Category Archives: Business

The Maravi Post is a leading source for reliable Business news and analysis on Business. Top African Business like  Dangote  Group in Nigeria, Mulli Brothers in Malawi

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Business

Old Mutual aids MK10m towards Sanwecka’s ICT-related skills mentorship program to 30 youths

Maravi Post Reporter

LILONGWE-(MaraviPost)-In a bid to reach out more youths for self-reliant economically, Old Mutual Malawi on Friday, September 20, 2024 donated MK10 million to Sanwecka Tech Companions.

The funds will enable firm to train 30 young people in various ICT-related skills.

Speaking after handing over the funds in the capital Lilongwe, Old Mutual Malawi’s Marketing and Corporate Affairs Executive Patience Chatsika expects partnership with Sanwecka tech companions to grow.

“Under this partnership, 73 young people have been trained in Mzuzu and Blantyre, and by the end of the Lilongwe training which we commenced this week, 103 people will have benefitted from this initiative.

“We are glad to see young people empowered with various skills including Cell phone repair, Home Gadgets repair, and Dish Installation,” says Chatsika.

She adds, “These young people are provided with start-up equipment so that they start their businesses and be able to support themselves.

“As a business, we are highly concerned with the problem of unemployment, and we believe that equipping young people with skills would go a long way in changing the status quo”.

Chatsika explains further, “The Malawi 2063, emphasizes Human Capital development as one of the pillars and enablers for economic development. Therefore, investing in young people is critical to transforming our country.

“For over 70 years Old Mutual has been operational in Malawi, we have worked hard to help people achieve their lifetime financial goals through our services and products which encourage savings, investments, and managing risks”.

She said, “We desire to ensure that we are achieving mutually positive futures and we believe that having skills is key for socio-economic development and industrial growth.

“You will agree with me that individuals with skills are empowered to take bold steps that not only transform them but also transform their households, communities, and the nation at large”.

“As a responsible business, we have invested a total of MK30 million which has now been implemented across all the cities of Malawi where urban poverty is so deep.

“Therefore Old Mutual is excited to continue impacting the youth by partnering with organizations like Sanwecka Tech Companies,” assures Chatsika.

She explains, “Apart from the 103 youth we are training in partnership with Sanwecka, we have also impacted over 80 youth in Lilongwe in partnership with Tingathe youth organization and 45 through our skills development scholarships at the SOS vocational training center. In all these, we have invested a total of MK70 million.

“This investment speaks volumes of our commitment to significantly contribute to the attainment of Malawi’s long-term development blueprint, the Malawi 2063. We therefore wish all the young people attending this training all the best. I encourage you to work hard and make the best of this opportunity”.

Business

Standard Bank in 25% Discount Offer on Gym Membership at Hashtag Fitness

MaraviPost

BLANTYRE-(MaraviPost)-Standard Bank Plc has launched an exclusive 25% discount offer on membership fees at Hashtag Fitness for its Private and high-net-worth clients.

Hashtag Fitness is a premier health and wellness facility consisting of a gym, in-house smoothie and health café situated in the heart of Blantyre.

Head of Client Coverage (Personal and Private Banking) Ewen Hiwa said ag the launch Friday night the exciting offer follows a partnership with Hashtag as part of Standard Bank’s recently revamped Private Banking Customer Value Proposition (CVP).

Launched in July, the revamped proposition launched under the theme “Only the best will do” is designed to provide unparalleled benefits and services to the bank’s private customers.

“This partnership is one of the many benefits that our Private Banking and high-net-worth clients can look forward to enjoying as we take Standard Bank’s award-winning financial services to the next level,” said Hiwa.

He said Standard Bank places a premium on the wellness of its customers as it believes that good health and wealth are complimentary. “At Standard Bank driving the growth of Malawi is our purpose. We are keen to see our clients building generational wealth and when they live a healthy lifestyle they increase their potential for productive years. With this in mind, we are confident that we will lay a strong foundation for the next generation through supporting their parents and guardians who are our clients.”

For his part, Hashtag Gym’s Chief Operating Officer Mr. Jean-Claude de Silva welcomed the partnership with Standard Bank saying it offers immense health benefits to the bank’s private customers.

“We’re thrilled to partner with Standard Bank to bring this incredible offer to their private customers. There is a clear synergy in this partnership as both of our firms are clear leaders in providing exclusive services. For Hashtag, our state-of-the-art facilities and expert trainers will help clients to achieve their fitness goals, while our cafe provides healthy and carefully selected beverage and light food options to keep them energized as they push for their fitness goals,” he said.

Some of the services available at Hashtag include dedicated sections for women to ensure privacy when required, expert and personal trainers, personalized fitness programs, complimentary fitness assessments and training plans and access to wellness workshops and seminars.

This offer is exclusive to Standard Bank private customers. To redeem the discount, customers must present their Standard Bank card or account details at Hashtag Gym.

Through the revamping of its Private Banking services, Standard Bank aims to exceed customer expectations and strengthen their financial well-being.

“Standard Bank is the best private bank in Malawi and Africa; therefore, we are committed to continue providing superb financial solutions. At its core we have a full package of financial services, wealth management, insurance, renewable energy solutions, health and wellness offers, family banking and rewards,” added Hiwa.

Business, Malawi

UNGA: Chakwera banks on railway repair to boost Malawi food security

MaraviPost

NEW YORK-(MaraviPost)-President Lazarus Chakwera is banking on the rehabilitation of Malawi’s rail network system to boost food security across the country.

Speaking at the World Leaders Forum at Columbia University, he emphasized that this is a top priority for his government since taking office in 2020.

Malawi loses approximately 40% of its maize production to post-harvest losses annually, severely affecting food availability and exacerbating hunger levels. To address this, Chakwera’s government has invested heavily in rehabilitating the country’s dilapidated railway infrastructure.

“We are building roads, connecting with our neighbors like Tanzania, Mozambique, and Zambia through rail,” President Chakwera said. “The American government is also helping us with rural road construction, aiming to provide infrastructure and reduce food losses.”

Chakwera was featured alongside Garry Conille, Prime Minister of Haiti, and Ambassador Ertharin Cousin, Founder and CEO of Food Systems for the Future, in the ‘Panel of World Leaders’ at the forum.

He highlighted his government’s efforts to transform Malawi’s food system by promoting agriculture commercialization and discouraging subsistence farming.

“As long as we stay within subsistence farming, it’s not going to work,” he emphasized.

Malawi’s agricultural transformation is also supported by partners like the Alliance for a Green Revolution in Africa (AGRA), which has been working with the government to increase productivity and income for smallholder farmers.

Business

Old Mutual opens magnificent Lilongwe’s Mthunzi Funeral Service centre

Maravi Post Reporter

LILONGWE-(MaraviPost)-Old Mutual Malawi has excited its customers by opening the magnificent Mthunzi Funeral Services centre in the capital Lilongwe.

Mthunzi Funeral Services centre located opposite Gateway Mall is a subsidiary company of Old Mutual Malawi.

Touring the facility on Friday, September 20, 2024, the media appreciated the magnificent structure that has a capacity of keeping 22 bodies.

Leading the tour Old Mutual Malawi’s Marketing and Corporate Affairs Executive Patience Chatsika showed the media embalming room.

The facility contains auditorium that seats 250 people during funeral service, peace garden for reflection, family room to support bereaved members, and a showroom where caskets and coffins are sold and among others.

“The Lilongwe Service Centre is the first of its kind and it offers full range of funerals services, including mortuary, hearse, transport across Malawi, body removal, embalming, coffin and casket and also repatriation.

“We want to give our customers the best service in time of need whenever are in grief”, assured Chatsika.

Established on July this year, Mthunzi Funeral Services Lilongwe centres is ready for

Business, Malawi

Malawi Veep Usi gives NEEF positive corporate image

MaraviPost

Love him or loath him but Vice President Michael Bizwick Usi is a game changer, goal getter and a team player.

Ask the National Economic Empowerment Fund (NEEF), an organisation that was tainted with negativity to the extent that some thought it gives loans to ruling party supporters.

But since the day Vice President Usi stepped in and started speaking about Neef as a crucial government institution that can bail the poor of the poorest out of gut wrenching poverty, the narration has changed.

The corporate face of Neef has been slowly but surely shifted in just a matter of weeks.

Let’s come to face it. Here is the Vice President who has revolutionalosed Neef and pleading with the institution to review some of the conditions that hinder the poor from accessing loans.

“For instance, the issue of Guarantor must be reviewed. Think of a poor woman seeking to borrow MK50,000 to boost her Mandasi business but noone is stepping up to be her Guarantor.

Do we penalise this innocent woman?” Queried the Vice President when he met Neef top management.

The Vice President has also taken it to himself to help take off political colours from the organisation while truly projecting it as a financing institution established to empower Malawians.

“Neef is not for politicians and their followers. Neef is for Malawians. Neef must empower people to make them self-reliant. Begging is not good. Begging brings disrespect,” the veep told Neef assemblies in Salima, Kasungu, Karonga and Mzimba this week.

Neef CEO Humphrey Mdyetseni has been at loss of words to thank the Vice President for his efforts to step in and energise the organisation that has been battling negative publicity.

“We sincerely thank you, Your Honour. You have demonstrated to the public that Neef is not all what they think it is. The mindset has changed. You have visited and encouraged beneficiaries who are changing their lives as well as the lives of their communities,” said Mdyetseni.

Mdyetseni further notes that the Vice President has gone beyond leadership to Ambassdorial role in his bid to have more Malawians access the loans to start small scale businesses.

“You have challenged us to be responsive and flexible to change. We will review some of our processes to achieve and ensure that we cut bureaucracies and delays that people encounter to access loans,” said Mdyetseni in one of the meetings.

To achieve his crusade to bring public trust into Neef, the Vice President has over the week put extra hours to meet beneficiaries and prospective beneficiaries to get organised and access the loans.

What the Vice President has not forgotten to preach in his crusade for a responsive Neef, is to tell the people that they must always remember to pay back their loans.

“This is a revolving fund. When we borrow, we must pay so that we can borrow and that others too can borrow. In doing so we will be empowered and be able to fight poverty,” said the Vice President.

Meanwhile, the Vice President on Friday concluded his firt leg of Neef rovolution and rebranding tours with Mzimba where he interacted with beneficiaries and visited those that have excelled through Neef loans.

Prior to Mzimba, the Vice President was in Karonga 24 hours earlier and was visibly impressed with the thriving Hara Rice scheme – a scheme he described that can do more and prove that Neef can change lives.

One man, one Vice President, one passionate individual showing us what ought to be done to tell our success story at the expense of doom and gloom that social media would make us believe about Neef.

Business

NBS Bank plc posts MK32.65 billion H1 profit

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Listed NBS Bank has recorded a consolidated Profit-After-Tax of K32.65 billion representing 169 percent increase compared to K12.16 billion reported in a similar period of 2023.

According to the latest half-year financial performance statement released by the Bank, signed by the Board Chairperson Vizenge Kumwenda, Director Harrison Kalua, Chief Executive Officer Kwanele Ngwenya, and Chief Finance Officer Ernest Tembo, the remarkable performance was driven by the 55 percent growth of customer deposits which were invested in loans and advances by money market instruments, resulting in higher interest.

“This represents a year-on-year increase of 169 percent. Total comprehensive income amounted to K32.32 billion, 165% above the K12.20 billion reported in the half-year ended 30 June 2023.”

“Total operating income grew by 112 percent year-on-year on the back of an increase in net interest income of 109 percent and non-interest income of 122 percent income than the income reported in a similar period of 2023,” reads part of the statement.

It further says the Bank’s total assets went up by K315 billion over the six months ended 30th June 2024 to close at K973 billion representing an increase of 48 percent.

“Customer deposits and deposits from other financial institutions were the primary drivers of the jump in total assets,” reads the statement. 

Looking ahead, the Bank expects continued growth of the balance sheet among others following the continued raising of cheap United States Dollar funding for Food and Agriculture and drawdowns on related approved facilities.

Business

MAGLA supports NPL’s Mothers Fun Run with MK10 million

Maravi Post Reporter

BLANTYRE-(MaraviPost)-The Malawi Gaming and Lotteries Authority (MAGLA) has supported this year’s Nation Publication Limited (NPL) Mothers’ Fun Run Project for Chikwawa District Hospital with MK10 million.

Speaking during a symbolic cheque presentation in Blantyre on Wednesday, MAGLA Director General Rachael Mijiga said the Authority thought of donating the money to support the noble cause that NPL has been doing.

“This is the 19th year for the mother’s fun run to be taking place and we always come in to support because they are doing a great job. Mothers are the bedrock of society, if we have strong and healthy mothers, they will have strong babies that will turn out to be future productive citizens of this country.”

“So, we all need to come in and hold hands as the government cannot do it alone, it cannot be everywhere and that is why we need to chip in,” said Mijiga.

In his remarks NPL Weekend Nation Editor Steven Nhlane hailed MAGLA for the donation which he said will go a long way in boosting the Mothers Fun Run cause of reducing maternal and neonatal deaths.

“Our target is to raise MK300 Million and so far, we have covered about half of that amount. The program this year will be implemented in Chikwawa District which has 12 health facilities, said Nhlane. 

AMA, Business

AFG Holding SA acquires Access Microfinance Holding AG

MaraviPost

ABIDJAN, Cote d’Ivoire, 19 September 2024 -/African Media Agency(AMA)/- AFG Holding SA has acquired a controlling stake in Access Microfinance Holding AG (AccessHolding) and indirectly its African subsidiaries. The former investor group behind AccessHolding included BII, EIB, IFC, KfW, two responsAbility-managed funds, Omidyar-Tufts Active Citizen Trust, and Triodos Investment Management (through Triodos Fair Share Fund and Triodos Microfinance Fund) as well as the founding partner, LFS Advisory GmbH, which will remain involved in AccessHolding for a transition period. Likewise, the management teams of AccessHolding and its subsidiaries will remain unchanged during this transition.

Dr. Bernd Zattler, partner of LFS, said: “Our involvement will help to ensure smooth transition of ownership and continued support to micro and small enterprises.” The scope of the operation involves five African subsidiaries, namely:

Access Bank Liberia
AccèsBanque Madagascar
AB Microfinance Bank Nigeria
AB Rwanda
AB Bank Zambia

The combined assets exceed EUR 150 million with a loan portfolio of EUR 135 million as of December 2023. AFG Holding was able to obtain all banking approvals and all regulatory authorizations for this large-scale operation from the competent central banks, and the green light from the competition authority (antitrust), COMESA.

This testifies to the scale of the AFG Group and its good reputation throughout Africa (West Africa, Central Africa, Indian Ocean, East Africa and Southern Africa). “This acquisition is a major step in our ambition to build a pan-African banking group offering cutting-edge, fully digital services. With our expertise in telecommunications, IT, and financial services, AFG is ideally positioned to develop innovative digital financial solutions. On the other hand, Access Microfinance Holding has acquired solid expertise in risk management and the establishment of digital channels tailored to the needs of microfinance clients. We are confident that the synergy of our skills will generate significant impact, benefiting our clients and partners. With this acquisition of a key player in African microfinance, AFG is now equipped to fully contribute to financial inclusion across the continent, covering all levels of financing needs.” said Mr. Léon Konan KOFFI, Chairman of the Board, AFG Holding SA.

On behalf of the management team, Mr. Thomas Engelhardt, CEO of AccessHolding, commented: “Since its foundation in 2006, the Access Group has disbursed more than 9 million loans totalling EUR 16 billion and has set a shining example for how responsible finance, financial inclusion and financial innovation can positively impact the lives of micro and small entrepreneurs and their local economies. By handing over the baton to AFG Holding, a private African investor, the founding investors have accomplished their

mission of initiating sustainable development.”

Firms advising AFG on this transaction: Groupe FINACTU as exclusive financial advisor, Mazars (France) as audit firm and Willkie Farr & Gallagher (France) as law firm. Firms advising the selling shareholders on this transaction: Norton Rose Fulbright (Germany) and Dentons Europe (Germany) as law firms.

Distributed by African Media Agency (AMA) on behalf of AFG Holding

About AFG Holding
Based in Ivory Coast, AFG Holding is the banking arm of Atlantic Group, active in Africa for more than 40 years in the banking and insurance sector. By acquiring Access Holding AFG Group expands its banking network with subsidiaries in Central, West Africa and the Indian Ocean and pursues its ambition as an integrated pan-African banking group, offering innovative financial services through banking entities, and microfinance with sustainable impact

Media Contact:
Flora Yao, Communication Manager f.yao@atlantic-group.net

The post AFG Holding SA acquires Access Microfinance Holding AG appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business, Malawi

“Put right people in right positions to fix ailing economy”- Dr Kabambe tells Chakwera

MaraviPost

LILONGWE-(MaraviPost)-The former Reserve Bank of Malawi (RBM) Governor Dr Dalitso Kabambe has retaliated the need for President Lazarus Chakwera to put right people in right positions in his administration to correct the economic mess.

Dr Kabambe who is also UTM Party presidential aspirant told Times TV Exclusive interview that incompent public servants have contributed to Chakwera’s Tonse Alliance administration ailing economy.

“You always get the right mechanics to fix the broken vehicle. There are wrong people in key public offices. This is the reasons we are in this economic mess.

“These incompetent individuals dont have the crue how to get the correct modalities to fix the ailing economy,” observes Dr. Kabambe.

The former RBM governor added that Malawi is suffering from deep financial cancers including fiscal, monetary and exchange rate which need competent individuals.

Dr. Kabambe’s observation comes as the centre Bank has lost its mandate on managing exchange rate amid scarcity of forex, high inflation and interest rates.

Malawi inport cover is below three months.

Currently, inflation has soared to 33.2% while interests rate hovering at 27% making it difficult to do business in Malawi.

When Dr. Kabambe was at the helm of Malawi Central Bank, Malawi Kwacha against America Dollar was pegged at MK750, inflation 13% and interests rates was single digit.

Agriculture

“Early relief: Dodma Begins Lean Season food distribution in Blantyre”

Maravi Post Reporter

By Twink Jones Gadama

Thousands of Blantyre residents gathered at Kamuzu Stadium yesterday as the Department of Disaster Management Affairs (Dodma) launched its lean season food distribution exercise.

The program aims to alleviate food shortages affecting approximately 5.7 million Malawians, as reported by the Malawi Vulnerable Assessment Committee (Mvac).

Dodma is distributing 50-kilogram bags of maize to individuals enrolled in the program. Director of Preparedness and Response, Moses Chimphepo, attributed the early start to President Lazarus Chakwera’s directive.

“We will reach all affected families with relief maize within 3-4 months, depending on their location,” Chimphepo assured.

Initially scheduled for mid-next month, the exercise commenced ahead of schedule in response to the President’s call.

The food distribution exercise is a welcome relief for Blantyre residents, many of whom have struggled with food insecurity.

“This maize will help us survive the lean season,” said one beneficiary.

Dodma’s efforts demonstrate the government’s commitment to addressing food shortages.

Chimphepo emphasized the importance of timely intervention, ensuring vulnerable communities receive essential support.

The Mvac report highlighted the dire need for food assistance, with 5.7 million Malawians facing shortages.

Dodma’s proactive approach aims to mitigate this crisis.

As the distribution exercise continues, officials urge beneficiaries to report any challenges or concerns.

“We are committed to transparency and accountability,” Chimphepo stressed.

The early start of the food distribution exercise has brought hope to affected families.

With Dodma’s dedication and the government’s support, Malawians can look forward to a more secure lean season.