Category Archives: Business

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Business, Travel & Tourism

TNM gives Umthetho Festival MK5 million boost

MaraviPost

…….Zulu nation King kaZwelithini coming

LILONGWE-(MaraviPost)-In fostering cultural heritage and unity, TNM Plc, has contributed MK5 million towards this year’s celebration of Umthetho Cultural Festival an annual event that celebrates the Ngoni culture and traditions.

The event will take place on August 3 at Hora Mountain in Mzimba District and has attracted Ngoni’s from three SADC countries namely South Africa, Tanzania, and Zambia.

The event is will also be graced by South Africa’s Zulu nation king Misuzulu Sinqobile kaZwelethini, the country’s highest ranking Ngoni royal.

TNM’s Marketing Director Sobhuza Ngwenya said TNM is proud to be associated with the event as it understands the role that cultural diversity plays in fostering unity.

“As a truly Malawian company, we are proud of Malawi’s cultural diversity across different tribes and ethnic groups. We are excited to support the Umthetho Cultural Festival and its mission to celebrate Ngoni cultural heritage,” said Ngwenya.

He said through its engagement with Umthetho, TNM aims to create meaningful connections and foster a spirit of inclusivity among Malawi cultures.

“Our donation reflects TNM’s commitment to empowering communities through connectivity and cultural exchange. We are honored to be part of this great celebration and look forward to a successful and inspiring event” he said.

He added TNM values culture as it is a catalyst for social economic development as it promotes tourism and peace.

“Umthetho is an important event to the overall growth of Malawi because people travel far and wide to appreciate the festival.

“As a people, we are known by our culture and therefore it is important to cherish and celebrate our diverse cultures Umthetho being one of them. The adage says ‘People without a culture are like trees without roots. It is through that understanding that we are happy that the Ngoni people define themselves through this festival,” added Ngwenya.

Receiving the donation, Chairperson of the organizing committee for 2024 Umthetho Emma Kaliya said the cultural grouping is grateful for the donation which has given it a big boost.

“This year’s event will be huge as we will play host to Ngonis from four countries, including Tanzania, South Africa and Zambia. Our initial budget seems stretched already and the donation from TNM has come at the right time when preparations for Hora are at an advanced,” she said.

She called upon Ngonis and cultural heritage enthusiasts to come in large numbers to witness the Ngoni festivities which among other activities will be marked by Ingoma dances, meat feasts and traditional beer shindigs.

Umthetho is an annual festival which is led by the Inkosi ya Makosi Mbelwa V at Hora Mountain in Mzimba.

It stands as a testament to the power of tradition to unite, inspire, and drive progress.

Business, Sports

NBS Bank plc pumps MK982 million into football

MaraviPost

LILONGWE-(MaraviPost)-NBS Bank plc has committed to sponsor the first-ever football National Division League in the country to the tune of MK982 million for the next three years.

The NBS Bank National Division League will be the country’s football second-tier competition which will produce teams to be promoted into the Super League from next season.

Speaking during the sponsorship unveiling ceremony in Blantyre on Wednesday, NBS Bank plc Chief Executive Officer (CEO) Kwanele Ngwenya said the Bank recognizes the strides being made to further enhance Malawi’s competitiveness through soccer academies, commercialization of elite football, and infrastructure development as the Bank clocks 60 years in Malawi.

“This initiative aims to provide a platform for more competition among football teams and nurture players for the elite league and the National Team, the Flames. The NBS Bank National Division League will kick off in the 2025 season.”

“By supporting the NBS Bank National Division League, we aim to foster talent identification and development, benefiting not only the players but also the entire community,” said Ngwenya.

The NBS Bank plc CEO further indicated that the Initiative provides a platform for young aspiring footballers to showcase their skills and pursue their dreams, contributing to the overall growth and competitiveness of Malawian football.

“Furthermore, this sponsorship will have a positive impact on the community by encouraging youth participation in sports, and fostering a sense of unity and pride. Our commitment to this league reflects our dedication to enriching the lives of Malawians,” he said. 

According to Ngwenya, the league will kick-off next year starting with a MK270 million package in the first season and will be increasing by 20 percent annually in the remaining two years to cater for inflation.

Football Association of Malawi (FAM) president, Fleetwood Haiya commended NBS Bank Plc for supporting their dream of commercializing the football game in Malawi. 

“Through our consultations with various stakeholders, we deemed it fit to have a National Division League that will help us to professionally promote teams into the Super League. As FAM, we will make sure that 60 percent of this package goes to the teams through subvention,” he said. 

Apart from the unveiled National Division League, NBS Bank plc also supports the NBS Bank Charity Shield, whose annual sponsorship was also raised at the same function yesterday to MK43 million from MK40 million announced some months ago. This will run until 2026.

Business

Treasury applauds revamped Standard Bank Private Banking Services

MaraviPost

LILONGWE-(MaraviPost)-The Ministry of Finance says innovative and bespoke banking services hold key to achieving economic targets under Malawi 2063 vision.

Secretary to Treasury Betchani Tchereni said Tuesday evening when he officially launched Standard Bank’s revamped Private Banking services that such transformative offerings can contribute meaningfully to Malawi’s dream of a prosperous, industrialised and inclusively wealthy nation by 2063.

“This approach by Standard Bank is suitable for our economy, where there is need for more integration as we strive towards the Malawi 2063 Vision. The Ministry remains committed to supporting initiatives that promote innovation, customer satisfaction, and the overall stability of the financial system,” he said.

Tchereni commended Standard Bank for its commitment to innovation and customer-centricity, saying such principles are crucial in a dynamic and competitive banking environment.

“I would like to commend Standard Bank for its proactive approach in enhancing its private banking offering and responding to the need for transformation. Private banking services play a critical role in fostering financial stability and facilitating wealth management for high-net-worth individuals and families,” said Tchereni.

The ST vowed that the government would continue providing a conducive environment where financial service providers will excel and enable the growth of the country.

Standard Bank, listed on Malawi Stock Exchange, says it has revamped its private banking services to meet the growing needs of customers and deliver superior service locally and offshore.

“The new customer value proposition is designed to provide supreme financial solutions tailored to the unique needs of high-net-worth individuals and families. It combines personalized wealth management strategies with cutting-edge technology, ensuring seamless access to a comprehensive suite of financial solutions. These include discounts on air tickets with Emirates Airlines, accommodation with Sunbird Hotels, car hire with Avis, offshore investment arrangements, home improvement loans and family insurance, ” said Charity Mughogho, the Head of Personal and Private Banking

She said that the revamped services underscored the bank’s commitment to delivering financial services that enable growth for its customers.

“We remain dedicated to providing supreme service and creating lasting value for our clients in line with our core purpose, Malawi is Our Home, We Drive Her Growth,” she said

The restructured private banking services have been crafted with a deep understanding of client aspirations and goals.

“We recognize that our clients require more than just financial services; they seek trusted advisors who can offer tailored strategies to preserve and grow their wealth effectively. As such, the new propositions will continue to enhance growth of private banking clients and the economy,” he said.

Through the revamping of the private banking services, the bank aims to exceed expectations of its customers and strengthen their financial well-being.

“Standard Bank has been recognized by both Global Finance and Euromoney as 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, family banking and rewards,” added Mughogho.

AMA, Business

African Development Bank’s Akinwumi Adesina briefs African leaders on Bank’s progress in mobilizing financial resources for the continent

MaraviPost
African Development Bank President Akinwumi Adesina addresses the 6th Mid-Year Coordination Meeting of the African Union in Accra, Ghana

ACCRA, Ghana, 24 July 2024 -/African Media Agency(AMA)/-The president of the African Development Bank Group, Dr. Akinwumi Adesina, has outlined the Bank’s successes in mobilizing financial resources for the continent’s development needs at the African Union.

Addressing heads of state and government at the 6th Mid-Year Coordination Meeting of the AU in Accra, Ghana, Adesina highlighted the Bank’s recent general capital increase from $201 billion to $318 billion, approved by the Board of Governors during its Annual Meetings in Nairobi last May.

The approval will enableAfrica’s only AAA-rated financial institution to preserve its status and meet the continent’s urgent and increasing development needs.

Other highlights included joint effortsby the African Development Bank and the Inter-American Development Bank in developing a new financial model that enables the International Monetary Fund’s Special Drawing Rights to be channeled through multilateral development banks.

“I am delighted to inform you that following over two years of work, supported by the advocacy of the African Union, we succeeded,” Adesina told the meeting, attended by several heads of state and government and representatives of regional economic communities.

The year began with the African Development Bank successfullylaunchinga globally acclaimed landmark $750 million hybrid capital, the first ever by a multilateral financial institution.

“By so doing, we created a new asset class for investors globally. The hybrid capital will be leveraged four times to allow the Bank to boost its lending capacity,” said Adesina.

He also briefed the leaders about the progress the Bank is making in spearheading global efforts to ensure Africa’s natural wealth is taken into consideration as a measure of Gross Domestic Product (GDP).

The Africa Financial Stability Mechanism, a Bank initiative to mitigate financial and other exogenousshocks to African economies, has also advanced. The African Union’s committee of 15 Ministers of Finance has approved the framework for the establishment of the mechanism.

Also, to enhance food security, the Bank is launching a $650 million Regional West Africa Rice Development program in collaboration with the Africa Rice Center. The initiative is expected to include one million farmers across 15 countries and produce 53 million tons of rice.

“In five years, West Africa will achieve self-sufficiency in rice. We know we can do it. Our work helped Ethiopia to become self-sufficient in wheat in under four years, turning it into a net wheat-exporting country. What is critical is strong political will,” the Bank Group head said, referencing the Bank’s flagship Technologies for African Agricultural Transformation (TAAT) program.

Adesina briefed the leaders on growing global confidence in the Bank.

“Last week, the African Development Bank was ranked as the most transparent development financial institution in the world by Publish What You Fund for its sovereign operations.” This is in addition to other impressive recognitions for the Bank and its concessional window, the African Development Fund.

He outlined other wins for the institution, including expanding electricity access to over 20 million people over the past five years and partnering with the World Bank to connect 300 million Africans to electricity by 2030.

The Bank’s $20 billion Desert to Power initiative to develop 10,000 megawatts of solar power for 250 million people across 11 countries in the Sahel zone is already delivering results.

“For example, the $890 million Mauritania-Mali Power Interconnection Project, which is part of the Desert to Power initiative, will increase clean energy uptake and electricity access, benefitting 2.7 million people,” he said.

During the opening ceremony, the host, Ghana’s President Nana Addo-Dankwa Akufo-Addo, called for expedited action on plans to achieve the financial stability and economic integration necessary for the African Union’s Agenda 2063.

The African Union Chairperson and President of the Islamic Republic of Mauritania Mohamed Ould Ghazouani, announced AU plans to raise about $100 billion to support export-oriented businesses. He also emphasized the critical need for continued effective coordination between the AU and regional African blocs, for achieving continental integration and the goals of Agenda 2063 to create inclusive and sustainable socio-economic development over 50 years.

Distributed by African Media Agency (AMA) on behalf of  African Development Bank

The post African Development Bank’s Akinwumi Adesina briefs African leaders on Bank’s progress in mobilizing financial resources for the continent appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business, Malawi

NOCMA inaugurates block train after 21 years in Lilongwe

Malawi News Agency (MANA)

By Leonard Masauli

LILONGWE-(MANA)-Scores of people living surrounding the National Oil Company of Malawi (NOCMA), government officials among other stakeholders gathered to witness the inauguration of the first block train carrying 640,000 litres of fuel from Nacala Port to Lilongwe in Malawi.

The inauguration marks exactly 21 years after such services came to a halt in 2003.

However, the revamp of the train operated by Central East African Railways and Nacala Logistics has made history for the first time, traveling 988 kilometres from Nacala in Mozambique, carrying 640,000 litres of oil to Malawi.

Secretary to President and Cabinet, who is also NOCMA Board Chairperson, Colleen Zamba said the inauguration of the block train was a dream come true for the country after 21 years.

“We are very excited as government but as the Board. Today, we have witnessed the first block train carrying 16 tanks docking at the reserves in Lilongwe. This reduces costs and coincides well with the President, Dr. Lazarus Chakwera’s transformation agenda.

“This calls for Malawians to take good care of the infrastructure, as it is for the good of the country,” she said.

Minister of Energy, Ibrahim Matola said the development would improve availability of fuel and reduce on costs.

“These are the fruits from Chakwera’s visits to Mozambique, which he undertook after taking over the government,” he added.

Speaking at the same function, Minister of Trade and Industry, Sosten Gwengwe said the development would improve on transportation access and boost industries in the country.

“Chakwera is a silent performer. He promised to revamp the rail transportation and today we are here to inaugurate. This is a big vision foe the National needs, aside the ATM strategy which talks of Agriculture, Tourism and Mining,” he pointed out.

NOCMA Chief Executive Officer (CEO), Clement Kanyama said the restoration of the rail services would bring about efficiency in fuel transportation and ensure speedy delivery of goods in the country.

According to the General Manager for Nacala Logistics, Chandra Mohan Singh said in three months the train would bring 1 million to 4 million litres of fuel.

“We are happy to contribute to the growth of Malawi as Nacala logistics. We are planning electrify the rail as well as extending the rail services and connect with Zambia,” he said.

Business

Standard Bank unveils dialogue platform, “Growth Conversations”

MaraviPost

LILONGWE-(MaraviPost)-In a bold move to enhance consensus building and collective bargaining on economic policy, Standard Bank Plc has launched a stakeholder engagement platform dubbed as the ‘Growth Conversations’.

Speaking at the launch of the initiative in Lilongwe, Head of Brand and Marketing Tamanda Ng’ombe said the media platform is a continuation of Standard Bank’s positioning as an organization that has national development matters as part of their purpose.

Ng’ombe said the new platform will see the Bank broadening its stakeholder engagements to stimulate the economic policy arena. The first of such engagements this year will take place at the BICC in Lilongwe on July 26, 2024 under the theme “Towards Economic Recovery and Growth. Embracing Sustainability”.

“This year marks 55 years of Standard Bank in Malawi. As we commemorate the 55 years of driving growth, “Growth Conversations” will build on our track record of leading in dialogue that translates into reforms in economic policy and national development,” she said.

She said Standard Bank-led dialogues have produced tangible results in key sectors of the Malawi economy, such as infrastructure, energy, mining, agricultural productivity, tourism and Foreign Direct Investment (FDI).

The Head of Brand and Marketing cited construction of the Malawi rail stretch of Nacala Corridor, restructuring of ESCOM’s foreign-currency denominated debt with the DBSA as some of the positive outcomes in infrastructure and energy.

More recently, the Bank’s dialogue forums have positively impacted on tourism, trade and mining following government’s removal of VISA entry restrictions into Malawi, implementation of the Mining Development Act and revitalization of commercial agriculture using renewable and eco-friendly energy sources, she said.

These achievements demonstrate the power of dialogue and collaboration. By working together, we can achieve far more than we can alone. Through Growth Conversations, we will continue to facilitate open and honest dialogue that drive economic growth,” she said.

She adds that Growth Conservations will harmonize the Bank’s stakeholder engagements and bring to life the Bank’s purpose that recognizes Malawi is our home and it is our responsibility to drive her growth. “We believe that consolidating under one voice for national consensus building, renewed vigor and traction in implementation, will gain strides.

The inaugural Growth Conversations forum on Thursday will bring together key economic stakeholders, including the Bank’s customers. The panel of private and public stakeholders will include Standard Bank’s Group Economist and Senior Analyst Mulalo Madula from Johannesburg.

Business, Malawi

Dr Kabambe proposes monthly audits in Govt agencies to end corruption

Maravi Post Reporter

MZUZU-(MaraviPost)-The former Reserve Bank of Malawi (RBM) Governor Dr. Dalitso Kabambe proposes monthly audits in all government agencies, departments and ministries to end corruption.

Dr. Kabambe says, “Malawi needs a no nonsense approach towards “ending” corruption, with forensic audits playing centre role in combating graft”.

The former RBM governor was speaking in a public lecture at Mzuzu University on Friday, July 19, 2024.

Kabambe also suggested that the Anti-Corruption Bureau (ACB) must be proactive by working to prevent corruption.

On why he joined politics while now giving the public lectures, Kabambe said, “During the 24 years that I worked in the civil service, politicians ignored his advice repeatedly and that was his motivation to join politics.

“Sometimes you get angry, you get frustrated. You advise them to do one thing, only to see them do another… and that is the reason I joined this”.

He therefore said, “It is high time specialists in various fields rose to take up leadership positions instead of forgoing their responsibility”.

On current Malawi’s ailing economy, Kabambe observes that the country has not done well because of borrowing.

He added, “There is need to change mindset and develop based on what is in the country rather than relying on donors and debtors to bail the country out”.

He however alleged that most big projects in the country fail because of debts that the country has been taking which he says are a hindrance towards economic liberation.

Kabambe therefore recommended the need for changes in the country’s monetary and fiscal areas.

He argues failure to do so will make the kwacha prone to devaluations and inflations.

“Those of you that have money in the bank, that money is being eroded by 36 percent and being rewarded by 26 percent and yet savings are important in growing the economy,” says Kabambe.

On his part, Nyika Institute executive director, Moses Mkandawire lauded Dr. Kabambe’s ideas for the country’ development

Mkandawire adds, “There is also need to reflect on the sustainable development goals and other development policies so that no one should be left behind”

The public lecture titled “An inclusive and sustainable transformation agenda for the North”, attracted participants from Civil Society Organisations (CSOs), the academia and Mzuzu city residents.

Business

Launched Air Cargo Malawi’s pharmaceutical services to improve medicine shipment

MaraviPost

LILONGWE-(MaraviPost)-The launch of the much awaited Air Cargo Malawi Limited’s (ACM) pharmaceutical services will improve medicine suppliers shipment in the country.

Air Cargo Malawi has partnered Emirates Airlines to deliver medicines to Malawi from import markets in Europe and Dubai.

ACM Board Chairperson Felix Tandwe observes that the launch of Pharma services underscores the company’s commitment to providing customers with value for money in freight services.

He was speaking during the service launch on Thursday, July 18, 2024, in the capital Lilongwe.

Director General of Pharmacy Medicines Regulatory Authority Mr. Mphatso Kawaye
Director General of Pharmacy Medicines Regulatory Authority Mr. Mphatso Kawaye

“This launch follows an assessment of the market for pharmaceuticals and engagement with the stakeholder to understand needs and package a solution that responds to the need. The initiative holds immense potential to positively impact on Malawi’s socio-economic development by contributing to improvements in supply, distribution and safety of pharmaceuticals.

“The imports include critical generic medicines, vaccines, and specialised healthcare equipment. Most are urgently needed to respond to demands in the country’s hospitals, pharmacies, and central medical stores,” said Tandwe.

He therefore advised all pharmaceutical importers to collaborate for the initiative to yield desirable results.

Tandwe said, “We are calling upon all pharmaceutical importers to engage us, we have the capacity, we have the personnel and the procedures that will ensure that we do it in a very reliable and efficient manner.”

He assured, “This service is a testament to our commitment to supporting the growth and development of Malawi’s healthcare sector. We believe that access to quality healthcare is a fundamental right, and our aim is to contribute meaningfully to the improvement of healthcare outcomes in our country.

“Our Pharmaceuticals freight service will not only enhance the availability of essential medicines but also support the economic growth of our country. We are proud to be part of this journey, and we look forward to working closely with our partners in the healthcare industry to make a positive impact on the lives of Malawians”.

Tandwe adds, “Our newly launched Pharma service will ensure the seamless transportation of life-changing drugs and sensitive pharmaceutical products by integrating speed, safety, and reliability. We will offer affordable rates and will have come to respond to the question of stock-outs of medicines in some of our facilities due to the nightmare of freight logistics hitherto experienced”.

In his remarks, Pharmacy Medicines Regulatory Authority (PMRA) Director General Mphatso Kawaye has hailed the development describing it as a milestone in the county’s health sector.

“The coming in of Air Cargo Malawi Limited into the equation and their commitment to supporting innovative solutions in pharmaceutical logistics is a development that we all must celebrate. It is a demonstration of your commitment to support the health care sector in ensuring access of quality assured medicines.

“What we need going forward is continued innovation and collaboration to ensure continuous improvement of the security of the supply chain pipeline for temperature-sensitive pharmaceutical products through the utilization of Air Cargo Malawi Pharma Services and ultimately improve healthcare outcomes for Malawi”, said Kawaye.

Business

NBM PAL engages Blantyre clients on Pension Act

MaraviPost

BLANTYRE-(MaraviPost)-NBM Pension Administration Limited (NBM PAL), a subsidiary of National Bank of Malawi (NBM) Plc, has encouraged individuals to make informed pension choices so that they have a solid financial backup when they retire. 

NBM PAL Chief Executive Officer (CEO), William Mabulekesi gave the advice during the pension client engagement event in Blantyre on Wednesday aimed at promoting awareness and understanding of financial planning and management.

“The aim was to educate our clients about the significance of saving as they plan for retirement. We also wanted to empower them with pension scheme knowledge as it helps in planning for the future,” he said.

Mabulekesi further indicated that the seminars which started in Lilongwe last week, gave them a chance to unpack the new Pension Act to the clients, especially those on voluntary saving for retirement. 

“Under the new law, 40 percent of voluntary savings can be withdrawn after five years and then 100 percent after 10 years. This is very important for the clients to know,” he added.

He further said that they also announced to their clients the income investment growth to 42 percent in 2023 from 27 percent in 2022. 

Human Resources and Administrative Manager at United General Insurance (UGI), Katija Mataya commended NBM PAL for the sessions. 

“The session gave us an opportunity to capture the contents of the new Pension Act as NBM PAL unpacked the law,” she said. 

The theme of the event was ‘Making a Good Pension Choice.’ 

Business

Government ministers splash millions while cooking oil prices soar

Burnett Munthali

In recent developments, government ministers are reportedly spending lavishly on delegates amidst rising living costs in Malawi. The price of cooking oil has sharply increased, with 5 liters now costing K22,495, up from previous prices. In some areas, the cost of the same quantity of oil has reached K25,000, and in others, it has even soared to K26,500.

This significant hike in cooking oil prices comes as government officials are seen allocating substantial sums of money for delegate expenses, raising concerns about the impact on ordinary Malawians. The disparity between the rising cost of essential goods and the government's extravagant spending has sparked debates about economic priorities and resource allocation in the country.

The situation highlights the growing economic challenges faced by many Malawians, who are struggling to cope with the escalating prices of basic necessities. The government’s spending habits in the face of such economic pressures have drawn criticism and calls for more prudent fiscal management.