry on fuel deal”- disputes NOCMA chief Kanyama

Dorica Mtenje

LILONGWE-(MaraviPost)-The National Oil company of Malawi Limited (NOCMA) on Sunday, September 29, 2024 dismissed media reports claiming that financial transactions has been made with the Ministry of Transport and Public works (MOTPW) on Sheikh oil deal.

NOCMA Chief Executive Officer Clement Kanyama told the news conference in the capital Lilongwe that the company is yet to issue a licence to the ministry of Transport for the oil deal.

Kanyama says NOCMA adhered to all single source procurement procedures in the Sheikh deal.

He added that no single source procurement rules in the deal were flouted.

NOCMA chief explained further that there is no any other transaction that has taken place, between NOCMA and Office of the Sheikh.

“NOCMA can confirm that no financial transactions have taken place between NOCMA and MOTPW under the proposed hospitality agreement,”said Kanyama.

“NOCMA embarked on seeking a fuel supplier who will be paid in Kwacha and yet to engage international finance institution to establish fuel import financing facilities,” Kanyama said.

He further said process of signing of hospitality agreement between NOCMA and Ministry of Public works the existence of an importers licence shall enable NOCMA to conclude hospitality agreement.

NOCMA CEO added that currently four international companies are supplying fuel in the country namely Camel oil, Addax, Augusta and Hass.

He therefore said both board of NOCMA and MERA directed that prior to signing of any possible supply contract a due diligence be carried out on the entity earmarked for receiving the Malawi kwacha and a draft contract shall require prior clearance by MERA.

Business

NBM plc partners Sky Energy, 265 Energy for products financing

MaraviPost

BLANTYRE-(MaraviPost)-National Bank of Malawi (NBM) plc has partnered with Sky Energy Africa and 265 Energy to offer financing for electric cars and other energy solutions that are easy, flexible and affordable.

Through the partnership, NBM plc customers will be able to access financing for electric vehicles at Sky Energy Africa, and solar and gas solutions at 265 Energy.

Speaking after signing the Memorandum of Understanding (MOU) with the two companies on Tuesday, NBM plc Head Retail Banking Division Oswin Kasunda said that the partnership will help ease customers’ access to the products.

“These are young and upcoming companies that are offering energy solutions in Malawi that is why we have seen it necessary to partner with them. As a country is driving clean energy solutions, we thought that we must be part and parcel of supporting this initiative to make sure that customers have access to these products so that we can also manage environmental related problems,” said Kasunda.

On the loan payment period for the two products, Kasunda said the Bank is flexible depending on the customer’s affordability.

“For a car, one can go up to five years, but that is just the maximum payment period. If one thinks they can manage to pay in 12 months there is no problem.”

“Borrowing is all about affordability, a customer can come whether they want a small amount for a small product or a customer want to buy an electric vehicle since we do not have borrowing limits,” explained Kasunda.

Founder and Managing Director of Sky Energy Africa, Schizzo Thomson commended NBM plc for the partnership saying it gives a chance to people and organisations to acquire the electric vehicles which promotes the adoption of sustainable energy technologies.

“There has always been a challenge in-terms of initial investment for one to be able to acquire energy products even the electric vehicles, this partnership closes this gap as clients will be able to access these vehicles and other products through loans.”

“When the electric vehicles were launched, there were thousands of enquiries, people trying to understand the solutions but the limiting factor for escalation to the adoption has been the cost of the vehicles which the NBM Plc is now trying to solve,” explained Thomson.

In his remarks 265 Energy Chief Executive Officer, Mfundo Mbvundula also said the partnership ensures that access to solar and gas solutions has been simplified.

“Through this initiative the Bank takes the upfront cost and the customer can repay the bank over months or a year based on the price and what they discuss with the Bank. This will make it more affordable for the customer to get good quality solutions from us,” explained Mbvundula

AMA, Business

Africa Specialty Risks announces the appointment of Aurélien Sauty as Head of Marine and Aviation Lines

MaraviPost

LONDON, 26th September 2024 -/African Media Agency (AMA)/- Africa Specialty Risks (ASR), the pan-African and Middle East focused (re)insurance group, announces the appointment of Aurélien Sauty to lead its new Marine and Aviation capacity, as Head of Marine and Aviation.

Aurélien, based in ASR’s Dubai office, brings over 16 years’ experience in the insurance industry, with a robust background in both the marine and aviation sectors. His career started at AXA, spending time in France, Dubai and London as an Underwriter. Most recently, Aurélien worked at Berkshire Hathway Specialist Insurance where he held the role of Assistant Vice President, Middle East, Marine. 

This strategic expansion, and Aurélien’s appointment, further enhances ASR’s commitment to providing comprehensive, high-quality underwriting solutions tailored specifically to the unique risks across Africa and the Middle East. The new Marine and Aviation lines will focus on providing specialist insurance solutions that address the specific risks associated with such activities. 

The launch comes at a time when the world’s logistics, maritime and aviation industries are experiencing significant growth. ASR’s new offering will help to de-risk these industries, facilitating smoother operations, and contributing to the economic development of involved countries.

ASR’s deep understanding of the African and Middle Eastern markets, coupled with its robust risk assessment capabilities, positions the Company to deliver tailored solutions that meet the needs of regional and international clients.

Mikir Shah, CEO of ASR, commented: “We are thrilled to welcome Aurélien to our team, and expand our underwriting capabilities with the launch of our Marine and Aviation divisions. 

“Aurélien’s appointment and the establishment of these divisions demonstrates our commitment to de-risking investment and increasing resilience across Africa and the Middle East and is a testament to our ongoing commitment to providing top-tier risk management solutions to our clients.

“Providing this coverage is incredibly important in today’s market, with maritime and transport industries being the backbones of global economies and thus playing a vital role in the global economy, we will help to de-risk these crucial sectors.”

Aurélien Sauty, newly appointed head of ASR Marine and Aviation Underwriting, commented: “I am honoured to join ASR at such a pivotal time for the Company. Contributing to ASR’s growth and success in the aviation and marine sectors is an exciting opportunity. I look forward to working with the talented team at ASR to deliver innovative and effective insurance solutions to our clients across Africa and the Middle East, supporting them in navigating these risks effectively.” 

Distributed by African Media Agency (AMA) on behalf of  Africa Specialty Risks (ASR)

About ASR 

Africa Specialty Risks (ASR) provides comprehensive risk mitigating solutions through high quality underwriting to local and global customers across Africa and the Middle East, with operations in London, Mauritius, Bermuda, Morocco. Since its launch, ASR participated in the de-risking of $28 bn of projects and assets across 66 countries.  

In addition to our Bermuda and Mauritius reinsurers, ASR’s unique co-reinsurance model involves collaborating with local and international (re)insurance companies. In 2024, ASR launched Syndicate 2454, it is the first African focused syndicate writing business at Lloyd’s.  

Across the group, ASR underwrites across Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, Liability, Parametric and Treaty. ASR also offers an end-to-end captive solution to corporate and financial institutions.  

ASR is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets. 

MEDIA CONTACT
Africa Speciality Risks
Mikir Shah, CEO
+44 20 7920 3150

Perpetual Motion
Samantha Seewoosurrun
samantha@perpetualmotionltd.com
+230 5772 4400

The post Africa Specialty Risks announces the appointment of Aurélien Sauty as Head of Marine and Aviation Lines appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business

BPI Malawi appoints Bond Mtembezeka as new Country Manager

MaraviPost

BLANTYRE-(MaraviPost)-Business Partners International (BPI) Malawi, a fund manager that provides business finance and support to small and medium enterprises (SMEs), has appointed experienced economist and financial expert Bond Mtembezeka as its new Country Manager to lead its operations in Malawi.

Mtembezeka brings extensive experience in Asset Management, Banking, Investments, and Corporate Finance, with over eight years of leadership in challenging environments, according to statement from BPI Malawi.

According to BPI, Mtembezeka has been tasked to strengthen its position as the leading financier for SMEs in the country while enhancing its marketing efforts and pay a special focus on client satisfaction as part of BPI’s strategy to provide finance and support to more business owners in the country.

Mtembezeka said in an interview that he is well-prepared to take on the responsibility of driving BPI’s vision forward.

“My passion for investments and my commitment to the SME sector are what attracted me to this role and it is incredibly rewarding to see the tangible impact of our efforts on the growth and success of SMEs in Malawi,” said Mtembezeka.

He shared his vision to contribute to BPI becoming the most preferred SME financier in the country, underpinned by offering tailored financial solutions and providing technical assistance to SMEs.

“We want to ensure that BPI Malawi becomes the go-to partner for SMEs seeking growth and sustainability in Malawi. Furthermore, we will not just be deploying capital; we will be dedicated to advancing Environmental, Social, and Governance (ESG) principles and enhancing the broader economic and social ecosystem,” explained Mtembezeka.

Mtembezeka emphasized that the focus will be on addressing the primary challenges faced by SMEs, such as securing funding and dealing with macroeconomic instability while also focusing on differentiated customer-centric solutions, and offering personalized financial packages that go beyond traditional funding.

“The BPI technical assistance programme is unparalleled in the industry, ensuring that our clients not only get financing but also the expertise they need to succeed. By also fostering strong relationships with stakeholders, including government bodies, financial institutions, and SMEs, we will further strengthen BPI’s role in the Malawian economy,” he emphasized.

BPI supports the Malawian SME sector through business financing ranging from K100 million to K1 billion, technical assistance and advisory services and aims to expand its reach across the country, helping SMEs navigate the challenging economic environment.

“I want to encourage business owners to approach us for their financing needs, we look forward to welcoming them to the BPI Malawi family and supporting them to grow and sustain their businesses,” Mtembezeka concluded.

Business

Wellness Centre in Backpain and Arthritis awareness week

MaraviPost

BLANTYRE-(MaraviPost)-Beatitude Naturopathy and Wellness Centre has organized week-long Backpain and Arthritis awareness and alignment sessions where patients will be treated using naturopathic methods.

The Centre’s Director Francis Malunga said in an interview yesterday that the awareness week will run from 23 September to 27 September 2024 from 7.30am to noon at their centre at Manase in Blantyre.

“So far, we have conducted two Backpain awareness campaigns in the past where people with acute backpain were treated using naturopathic methods. This time we thought of adding those with arthritis problem so that we should help them and give them information about these ailments,” said Malunga.

He said the Wellness Centre will offer free lectures to people who have backpain and arthritis issues apart from treating them.

“They will only need to pay a registration fee of MK20,000 otherwise we will not be charging for the actual treatment of the backpain and arthritis,” said Malunga.

Malunga distinguished naturopathy and wellness from hospital care citing the former provides respect for the healing processes of nature while empowering the individual to take responsibility for their own health process.

“We are aware that some people have gone outside the country to have backpain surgeries and arthritis care which have not been fully healed, we recommend that these people should patronize the backpain and arthritis awareness week, we can be saving a lot of forex if we do these procedures here in Malawi using naturopathic methods,” said Malunga.

One of the people who attended last year’s awareness week Peter Kachepa said it was worthwhile as he had his back problem sorted within a day.

“The tips and lecture that they gave us were also helpful because one knows what to do when he or she notice the signs and symptoms. I would encourage those with backpain issues to attend the awareness week,” said Kachepa.

According the World Health Organization (WHO) about 620 million people suffered low back pain in 2020 and it is estimated that the number will increase to 843 million by 2050 adding that low back pain is the single leading cause for disability worldwide and it is a condition which many will require rehabilitation.

Beatitude Naturopathy and Wellness Centre recently relocated from Balaka to Manase, Blantyre to serve more people who were looking for naturopathic treatment.

Business

NBM Plc secures landmark US$100 million from Afreximbank for trade finance

MaraviPost

BLANTYRE-(MaraviPost)-In a move set to significantly boost trade financing in Malawi, African Export-Import Bank (Afreximbank) has signed a landmark US$100-million Trade Finance Facilitation Facility (AFTRAF) agreement with National Bank of Malawi (NBM) Plc, the country’s largest bank by assets.

Representing the largest AFTRAF facility ever to be extended by Afreximbank in Malawi, the US$100-million AFTRAF agreement will enhance and maximize the capacity of NBM Plc to finance trade transactions of its clients in the manufacturing, energy and agriculture sectors.

Additionally, it will allow NBM Plc to issue letters of credit confirmed by Afreximbank, addressing the difficulty posed by a shortage of confirming banks lines. It will also support the importation of critical goods required by Malawi, including intermediate products for the manufacturing sector, fuel, pharmaceuticals and fertiliser.

The signing ceremony was held at Afreximbank’s headquarters in Cairo on Tuesday September 24, 2024. Haytham ElMaayergi, Executive Vice President, Global Trade Bank Africa at Afreximbank and Harold Jiya, Chief Executive Officer, NBM Plc inked the deal on behalf of their respective organisations.

Speaking after signing the agreement, ElMaayergi said: “Our support to National Bank of Malawi through the Afreximbank Trade Facilitation ‘AFTRAF’ programme will have a significant impact on Malawi’s strategic sectors including manufacturing, agriculture and energy, by empowering them to import inputs and components to generate value-added exports.”

“This partnership seeks to sustain supply chains of these sectors to enhance the foreign exchange earning capacity of the country,” he added.

ElMaayergi added that the collaboration is expected to boost intra- and extra-African trade across NBM’s expanding geographical footprint in the southern African region by supporting corporates with financing products as well as capacity building.

On his part, Jiya said the credit line is a huge step forward for the Bank and, more importantly, for the people of Malawi.

“This partnership will allow us to provide more financing solutions, especially for businesses engaged in international trade. As a Bank, we are committed to making international trade easier and more affordable for our customers.

“The Afreximbank credit line will help reduce the risks and costs associated with cross-border transactions, giving businesses of all sizes—from large corporations to small enterprises—access to the tools they need to thrive,” explained Jiya.

NBM plc is an Afreximbank Trade Finance Intermediary, which allows it to collaborate with Afreximbank on transactions. It is currently in the process of reprofiling itself into a regional bank.