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

The 10 Greatest Living Business Leaders In Africa Today
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  • Raymond Ackerman, South African.
  • Aliko Dangote, Nigerian.
  • Manu Chandaria, Kenyan.
  • Onsi Sawiris, Egyptian.
  • Brian Joffe, South African.
  • Strive Masiyiwa, Zimbabwean.
  • Wale Tinubu, Nigerian.

Standard Bank pumps MK40m into Kumbali Live Music Concert – 2nd Edition

LILONGWE-(MaraviPost)-Standard Bank Plc has reiterated its commitment to supporting the arts, culture and music industries with a generous contribution of MK40 million to this year’s highly-anticipated Kumbali Live music concert taking place on the 12th October 2024 in Lilongwe at Kumbali Country Lodge.

This marks an increase from last year’s successful event, where Standard Bank’s reigned as title sponsor with a contribution of MK30 million.

Standard Bank’s Head of Brand and Marketing Tamanda Ng’ombe said that this year’s contribution builds onto the success of the previous edition that attracted an overwhelmingly positive response.

“As Title sponsor for Kumbali Live we are excited to build on the previous success and deliver an exceptional musical experience that profiles both local and international talent. We believe in the power of the arts, music and culture to create jobs, engage the youth and profile Malawi.” said Ng’ombe.

Ng’ombe explained that Standard Bank is investing in arts, music and culture under the theme: Joy of the Arts that focuses on building capacity within the industries and celebrating as the Bank clocks 55 years in Malawi.

“This year, we celebrate 55 years of Standard Bank in Malawi and are commitment to ensuring that everyone celebrates with us. Joy of the Arts is our way to engaging the wider community in an industry that brings joy, embodies celebration and shines a light on Malawi. This is in line with our purpose: Malawi is our home, and we drive her growth. We are delighted to increase our sponsorship this year and contribute to making this event even bigger and better,” she said.

According to Kumbali Lodge General Manager Ian D’heygere this year’s concert will feature an exciting lineup of local and international musicians, offering a platform where cultures interact for a common goal.

“We are thrilled to continue our partnership with Standard Bank for this year’s Kumbali Live Festival. This collaboration is invaluable to us, as it aligns perfectly with our shared objectives of fostering cultural exchange, promoting local talent, and providing a platform for artists to showcase their work,” said D’heygere.

He said that Standard Bank’s support legitimizes the festival and builds trust between Kumbali and music lovers.

“This partnership goes beyond financial assistance but also lends legitimacy to the festival by connecting Standard Bank’s powerful brand with that of Kumbali. It is very difficult to make the arts sector a sustainable one, and corporate partners like Standard Bank play a key role in this endeavor,” he said.

The general manager expressed his gratitude to Standard Bank saying the support allows Kumbali Country Lodge to elevate the festival’s quality and reach, ensuring a memorable experience for all attendees.

“We deeply appreciate the Bank’s commitment to the arts and their continued investment in our vision. We believe in the power of music to bring people together and create lasting positive impacts,” said the organizer.

FDH Bank Plc achieves MK1tn market capitalization milestone

BLANTYRE-(MaraviPost)-FDH Bank Plc has reached a significant milestone, achieving a market capitalization of MK1.03 trillion on the Malawi Stock Exchange (MSE) within four years of listing.

As of August 12, 2024, the bank’s share price stood at K149, representing a remarkable growth rate of 1,390% from its initial public offering (IPO) price of MK10 in 2020.

This achievement positions FDH Bank as the third counter on the MSE to attain a market capitalization of over MK1 trillion, among the 16 listed counters.

Commenting on this development, Levie Nkunika, Head of Marketing and Communication at FDH Bank, stated: “We are pleased with this milestone, which underscores our commitment to delivering value to our stakeholders, particularly our investors. Our focus on providing innovative financial solutions through strategic investments in technology, processes and our people has driven our growth and competitiveness. In addition, the Bank is future ready.”

Nkunika emphasized the bank’s dedication to exceptional customer service, strategic expansion, and sustainability initiatives, expressing gratitude to investors and customers for their confidence in FDH Bank.

In its latest dividend declaration, the bank announced a first interim dividend of K13.043 billion, representing K1.89 million per share, following a reported profit after tax of K27.9 billion for the half-year ended June 2024.

As a leading digital bank, FDH continues to innovate and expand its services, including the recent introduction of Sharia-compliant banking and its expansion to Likoma Island, solidifying its position as the only commercial bank present in all districts of Malawi.

Exposed! Malawi Govt contracts Lilongwe forex bureau QLV Digital Fx to supply MK128bn of fuel without legal tender

By Golden Matonga and Josephine Chinele

LILONGWE-(PIJ)-Without any tender or competitive bidding as prescribed by the procurement laws, the Malawi government through the National Oil Company of Malawi (NOCMA) is set to procure MK128 billion worth of fuel from a supplier who will be paid a 50 percent upfront through a local forex bureau.

The deal–to procure 125 000 metric tons of diesel and 125 000 metric tons of gasoline from, purportedly, Sheikh Ahmed Bin Faisal Al Qassimi, a United Arab Emirates-based trader through a Lilongwe-based forex bureau, QLV Digital Fx (Malawi) Limited–has raised suspicion and fears of conspiracy to defraud the state.

Experts are drawing parallels between the proposed deal and a botched MK75 million deal to procure fertilizer from a company that was eventually revealed to be a UK-based butchery.

Under the current proposed deal, the fuel is expected to be procured at a rate of US$295 per ton meaning the total amount of 250 000 tons of fuel is US$ 74 million (equivalent to MK128 billion).

By law, NOCMA, as a procurement entity, is supposed to publicly advertise all tenders for competitive bidding of all procurements above the threshold of 100 million Kwacha.

According to the Public Procurement Disposal of Assets (PPDA) Circular dated 1st April 2024, all goods above 100 million Kwacha in every government department, agency or company (including NOCMA) are supposed to be done through Requests for Quotations (RFQs).

Procurement between 100 million to 10 billion Kwacha are supposed to be done under National Competitive Bidding (NCB) rules and those above 10 billion Kwacha are expected to be done under the International Competitive Bidding (ICB) rules.

Yet, NOCMA has not opened any tender or invited any other bids for the contract.

The origin of the deal, as confirmed by the NOCMA board resolution and a letter to the MERA Board, sourced by PIJ, was the expression of interest dated 22nd July 2024 purportedly prepared by Sheikh Ahmed Bin Faisal Al Qassimi.

“We, The Office of His Highness Sheikh Ahmed Al Qassimi, express our interest and commitment to supply the fuels (Diesel 50ppm and Gasoline RON 93) to National Oil Company of Malawi Limited (NOCMA) in the quantity of 125 000MT of Diesel 50ppm and 125 000MT of Gasoline RON 93,” wrote the author of the letter.

The company introduced His Highness Sheikh Ahmed Al Qassimi as a member family, Ras Al Khaimah, and a UAE diplomat engaged in the Oil and Gas business for more than 50 years. The letter also introduced Prof. Dr Marcin Tomasz Łapa, and Mr Jakub Tadych as Directors of the company.

Lapa and Tadych plus Mr Arthur Phiri from Kanengo, Lilongwe are identified as directors in the special purpose vehicle to be paid the contract sum, according to information in the contract documents and sourced from the Registrar of Companies. The QLV DIGITALFX was registered on 26th September 2023.

Intriguingly, the expression of interest by the company is dated 22 July 2024 while the CEO of NOCMA wrote the Board of MERA to approve the deal on 19th July 2024, meaning the CEO of NOCMA wrote his letter even before the expression of interest was made by the alleged UAE company, according to documents sourced by PIJ.

“For the contract with NOCMA, the Office is authorized to manage the transaction and cash flow of its local company, QLV Digital FX Limited, fully registered and incorporated in Lilongwe, Malawi,” it adds.

That request–dated 22 July 2022– is– supposedly–followed by a board resolution by NOCMA requesting MERA to approve the deal.

In a letter dated 19th July 2019, the NOCMA CEO Clement Kamanya asked MERA to approve the deal, among other conditions, “50 percent of the value of each consignment not exceeding 25 000 metric ton to be paid upfront and secured by a bank guarantee, with the balance to be paid within five days upon transfer of title to NOCMA.”

A corresponding board resolution – dated the same date as the day the NOCMA CEO letter (19th July 2019) – was authored, asking NOCMA to secure a bank agreement to guarantee the deal.

A Malawian Forex Bureau

While the Sheikh is purportedly UAE-based, and “has access directly to refineries or its affiliated distributors, that is securing the best pricing and transaction conditions,” as claimed in its expression of interest, the deal identifies a local forex bureau as the representative of the company and says it should be paid in Malawi kwacha.

A search in the company registry, however, shows the company, with certificate number COY-MDFJAR, already existed from 26th September 2023 —raising doubts about the credibility of the claim that it has been created as the special purpose vehicle for the deal. (Representatives of QLV Digital FX Limited did not respond to questions by PIJ).

Sources close to the fuel supply business told PIJ that the UAE company had no prior dealings with the Malawi government but that both MERA and Nocma came under severe pressure from powerful quarters in government to approve the deal.

In a written response, Fitina Khonje, spokesperson for MERA confirmed the MERA Board had approved the agreement.

“NOCMA requested MERA (the Authority), for a regulatory review and approval based on an offer from the said supplier who offered to supply fuel and be paid in Malawi Kwacha. The Authority guided NOCMA to do due diligence on the supplier and seek approval from PPDA for single sourcing. The Authority awaits a due diligence report and a response from PPDA on the same,” wrote Khonje.

(PPDA and NOCMA did not respond to questions sent by PIJ on the matter.)

One source further suggested the deal could be a ploy to disguise payments to local officials and may further haunt taxpayers in the future as the payments in Kwacha agreed at today’s rate may be changed to accommodate exchange rate changes.

(PIJ sought the comments of the UAE company but did not respond as PIJ went to press).

But a source, speaking on condition of anonymity for fear of reprisals, said that by inviting the company to supply fuel, NOCMA was capitalizing on the failure of some contracted companies to deliver on their assigned quotas but said the move was still law-breaking.

“Normal fuel transactions are done with LCs (letters of credit) and not on a cash basis. What is happening is that we are giving them money to buy the fuel. They have not ensured that the exchange rate is volatile, but by the time the fuel is delivered, there is no guarantee that the supplier will get the dollars to supply.

“They will transfer the burden back to the taxpayer. The SPV is a forex bureau. So the payment is going to a forex bureau, which will deal with a forex bureau. It’s like buying fertilizer from a pharmacy. We have introduced an entity that is not supposed to be involved in fuel procurement,” said the source.

Principal Secretary for the Ministry of Energy Alfonso Chikuni, who also sits on the board of NOCMA and MERA, asked for more time to respond to questions on the legality of the procurement.

Another fraudulent deal?

According to the UAE’s company profile on its website, the company is involved in property and real estate investment, recruitment for other businesses, oil and gas, clearance for imports and exports, data analytics, and digital solutions, among others.

Governance experts say even though Malawi can strengthen sanctions against such curtails, including the AIP butchery scam that is seriously organized to dupe Malawians, those in positions of dealing with and detecting this deliberately undermine procedures to pave the way for corruption.

Civil society groups, expressed shock on Wednesday over the deal, describing it as a massive attempt to defraud the state.

Reacting to the revelations, Centre for Human Rights and Rehabilitation (CHRR) Executive Director, Micheal Kaiyatsa, described the deal as suspicious and full of irregularity adding it was obvious from the framing of the deal that someone wanted to illegally benefit from the contract.

He likened the deal to the UK butchery deal in which the government was defrauded of huge sums of money.

“The money involved is taxpayers’ money. Such deals mean that the taxpayer is funding the dubious deals, and if it goes south, it’s the taxpayer who suffers because that money would have been used to procure medicines,” said Kaiyatsa.

Youth and Society (YAS) Executive Director Charles Kajoloweka said despite the government having the capacity to do due diligence on the deals, corrupt cartels still succeeding and thriving in state deals.

“If you dig deeper into these dubious procurement deals, you may find specific individuals that are politically connected are the most perpetrators that connive with business persons and suppliers to defraud Malawians,” said Kajoloweka.

Source: PIJ

Malawi, Mozambique sign bilateral Petroleum deal

MAPUTO-(MaraviPost)-Malawi and its neighboring Mozambique have signed a bilateral Petroleum and Related Products Agreement which is expected to enhance the access to electricity to Malawians as well as significantly reducing the landing cost of fuel in Malawi.

The agreement was signed in Maputo earlier this afternoon soon after the visiting Malawi President Lazarus Chakwera held bilateral talks in camera with his Mozambican counterpart Filipe Nyusi.

Minister of Energy Ibrahim Matola signed the deal on behalf of Malawi Government as the two presidents keenly watched.

The signed pact comes barely three weeks after a trainload of diesel fuel had arrived in Malawi for the first time in 21 years, following a newly refurbished rail from the Indian Ocean Port of Nacala by the Chakwera-led government.

Meanwhile, President Chakwera has described the signing of the Petroleum agreement and also his visit to Mozambique as “pleasant, memorable and successful,” stressing that it will help reduce pump prices while also helping increase access to electricity across the country.

Speaking on the sidelines of the event, National Oil Company of Malawi (NOCMA) Chief Executive Officer Clement Kanyama said the signed fuel agreement will help in lowering the landing cost of fuel in Malawi in the long-run

“Nacala to Lilongwe is just 36 hours, and the same volume from Dar es Salaam (Tanzania) takes four to five days which means that with the agreement in place, we can now save more money as we will have more fuel flowing into the country by rail,” he said

Malawi is currently consuming 51 million liters a month, but has a storage capacity of 60 million litres lasting for 35 days cover (for NOCMA facilities) and 92 million storage capacity if Oil Marketing Companies are included.

MaBLEM insists-“Techno Brain is not fit for passport printing services”, as Malawi searches for permanent provider

LILONGWE-(MaraviPost)-The country’s civil rights group under the banner Malawi Civil Society Black Economic Empowerment Movement (MaBLEM) insists that the embattled Techno Brain is not fit to take back services of passport printing arguing that the company took Malawians to ransom when they need their support after passport system got crashed.

MaBLEM has therefore urged President Lazarus Chakwera’s government to expedite the process of identifying new passport printing service providers with enough experience while meeting the highest standards of quality, security, and cost-effectiveness.

Addressing the news conference on Wednesday, August 14, 2024, in the capital Lilongwe, MaBLEM chairperson Robert Mkwezalamba hinted that Techno Brain proved to be an incompetent and crook company when it wanted dupe Malawians to restore the compromised system at an exorbitant cost of US$1.5 million, coupled with a demand for advance payment to an account based in Dubai.

“This proposal raises significant concerns, not only regarding the company’s role in the initial system collapse but also the ethics and
transparency surrounding their proposed solution. As a result, a different company was granted a temporary six-month contract to restore and manage the passport system.

“This temporary contract is set to expire at the end of August 2024, and the Ministry of Homeland Security, in conjunction with the Department of Immigration, has been tasked with identifying a new service provider to take over this critical function,” says Mkwezalamba.

As to why Techno Brain is not fit, MaBLEM explains, “It has come to our attention that certain parties are advocating for the
reinstatement of Technobrain Ltd as the passport service provider, because they had previously installed the system and that replacing it would incur high costs. MaBLEM finds this line of reasoning fundamentally flawed for several reasons”.

“On System Security, Technobrain system was the very one that was compromised in the cyberattack. Reinstating a system that has already been proven vulnerable poses significant risks to national security”.

On unresolved accountability MaBLEM adds, “To date, those responsible for the cyberattack have not been held accountable, leaving open questions about the integrity and security of the system. Without a thorough investigation and resolution of these issues, it would be reckless to entrust Technobrain with such a critical national function.

“On cost and affordability, Technobrain Ltd has not demonstrated a commitment to reducing the costs associated with passport issuance. In contrast, the current temporary system has managed to lower passport fees by approximately 50%. Any new provider must offer not only security and efficiency but also affordability for Malawian citizens”.

Chips in MaBLEM Coordinator Fryson Chodzi, “MaBLEM acknowledges the efforts made by the Ministry and the Department of Immigration to ensure a thorough and transparent selection process for the new passport printing service provider. The criteria established are designed to ensure that the selected company has the necessary expertise, experience, and capability to provide a secure,
efficient, and cost-effective service.

“However, MaBLEM strongly urges the Ministry to remain vigilant and to ensure that every step of the procurement process is conducted with the highest level of scrutiny and integrity. All due diligence measures must be rigorously applied to avoid any recurrence of past failures and to protect the integrity of Malawi’s national security infrastructure”.

Mkwezalamba says, “MaBLEM strongly advises the Ministry of Homeland Security and the Department of Immigration to resist any external pressures to re-award the contract to Technobrain Ltd or any other provider without a thorough and transparent evaluation process.

“The selection of a new passport printing service provider must be based solely on merit, with a focus on security, efficiency, and the best interests of the Malawian people”.

“MaBLEM remains committed to advocating for the protection of national security and the provision of essential services in a manner that is transparent, fair, and in the best interest of the public. We call upon all stakeholders involved in this process to prioritize the security, integrity, and affordability of the passport issuance system.

“We would want the Government to expedite this process while following the due process and ensure that the supplier who is selected has enough experience and passes through a due diligence process. MaBLEM will continue to monitor the situation closely and provide support to ensure that the selected service provider meets the highest standards of quality, security, and cost-effectiveness,” adds Chodzi.

last month, MaBLEM lauded E-Tech Services Limited’s capacity and expertise for restoring Malawi’s passport services Immigration Department.

The grouping has therefore applauded Chakwera’s government for its efforts in restoring passport services in both Blantyre and Mzuzu.

E-Tech Services’ six-month contract ends in August 2024 hence the Malawi government is searching permanently for a service provider.

Innovative payment technology for African Mobile Money Operators: VeryPay

LONDON, England, 13 August 2024, /African Media Agency/- Can you tell us what VeryPay is all about?

We see a future where African citizens are financially included by using our innovative payment technology to go cashless, create digital financial records, get access to credit and improve their livelihoods. Our mission is to simplify mobile money payment processes currently operated by telcos for citizens across Africa.

By introducing our closed-loop contactless tap-and-go payment technology to mobile wallet operators, we bring speed and convenience to mobile money solutions and extend digital transaction capability to the underbanked. This helps challenge the dominance of cash transactions. In summary, our aim is to help African mobile money operators digitize daily spend by enabling contactless payments for underbanked citizens.

How does VeryPay differentiate itself from other fintech companies in the market?

VeryPay is an eWallet companion solution for African Mobile Money Operators. It acts as a complementary digital payment channel to increase usage and adoption of mobile money solutions, reduce churn, and facilitate financial inclusion safely and securely. Essentially, operators can give any

subscriber in their network the opportunity to become a merchant and take contactless payments using only a smartphone and a mobile money account. They don’t need to have a bank account or merchant account. Similarly, any subscriber can link a payment token to their mobile money account

and make a contactless payment at any merchant-enabled store.

By implementing VeryPay, operators don’t need to just rely on a traditional Visa and MasterCard type payment solution, and it helps them bypass challenges like high fees and limited infrastructure in developing economies. They can maintain complete control and branding over the entire payment

experience and VeryPay can be deployed across multiple sectors including retail, transportation, agriculture, education and more.

What unique challenges and opportunities does fintech within the African context present?

Challenges:

Infrastructure limitations are a definite challenge across many African markets. Despite the growth in mobile phone usage, broadband coverage remains low across many countries, especially in large, populous rural areas. Significant investments are needed to achieve broadband connectivity across the continent. This infrastructure gap is a barrier to digitisation and the accessibility to fintech.

Fintechs will face complex, challenging, and diverse regulatory environments across the continent. This variation can result in a significant time and monetary investment. For companies looking to expand from a single country footprint this often means establishing a local ‘in-country’ presence and appointing local directors.

Talent scarcity can be a challenge across many African markets. Although the speed of skills development is rapidly increasing, there is still a huge shortage of technical skills in many countries due to relatively low levels of education, particularly in specialised fields like software development and data science.

Opportunities:

Fintech has huge potential to drive financial inclusion across Africa. It can leverage the widespread and growing use of smartphones to offer financial services to those who were previously unreachable and those without bank accounts. Simplified risk assessment and account opening processes using

alternative data sources and AI can create huge opportunities to give underserved populations access to digital financial services. By leveraging technology, fintechs can significantly lower the costs associated with financial transactions and enable low-income individuals to participate.

As Mobile Money services continue to develop, they provide the platform from which to promote a huge range of digital financial services. Increasing investment in connectivity, smartphone usage and the lowering of costs will all contribute to the significant opportunity that lies ahead. Furthermore, mobile money transactions generate valuable data that can be used by fintechs to better understand consumer behaviour, improve the customer experience, and develop targeted marketing strategies. Fintech in Africa presents a huge opportunity for job creation. As access to the internet and devices such as smartphones increases, the young African population has greater ability to learn digital skills and take advantage of the industry’s ability to create numerous jobs.

As fintech evolves, there is tremendous potential for African homegrown opportunities to be scaled into other global markets and positively impact other sectors like healthcare and insurance. Fintech paves the way for underserved populations to build a credit history, gain access to financing options and make easier payments. This knock-on effect establishes a foundation for improved quality of life for Africans across the continent.

To capitalise on these opportunities, stakeholders including governments, investors, traditional financial institutions, and fintechs must collaborate to create conditions for sustainable growth. This includes formalizing data systems, promoting predictable regulations, expanding local investment opportunities, and focusing on tangible value creation.

What are the biggest opportunities VeryPay sees in the fintech industry over the next 5 years?

The provision of convenient and secure alternatives to cash, such as closed loop contactless payment solutions that work in conjunction with mobile wallets, will enable fintech’s to capitalise on the growing demand for such technology.

By making financial technology accessible and understandable to huge swathes of currently underserved populations, Fintech’s can play a pivotal role in promoting financial inclusion and financial literacy. By developing educational applications that help consumers, (particularly those in underserved communities) to understand personal finance budgeting, the fintech industry can make a huge difference to large populations that have previously had no access to financial education.

As concerns about data privacy and cybersecurity grow, fintechs have a significant opportunity to and will be forced to develop innovative solutions to enhance data protection for consumers and businesses. This includes advanced encryption technologies and secure authentication methods to build trust and ensure compliance with regulations. AI and machine learning can be leveraged for real-time threat detection and response, enhancing security measures against sophisticated attacks.

Finally, nobody can ignore the opportunity that artificial intelligence offers the Fintech industry. From risk assessment and fraud detection, to personalized financial advice being offered to a consumer from within a chosen application, AI technologies will enable fintech companies to provide tailored services that better meet the needs of individual customers, enhance security, and improve operational efficiency.

What are you hoping to achieve at AFSIC 2024?

The VeryPay team is excited to network with industry professionals, share our mission for financial inclusion in Africa in addition to securing strategic investments at AFSIC 2024.

As one of Africa’s largest investment conferences outside the continent, AFSIC provides an ideal platform for VeryPay to showcase its innovative fintech solutions to a targeted audience of investors, dealmakers, and industry leaders. Our goal is to attract investment that will fuel our growth and expansion plans across the African continent.

By joining panel discussions and presenting at the conference’s fintech sessions, VeryPay aims to establish itself as a key player in Africa’s growing financial technology sector.

Distributed by African Media Agency in partnership with AFSIC- Investing in Africa

About AFSIC – Investing in Africa:

AFSIC – Investing in Africa has become perhaps Africa’s most important annual investment event. AFSIC is wholly focused on accelerating Africa’s economic emergence by matching investment opportunities in Africa transforming Africa’s business, trade and investment environment sustainably growing Africa’s economy and increasing African incomes in all business sectors at a continental scale.

African Investments Limited (www.africaninvestments.ai), operates two multi award-winning digital platforms, the African Investments Dashboard which matches investment opportunities to our global network of institutional investors and the Africa Business Opportunities Dashboard, which matches business, trade and investment opportunities across Africa covering all business products, sectors, countries in Africa and multiple business objectives. The digital platforms won the global 2022 Salesforce Partner Innovation Award for Financial Services.

Media contact:

Olivia Atenborough, Head of Digital Strategy, olivia@africaninvestments.co

Resources:

www.afsic.net

www.africaninvestments.co

www.africaninvestments.ai

The post Innovative payment technology for African Mobile Money Operators: VeryPay appeared first on African Media Agency.

Source : African Media Agency (AMA)

NBM plc gives MK2m to Business Journalists

BLANTYRE-(MaraviPost)-National Bank of Malawi (NBM) plc has given MK2 million to the Association of Business Journalists (ABJ) to support their annual conference scheduled for Mangochi this month.

Speaking during the symbolic cheque presentation in Blantyre on Monday, NBM plc Marketing and Corporate Affairs Manager, Akossa Hiwa said as a leading financial institution in Malawi, the Bank is committed to supporting initiatives that contribute to the development of the nation’s media landscape.

“Our sponsorship of K2 million is more than just financial support; it is an investment in the future of business journalism in Malawi. We believe that by empowering journalists with the resources they need, we are also empowering our society with the knowledge required to drive economic growth and development.”

“The 2024 National Annual General Meeting of the Association of Business Journalists, scheduled to take place in Mangochi, is a pivotal event that fosters excellence and ethical standards in economic reporting,” said Hiwa.

In his remarks, the association’s advisory Board Member, Aubrey Mchulu thanked NBM Plc for always giving them a hand.

“We have a budget of about K35 million to cover various costs including the conference venue, transport, and other logistics. The assistance from institutions like National Bank of Malawi plc will help fulfil that budget to enable journalists to meet and discuss how to improve business and economic reporting,” said Mchulu.

ABJ will hold its 2024 annual Conference from August 28 to 30, where members are also expected to usher in new office bearers to run the affairs of the association

TNM’s Tikolore Promotion excites customers

BLANTYRE-(MaraviPost)-Customers of Malawi’s pioneer mobile network and ICT services provider TNM Plc, have expressed gratitude to the company for the ongoing Tikolore promotion which is giving out fabulous prizes.

Tikolore promotion is designed to reward customers and celebrate TNM’s commitment to connecting communities to world-class digital solutions to empower every Malawian and connect Malawi to the world.

During the second Monthly draw, TNM’s Head of Brand and Marketing, Madalitso Jonazi said that Tikolore has garnered significant interest attested to the pouring in of overwhelming customer entries.

“The promotion is progressing well and as TNM we are excited by the positive reception from our customers. Through Tikolore, we are reaffirming our commitment towards creating a positive impact on our communities,” said Jonazi.

He said that the past months of the promotion have been exceptional as winners are drawn from every corner of the country. To date, 854 customers have been rewarded with various prizes in the promotion.

“We are excited to reach the third monthly draw of our Tikolore promotion. This campaign reflects our dedication to not only providing exceptional telecommunications services but also creating memorable experiences for our customers,” he said

As the promotion rolls into the third month, several customers have shared their appreciation for the initiative, highlighting how it has positively impacted their lives.

A Manase-based Florist, Patrick Sekeya who received his water pump prize said the reward compliments his floriculture business.

“Winning a prize from the Tikolore was a wonderful surprise, but what touched me most is the coincidence that the prize resonates with my business. It’s clear that TNM values its customers, and that makes all the difference,” said Sekeya.

Another customer, Zomba-based Chimwemwe Mtalika who emerged as a winner of solar equipment commended TNM for the Tikolore promotion.

To participate in the Tikolore promotion, customers are supposed to use MK1000 weekly on TNM products or Mpamba services.

Parley alleges Agriculture Ministry forcing Treasury to pay East Bridge MK70bn for AIP

LILONGWE-(MaraviPost)-Some cabinet ministers and other Agriculture Ministry officials are said to be forcing the Treasury to pay MK70 billion in a shady deal with EastBridge.

Chairperson of the Parliamentary Committee on Agriculture Sameer Suleiman made the allegation in an engagement meeting with the Ministry of Agriculture officials.

Suleiman alleges that the ministry has signed a new contract with East Bridge despite the company being involved in fraudulent deals.

He said, “The committee is surprised to have information that government officials want to make this deal which he said means stealing from Malawians because the then minister of finance Sosten Gwengwe announced it would be scraped off”.

The chairperson therefore asked the ministry to stop processing the MK6 billion payment to Lilongwe University Agriculture and Natural Resources (LUANAR), allegedly for consultancy services for mega-farms sensitization.

He further asked the ministry to stop the MK2 trillion deal with the Nyasa manufacturing company on tobacco procurement.

Agriculture Ministry’s Principal Secretary (PS) responsible for irrigation services Geoffrey Mamba denied knowledge of these issues, and asked to consult more.

The ministry officials however promised the committee to come up with the feedback on fraud claims week Friday.

Begging for survival: How Chakwera’s dependency on foreign aid is suffocating Malawi’s economy

By Twink Jones Gadama

BLANTYRE-(MaraviPost)-Malawi, once a beacon of self-reliance and economic growth under the leadership of former presidents Bingu wa Mutharika and Peter Mutharika, has taken a drastic turn for the worse under President Lazarus Chakwera.

Chakwera’s administration has embraced a culture of begging, prioritizing foreign aid over innovation and hard work.

This approach has suffocated Malawi’s economy, bred laziness, and stifled national development.

The recent revelation by Vice President Michael Usi, also known as Manganya, that he was appointed due to his expertise in begging from Western countries, has sparked outrage and concern.

Usi’s admission, which Chakwera has failed to dispute, exposes the president’s alarming dependence on foreign handouts.

This stance is unprecedented, making Chakwera the only president globally who openly advocates for begging as a national strategy.

Under Bingu wa Mutharika and Peter Mutharika’s leadership, Malawi achieved remarkable GDP growth, maintained a zero-deficit budget, and fostered self-reliance.

In contrast, Chakwera’s administration has reversed these gains, plunging Malawi into economic turmoil.

The president’s failure to drive the nation toward prosperity and self-reliance raises questions about his vision and leadership.

Chakwera’s begging culture has far-reaching consequences, including stifling innovation, breeding laziness, undermining national pride, and hindering economic growth.

Furthermore, foreign aid creates a false sense of security, distracting from the need to develop sustainable economic strategies, which hinders Malawi’s ability to achieve long-term economic growth and stability.

Moreover, the reliance on foreign aid can lead to corruption, as funds may be mismanaged or embezzled, undermining trust in government and institutions.

Foreign aid can also lead to an influx of foreign goods and services, undermining local industries and entrepreneurs, and creating a culture of dependency, making it challenging for Malawi to wean itself off handouts.

Additionally, the focus on foreign aid diverts attention from domestic revenue mobilization, neglecting critical tax reforms and revenue collection efforts.

Begging strips citizens of their agency, reducing them to recipients of aid rather than empowered contributors to their nation’s development.

Excessive reliance on foreign aid can also compromise Malawi’s sovereignty, as the country becomes beholden to donor interests rather than its own development goals.

Furthermore, the begging culture perpetuated by Chakwera’s administration has led to a lack of accountability and transparency in the management of foreign aid.

Funds are often misallocated, and projects are not properly monitored, leading to waste and inefficiency.

This lack of accountability also undermines trust in government and institutions, making it challenging to attract investment and promote economic growth.

Moreover, the reliance on foreign aid has stifled innovation and entrepreneurship in Malawi.

With a constant influx of handouts, there is little incentive to develop innovative solutions to the country’s challenges.

This has led to a lack of investment in critical sectors such as agriculture, manufacturing, and technology, hindering Malawi’s ability to diversify its economy and achieve sustainable growth.

Additionally, the begging culture has eroded Malawi’s national pride and sovereignty.

By constantly relying on foreign handouts, the country has become beholden to donor interests rather than its own development goals.

This has led to a loss of autonomy and self-determination, making it challenging for Malawi to pursue its own development agenda.

In contrast, countries that have prioritized self-reliance and innovation have achieved remarkable economic growth and development.

For example, countries like Singapore and South Korea have invested heavily in education, technology, and entrepreneurship, enabling them to become major players in the global economy.

Here are three African countries that have made significant strides in reducing their reliance on foreign aid and are worthy of emulation:

Rwanda

Rwanda has made remarkable progress in recent years, transforming itself from a recipient of foreign aid to a self-sufficient nation.

Under the leadership of President Paul Kagame, Rwanda has prioritized innovation, entrepreneurship, and domestic revenue mobilization.

The country has invested heavily in education, technology, and infrastructure, making it an attractive destination for foreign investment.

Rwanda’s success can be attributed to its visionary leadership, strategic planning, and commitment to self-reliance.

The country has established a robust tax system, reducing its reliance on foreign aid from 80% to 20% of its budget.

Rwanda’s focus on innovation and entrepreneurship has also led to the growth of a thriving private sector, creating jobs and driving economic growth.

Botswana

Botswana is another African country that has successfully reduced its reliance on foreign aid.

The country has invested heavily in education, healthcare, and infrastructure, making it one of the most stable and prosperous nations in Africa.

Botswana’s economy is driven by its vibrant private sector, with a strong focus on entrepreneurship and innovation.

Botswana’s success can be attributed to its prudent economic management, strategic planning, and commitment to self-reliance.

The country has established a robust tax system, and its leadership has prioritized domestic revenue mobilization over foreign aid.

Botswana’s focus on innovation and entrepreneurship has also led to the growth of a thriving diamond industry, making it one of the world’s leading diamond producers.

Ghana

Ghana is a shining example of an African country that has made significant strides in reducing its reliance on foreign aid.

Under the leadership of President Nana Akufo-Addo, Ghana has prioritized innovation, entrepreneurship, and domestic revenue mobilization.

The country has invested heavily in education, technology, and infrastructure, making it an attractive destination for foreign investment.

Ghana’s success can be attributed to its visionary leadership, strategic planning, and commitment to self-reliance.

The country has established a robust tax system, reducing its reliance on foreign aid from 50% to 20% of its budget.

Ghana’s focus on innovation and entrepreneurship has also led to the growth of a thriving private sector, creating jobs and driving economic growth.

Malawians don’t need a begging president, as that breeds laziness, undermines national pride, and stifles innovation.

A president who constantly begs for foreign aid creates a culture of dependency, making citizens reliant on handouts rather than their own hard work and ingenuity.

This approach also erodes trust in government and institutions, as citizens become disillusioned with the lack of progress and development.

Moreover, a begging president sends a negative message to the international community, portraying Malawi as a helpless nation unable to take care of its own affairs.

This perpetuates a cycle of poverty and underdevelopment, as investors and partners are deterred by the lack of vision and self-reliance.

In contrast, a president who prioritizes self-reliance, innovation, and entrepreneurship inspires citizens to take ownership of their development.

By investing in education, technology, and infrastructure, a president can create an environment conducive to growth and prosperity.

This approach fosters a sense of national pride, as citizens become empowered to contribute to their nation’s progress.

Malawians deserve a president who embodies the spirit of self-reliance and innovation.

A president who can harness the country’s vast resources, talents, and potential to drive growth and development.

A president who can inspire citizens to work together towards a common goal, rather than relying on foreign handouts.

By embracing self-reliance and innovation, Malawi can break the cycle of poverty and underdevelopment.

The country can become a beacon of hope and prosperity in Africa, where citizens are empowered to drive their own development and create a brighter future for themselves and their children.

In conclusion, Malawians have had enough of President Chakwera’s begging culture, which has stifled innovation, bred laziness, and undermined national pride.

They yearn for a leader who embodies the spirit of self-reliance and innovation, a leader who can harness the country’s vast resources and talents to drive growth and development.

That leader is Professor Arthur Peter Mutharika, who during his tenure, never preached begging and instead focused on developing Malawi’s economy through innovative policies and projects.

Malawians remember his leadership with nostalgia, and many believe that he is the only one who can restore the country’s lost glory.

With his vast experience and proven track record, Professor Mutharika is better equipped to lead Malawi than President Chakwera.

He has a deep understanding of the country’s challenges and opportunities, and he knows what it takes to drive sustainable economic growth and development.

Malawians are eager to give Professor Mutharika another chance to lead the country, and they are confident that he will not disappoint.

Under his leadership, Malawi will once again become a beacon of hope and prosperity in Africa, where citizens are empowered to drive their own development and create a brighter future for themselves and their children.

The time has come for Malawi to move away from the begging culture and embrace a new era of self-reliance and innovation.

The time has come for Professor Arthur Peter Mutharika to take the reins and lead Malawi to its rightful place among the prosperous nations of Africa.

Disclaimer: The views expressed in the article are those of the author not necessarily of The Maravi Post or Editor