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
  • Sheikh Mohammed Al-Amoudi, Ethiopian.
  • Raymond Ackerman, South African.
  • Aliko Dangote, Nigerian.
  • Manu Chandaria, Kenyan.
  • Onsi Sawiris, Egyptian.
  • Brian Joffe, South African.
  • Strive Masiyiwa, Zimbabwean.
  • Wale Tinubu, Nigerian.
Business

USA-based customer Donald Mphande wins MK20m plot in Standard Bank promo

MaraviPost

LILONGWE-(MaraviPost)-Washington DC-based customer, Donald Mphande has emerged as a grand winner of a plot worth K20 million during the grand draw of Standard Bank’s Diaspora Transact and Win promotion.

Launched in March this year, the promotion aimed at recognizing the contribution of people in the diaspora towards the economic development of the country.

Through the promotion, Standard Bank empowered individuals living outside the country with convenient banking solutions that enabled them to seamlessly manage their finances and support their loved ones back home.

The promotion has seen a diverse range of winners from various countries, reflecting the bank’s broad international reach.

Reacting to the news of his winning, Mphande said that the prize would add another dimension to his economic status.

“I am extremely thrilled by the excellent news. I wish to extend my heartfelt appreciation to Standard Bank for this incredible opportunity. Your support and recognition mean the world to me, and I am eager to leverage this win to further enhance my financial journey with the innovative solutions provided by Standard Bank,” said Mphande.

He hailed Standard Bank for its invaluable services that are contributing to the growth of customers even those living outside the country.

“I look forward to continuing to grow and succeed with the invaluable resources and support from Standard Bank,” he said.

According to Charity Mughogho, Standard Bank’s Executive Head of Personal and Private Banking the promotion has exceeded the bank’s expectations.

“Our Diaspora Promotion has been a tremendous success, and we are delighted to celebrate this milestone with customers outside the country. We are thrilled to reward them with such fantastic prizes and appreciate their continued support,” said Mughogho.

She noted that during the period, the promotion boosted the Bank’s trading volumes signaling increased interest by Malawians in the diaspora to remit forex back home.

“There was a positive response by our customers as they continued to transact with us through our Bureau de Change. This is in line with our goal to help facilitate the growth of the economy by revitalizing the supply side of foreign currency which the country needs the most to meet its trading needs,” she said.

During the grand draw, Standard Bank distributed cash and non-cash prizes to 10 diaspora customers.

“Let me congratulate Mr. Mphande for winning a plot worth K20 million and 9 others who have won Solar equipment and cash prizes. This resonates with our purpose of Malawi is Our Home, We Drive Her Growth,” she added.

Malawians in the diaspora can remit money back home through the Standard Bank Bureau de Change or choose the Diaspora Offering which offers an account, savings and investment, insurance and digital banking solutions.

AMA, Business

Africa Fintech Summit Opens Nominations for Excellence in Fintech Awards to Celebrate Exceptional Fintech Companies in Africa

MaraviPost

NAIROBI, Kenya, 5 August 2024/African Media Agency/-The Africa Fintech Summit (AFTS) has announced the opening of nominations for the 2024 Excellence in Fintech Awards. The award ceremony will take place at the 12th edition of the Africa Fintech Summit, happening in Nairobi, Kenya, on September 4-6, 2024.

Launched in 2018, AFTS is the continent’s premier fintech event where ideas are explored, collaborations formed and investments mobilized for the growth of Africa’s fintech ecosystem. Each year, AFTS brings together global fintech stakeholders for two events: one in Washington DC, and another in an African city.

Every AFTS edition has a lineup of ecosystem-building engagements ranging from expert-led panel discussions and networking sessions to startup spotlights and ecosystem tours. The Excellence in Fintech Awards is another one of such engagements. It’s designed to celebrate high-flying fintech startups solving critical problems for Africans in Africa, the African diaspora, and even the global community.

Africa’s fintech ecosystem has been on a meteoric rise over the last decade. This has been marked by a deluge of funding, an explosion of game-changing solutions across payments and banking, and the rapid adoption of fintech solutions. The result is a new generation of African fintech leaders making waves and garnering recognition globally.

For instance, earlier this year, Kenya’s M-KOPA was named on the TIME100 Most Influential Companies list for the second year in a row while Flutterwave, Piggyvest, Kuda, MTN, Bank Zero, Palmpay, and Yoco all made it to CNBC’s 2024 Top 250 Fintech Companies list. The Excellence in Fintech Awards is Africa’s way of recognizing African fintech startups and ecosystem enablers for their groundbreaking products, initiatives, and contributions to the industry.

For this year’s awards, we invite the public to nominate startups and ecosystem enablers across several categories. The available categories for this year’s awards include Fintech of the Year, Bank of the Year, Excellence in Digital Banking, Excellence in Payments, Excellence in Remittances, and more. Nominations can be submitted here.

As mentioned earlier, this year’s award ceremony will take place as a part of the proceedings at #AFTSNairobi2024 (September 4-6). The three-day summit happening at the prestigious JW Marriott is set to be the biggest gathering of African fintech stakeholders yet. Expect a VIP dinner, extensive expert-led panel discussions and keynotes on relevant Africa-focused fintech and fintech-related themes, the AlphaExpo Micro-Accelerator and Pitch Competition, tours of Kenya’s vibrant tech ecosystem, and more.

To learn more about the summit and register, visit www.africafintechsummit.com.

Distributed by African Media Agency in partnership with Africa Fintech Summit

About Africa Fintech Summit 

Africa Fintech Summit is the premier global initiative dedicated to the African fintech ecosystem. AFTS is traditionally hosted in Washington, D.C., each April during the World Bank/IFC annual meeting week and in a different African city each November. The summit is being held in a hybrid format, in person in the selected Venue in compliance with COVID-19 protocol and global live virtual delegates.  

Supported by an advisory board of thought leaders and fintech pioneers, AFTS is a unique space where innovative ideas are debated, investments mobilized, partnership deals signed, and collaborations formed across sectors and geographies. AFTS is organized in partnership between Washington, D.C.-based firms, strategic advisory group Dedalus Global, and pan-African consultancy advisory firm Ibex Frontier.  

Media contact:

Charles Isidi

Head of Marketing and Communications,

Africa Fintech Summit. 

charles@africafintechsummit.com

The post Africa Fintech Summit Opens Nominations for Excellence in Fintech Awards to Celebrate Exceptional Fintech Companies in Africa appeared first on African Media Agency.

Source : African Media Agency (AMA)

AMA, Business

Spotlight on Zambian Investment Opportunities: Zambia Development Agency

MaraviPost

LONDON, England, 5 August 2024, /African Media Agency/- As sponsors of AFSIC this year, Zambia Development Agency is proud to present a number of investment opportunities in the AFSIC Deal Book, which we invite all investors to peruse. Zambia Development Agency looks forward to the opportunity to link all prospective investors with the project promoters and provide a wide range of investor support for entering the Zambian market.

What are the primary goals of the Zambia Development Agency?

The Zambia Development Agency is mandated by the laws of Zambia to:

  1. Foster economic growth and development by promoting trade, business development and investment in the Republic through an efficient, effective and coordinated private sector led economic development strategy;
  2. Promote economic diversification through the growth of exports;
  3. Promote, facilitate, protect and monitor domestic and foreign direct investment;
  4. Promote investment through joint ventures and partnerships between local and foreign investors;
  5. Facilitate the development of industrial infrastructure and commercial services;
  6. Promote research on matters related to industrial development;
  7. Facilitate the protection of infant industries; and
  8. Provide for matters connected with, and incidental to, the foregoing.

What opportunities are there for businesses to invest in Zambia?

The Zambia Development Agency maintains and regularly updates a roster of investment opportunities that are available for acquisition. As sponsors of AFSIC this year, we are proud to present these opportunities in the AFSIC Deal Book, which we invite all investors to peruse. We are happy to provide further information, link all prospective investors with the project promoters and provide a wide range of investor support as you enter the Zambian market.

What sectors in Zambia are currently experiencing the most growth and offer the best opportunities for foreign investment?

Mining: Zambia’s mining sector, especially copper and cobalt mining, continues to grow due to increased global demand for these minerals, driven by the green energy transition and electric vehicle production. Investments upwards of USD 4.5 billion into mining in the country were unveiled in January 2024, attributable to the concerted sector and business environment reforms, positioning Zambia as the most reliable mining investment partner in Africa. Further, the Government has an ambitious target of reaching 3 million MT production of Copper by 2031. This possess huge growth opportunities coupled by huge demand for critical minerals i.e. Copper, Cobalt, Nickel, Lithium and Manganese among others.

Renewable Energy: This sector is rapidly expanding as Zambia invests in solar, hydropower, and other renewable energy projects to meet increasing energy demands and reduce dependence on fossil fuels. Domestic demand for electricity is projected to rise rapidly, mainly driven by the expansion of mining and agriculture. By 2030, electricity generation will need to increase by 44%, equating to an additional 13.8 TWH annually to drive economic growth. This translates to additional market potential of $960M per annum.

Agriculture: Agriculture remains a cornerstone of the Zambian economy, with growth driven by initiatives to improve productivity, diversify crops, and increase exports. The country has aside 1 Million Hectares of land in all the 10 provinces in strategic farm blocks open to both local and foreign investors to commence farming activities either rain fed or highly mechanized ones.

Construction and Infrastructure: Significant investments in infrastructure projects, including roads, bridges, housing, and commercial buildings, are driving growth in this sector. The country has huge backlog in excess of 2 million housing units, in addition to the vast civil infrastructure that needs to be built and upgraded including, health, educational, logistics and others.

Tourism: The tourism sector is recovering and growing post-pandemic, with efforts to promote Zambia’s natural attractions, including Victoria Falls, national parks, and wildlife.

Manufacturing: The manufacturing sector is experiencing growth, particularly in agro-processing, food and beverages, textiles, and construction materials, driven by efforts to diversify the economy.

Information and Communication Technology (ICT): The ICT sector is growing rapidly due to increasing digitalization, expanding internet penetration, and rising mobile phone usage.

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

The post Spotlight on Zambian Investment Opportunities: Zambia Development Agency appeared first on African Media Agency.

Source : African Media Agency (AMA)

Agriculture, Regional

2024 FANRPAN Conference to invigorate agricultural policy, food systems

Malawi News Agency (MANA) 1 Comment

By Leonard Masauli

LILONGWE-(MANA)-Principal Secretary Responsible for Irrigation in the Ministry of Agriculture, Eng. Geoffrey Mamba, has said the 2024 Annual Regional Policy Dialogue, set to take place in Malawi, will significantly improve the country’s agricultural policies and transform food systems in response to climate change impacts.

Mamba expressed these sentiments during a media briefing held at the National Planning Commission (NPC) offices in Lilongwe on Friday.

He noted that Malawi, affected by climate change events like El Niño, is optimistic that the conference, scheduled for August 6-9, will provide valuable insights for enhancing agricultural policies and food systems.

“The conference will be pivotal for various stakeholders to examine agricultural policies, evaluate their implementation, challenges and provide recommendations.

“This aligns with Malawi 2063, and the Ministry of Agriculture is eager to preside over this important event,” said Mamba.

He emphasized that government is actively working to improve food security in Malawi through initiatives like the Affordable Input Programme and by promoting commercial farming via the mega farming project.

NPC Research Manager, Andrew Jamali, highlighted the importance of the agricultural dialogue, particularly in relation to Malawi 2063, saying the country has been focusing on agricultural productivity and commercialization under Pillar One of the vision.

“One of the key issues is identifying evidence for transformative policies in food systems transformation.

“With international participants, regional bodies and national experts, this forum is very timely, especially considering the challenges Malawi faces, such as El Niño and limited fiscal space,” said Jamali.

Director of Business Development at the Food, Agriculture and Natural Resources Policy Analysis Network (FANRPAN), Francis Hale, said climate change has exacerbated issues like El Niño, affecting countries such as Zimbabwe, Zambia and Malawi.

“Agriculture and food systems are crucial for socio-economic development in Sub-Saharan Africa, providing livelihoods and contributing to national economies.

“However, they face challenges like climate change, pests, diseases, natural disasters and unsustainable practices that threaten their sustainability,” said Hale.

He added that the dialogue would also provide a platform for discussing biotechnology’s potential in African agriculture.

“Despite its immense potential, African agriculture is yet to fully embrace modern technologies like biotechnology, which could sustainably boost productivity and address climate change challenges,” he said.

The Annual Regional Policy Dialogue event is being organized by FANRPAN in collaboration with the Malawi Government, CISANET and NPC.

Business, Malawi

Chakwera fails to fix Malawi’s ailing economy in fours

Maravi Post Reporter

By Deus Chikalaza

BLANTYRE-(MaraviPost)-Since President Lazarus Chakwera took government in Malawi in June 2020, life has been unbearable for a common Malawian. Day in and day out prices of commodities keep rising without any cushion to the citizens.

Salaries of civil servants have remained constant regardless seeing prices of Food, Fertilizer, Fuel, Water, and Electricity rising. Nothing seems to add up for people under the Malawi Congress Party (MCP) regime.

Businesses have collapsed after being choked by a lack of Forex, high bank interest rates, and excessive taxes.

Calling aspade~aspade Chakwera was not ready hence, he never deserved to rule Malawi portrayed by his failures. Untold struggle, hunger, and poverty continue to loom through Malawians because of his poor economic policies.

It is now clear that Chakwera had no single plan to achieve with the nation except removing the Democratic Progressive Party (DPP) from government.

From Saulos Chilima to Felix Mlusu then Sosten Gwengwe now Simplex Chithyola Chakwera continues to do try and error to see which human being befits the Ministry of Finance and Economic Planning.

According to the research findings published by the International Food Policy Research Institute (IFPRI) maize prices have surged with 23% just between May and June.

Maize that was sold at MK50 000/ 50KG in May is now sold at MK61,500/ 50 KG on the black market.

It concludes to say that the southern region followed by the north remains the hardest hit by hunger possibly due to erratic rains and poor distribution of fertilizer and other Farm inputs.

In the 2024-2025 financial year, the Chakwera government was accused of allocation of 84% of its national budget to the central region, 9% North, and only 7% in the Southern region.

In a separate report, the World bank through the Malawi Economic Monitor (MEM), has declared Chakwera a failure as the road to Malawi’s economic recovery looks blurred due to the predicted worsening of poverty in 2024 and 2025.

Business, Malawi, Regional

Former Malawi leader Joyce Banda calls for more trade between China, Africa

MaraviPost

….Back from a successful trip in China.…

LILONGWE-(MaraviPost)-Former President Dr. Joyce Banda is back from the People’s Republic of China where she attended the seventh China-Africa People’s Forum.

Executive Assistant in the Office of Former President Arnold Mnelemba confirmed in an interview that Banda has called on more trade between China and Africa.

At the invitation of the government of China and the Communist Party of China (CPC) Central Executive Committee, Mnelemba said Dr. Banda led a delegation of six Malawians who took part in discussions on finding ways of reaching out to rural Malawians through community work.

The Former Malawi leader started her visit by meeting the Secretary General of the China Foundation for Peace and Development (CFPD) are partner of the Joyce Banda Foundation in three projects including girls’ education bursaries, infrastructure and agricultural development as well as kits of Love, a program that support early childhood development.

She was treated to a welcome dinner where Chinese investors pledged to support and invest in Malawi in areas of mutual interest.

Dr. Banda was later taken to the Imperial Palace (The Forbidden City) as one way of promoting cultural heritage and exchanges between the two countries of Malawi and China.

The Former Malawi leader flew to Changsha City in Hunan province where the summit took place.

Dr. Banda gave a nerve-shaking presentation at the opening banquet where she emphasized the need for the two countries to migrate from aid to trade.

She held a closed-door meeting with Chinese and African leaders invited to the forum before attending the opening session.

She also spoke at a parallel session of international volunteer services where she called upon organizations present to help Malawi with relief programs following the cyclones that hit the country back to back.

The Former President in the company of the Malawi Ambassador in China Allan Chimtedza met the Deputy Governor of the CPC in Hunan where they discussed Malawi and China’s relationship and investment potential for Malawi. The Chinese government pledged to support Malawi in many areas including infrastructure, agriculture and irrigation, trade, cultural exchanges, and education.

The Former Malawi leader was later treated to a banquet hosted by the Vice President of Non-Governmental Organizations in China where new partnerships between Chinese NGOs and Malawi counterparts were established.

Summing up her visit, the Former President paid respect to the Former President of the People’s Republic of China Mao Zedong.

Also known as Chairman Mao. Zedong was a theorist, military strategist, poet, and revolutionary leader, Mao was the founder of the People’s Republic of China (PRC).

He led the country from its establishment in 1949 until he died in 1976, while he was serving as the chairman of the Chinese Communist Party during that time.

His theories, military strategies, and policies are known as Maoism.

He is greatly respected by the Chinese people.

Banda went to Shaoshang, Changsha city in Hunan province at the invitation of the government of the People’s Republic of China to attend the seventh China-Africa People’s Forum.

Business

NICO Group supports Umthetho festival with MK35 million

MaraviPost

BLANTYRE-(MaraviPost)-NICO Group led by NBS Bank plc and Nico Life has supported this year’s Umthetho Cultural festival with MK35 million.

Umthetho is a cultural festival by the Mzimba Ngonis and is celebrated at the foot of Hora Mountain every year.

Speaking after handing over the cheque on behalf of NICO Group on Tuesday, NBS Bank plc Chief Executive Officer (CEO) Kwanele Ngwenya said the Groups’ decision to sponsor the event is driven by the deep commitment to community development, cultural preservation, and social responsibility.

“At NICO Group, we recognize the profound importance of cultural heritage in shaping identities and fostering unity. By supporting this event, we aim to contribute to the preservation and promotion of these invaluable cultural practices that define our collective identity.”

“This sponsorship is part of our larger initiative, One NICO Xpression, which embodies our vision of unity, diversity, and collective growth. By sponsoring the Umthetho ceremony with a K35 million contribution, we are expressing our commitment to these values and enriching our cultural heritage,” said Ngwenya.

Receiving the funds on behalf of Mzimba Heritage Association (MZIHA), 2024 Umthetho Organizing Committee Chairperson, Emma Kaliya thanked the group for the kind gesture.

“On behalf of the MZIHA, I would like to express our heartfelt gratitude to NICO Group for their generous donation. We are pleased to announce that NICO Group will be the main sponsor of our upcoming event, which is expected to draw a large crowd of 3500-5000 people from various districts in Malawi, as well as from neighbouring countries such as Tanzania, Zambia, and South Africa,” said Kaliya.

Some of the activities of this year’s Umthetho festival include workshops for chiefs, women, and the youth, a cultural day with the main celebration on August 3, 2024.

The King of the Zulu Nation, His Majesty Misuzulu Ka Zwelithini is expected to be in attendance.

 The festival is being celebrated under the theme ‘Uniting Against Climate Change Under a Decade of Inkosi ya Makosi Mmbelwa V’s reign’.

Business

Insurance Association to enforce Digital Insurance certificates use by January 1 2025

MaraviPost

BLANTYRE-(MaraviPost)-Insurance Association of Malawi (IAM) has set January 1, 2025 as the day only digital motor insurance will be accepted on the roads of Malawi.

IAM introduced the digital insurance certificates in October 2023 and has set December 31, 2024 as the last day for motorists to use the pre-printed insurance certificates.

The new certificate is digital and is being issued online, with verification through digital processes.

IAM vice president, Wales Meja said in an interview yesterday, that they introduced digital motor certificates to address emerging trends like ensuring that all insurance companies use a unified system and database which makes data verification easier. 

“It is also a way of supporting the initiative to digitise the Malawi economy, apart from eliminating fraudulent motor certificates through digital verification, and preventing forgery. The digital certificates also enable insurance companies, and agents to sell online 24/7. It also makes it easy for law enforcement agencies to detect stolen vehicles during spot checks.”

“The new certificates are also capable of integrating with other systems, such as Maltis, NRB, and banks, to make business transactions more efficient,” said Meja. 

Meja, who is also Chief Executive Officer (CEO) for Britam, then commended motorists for embracing the new digital certificates, but asked them to install a mobile application downloaded from Play Store or App Store, and also use USSD code *4273* to authenticate the certificates.

Mzuzu-based motorist, Gift Mnami commended IAM for the initiative saying it is fast and convenient to access the digital certificates online.

“This system enables us to access certificates online, significantly reducing the time and costs previously spent visiting insurance companies,” he said. 

The digital insurance certificate, which is displayed on the windscreen, similar to the Certificate of Fitness (COF), has features like the certificate number, vehicle registration number, vehicle chassis number, make and model of the vehicle, vehicle colour, vehicle seating capacity, picture of the vehicle’s body type, insurance policy duration, policy issue date, policy number, policy holder, insurance cover type, and vehicle usage

Business, Health

Airtel Malawi in record-breaking blood donation drive

MaraviPost

LILONGWE-(MaraviPost)– In a remarkable display of corporate social responsibility, Airtel Malawi on Wednesday, July 31, 2024 successfully concluded its annual blood donation drive, surpassing previous records with an overwhelming turnout of over 35 donors.

Partnering with the Malawi Blood Transfusion Service (MBTS), the event aimed to address the critical blood shortage affecting hospitals across the country.

Malawi faces a persistent blood crisis, with many lives at risk due to insufficient supply.

This year’s drive was a crucial step towards mitigating this challenge.

The collected blood units will significantly bolster the nation’s blood bank, ensuring timely and adequate supply for patients in need.

Airtel Malawi’s Managing Director, Charles Kamoto, expressed pride in the company’s contribution to the community.

“We are deeply committed to the health and well-being of Malawians. This year’s blood donation drive is a testament to our dedication. By coming together, we have saved lives and made a tangible difference,” said Kamoto.

Upile Kaimvi, Public Relations Officer for MBTS, hailed Airtel Malawi as a true champion of public health. “Airtel’s consistent support has been instrumental in addressing the blood shortage crisis in Malawi. Their commitment to organizing this annual event is an inspiration to other corporations,” Kaimvi stated.

Beyond the immediate impact, Airtel Malawi aims to foster a culture of blood donation in the country.

The company plans to intensify awareness campaigns and encourage more individuals and organizations to participate in future drives.
Business

Business challenges in Malawi: Kwacha Devaluation eats into TNM’s Profits

MaraviPost

By Burnett Munthali

Malawi's business environment continues to grapple with significant challenges, as highlighted by TNM, one of the country’s major telecommunications firms. In 2023, TNM reported that the devaluation of the Malawian kwacha severely impacted their financial performance, wiping out their profits for the year. The currency's decline has increased operational costs and eroded financial stability for businesses heavily reliant on foreign inputs.

Operational costs for TNM have also surged due to frequent power outages from the national electricity provider, Escom. With unreliable power supply, the company is forced to use fuel-powered generators to keep their communication towers running. This necessity leads to consistently high expenditure on fuel, further straining their financial resources.

Despite these difficulties, TNM acknowledges the importance of competition within the market. The company views competition as a vital and beneficial force that drives innovation and improves service delivery, ultimately serving the best interests of consumers.

On a national level, Malawi continues to face a negative trade balance, as noted by economic analyst Joe Mayere. This ongoing trade imbalance exacerbates the financial pressures on businesses, highlighting the need for economic reforms and improved trade policies to foster a more stable business environment.

As businesses like TNM navigate these challenges, the broader economic context of Malawi underscores the pressing need for strategic adjustments and supportive policies to enhance economic resilience and growth.