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BLANTYRE-(MaraviPost)-NBS Bank plc Chief Executive Officer (CEO), Kwanele Ngwenya has attributed the Bank’s outstanding performance in the year 2023 to good planning and digitization which helps them to take advantage of business opportunities.
Ngwenya was speaking during a stakeholder’s engagement in Blantyre on Wednesday, where he also explained to journalists how the Bank managed to report a profit-after-tax of K29.38 billion in 2023 from K18.9 billion in 2022 despite numerous challenges including the devaluation of the Kwacha.
“Every challenge brings in new thinking and ways of doing things, and every time there is a challenge, we need to find ways of working around that challenge. We looked at different products that we could push through that time. We think about good days, we plan bad days, and on bad days, we plan for good days so that we always have business opportunities.”
“What happened last year was the challenging environment which allowed us to think outside the box and get our business opportunity plan into action and we performed well,” said Ngwenya.
In his presentation, NBS Bank plc Chief Financial Officer Ernest Tembo said the Bank has also registered a significant growth in its income, attributable to customer deposits which grew by 43 percent.
Shareholder Brian Kampanje applauded NBS Bank plc for the turnout over the years.
The Bank also celebrated 60 years of existence at the event.
“We are happy with the dividend and the growth. We are happy with the current position considering that the Bank was struggling in 2017 and at the blink of closing. So being able to achieve such performance from 2017 to date and clocking 60 years, we are very happy that the Bank has survived and is geared for growth,” said Kampanje.
LILONGWE-(MaraviPost)-Over 2,300 runners are preparing to hit the track on Saturday during this year’s long-awaited Be More Race hosted by Standard Bank Plc in Lilongwe.
The figure of 2,334 runners in the 2024 race under the theme; “Why We Run”, is the highest since 2017 when the signature Lilongwe Half-Marathon was hatched by Standard Bank Plc to promote wellness and networking by communities, families, and professionals.
Head of Brand and Marketing Tamanda Ng’ombe says the Bank is thrilled by the overwhelming response this year’s race has generated and is all set to host a memorable race which will raise funds towards the Children’s Learning Centre of the Pediatric Cancer Ward of Kamuzu Central Hospital in Lilongwe.
“Marathon enthusiasts and other stakeholders can look forward to an exciting race and colorful prize presentation on Saturday. Apart from events on the 21-km track, we have prepared a music performance by Saint Realest, one of the country’s leading afro-dancehall artists, an aerobics session, group games. For the family, people can look forward to a children’s play area in addition to healthy light foods drinks and lots of rehydrating beverages,” said Ng’ombe.
She thanked the race’s partners and sponsors who include Athletics Malawi, Coca Cola Beverages Africa, Mwaiwathu Private Hospital and Beyond Bounds Physiotherapy Clinic for coming forward to join Standard Bank Plc put together what promises to be a memorable and exciting half marathon morning.
This year’s race categories are 5KM, 10KM, and a half-marathon of 21KM catering to all runners.
“As a cornerstone of our commitment to community engagement and promoting healthy lifestyles, Standard Bank has spared no effort to ensure this event will be a resounding success. Therefore, athletes will compete in the three main categories,” said Tamanda Ng’ombe, Standard Bank’s Head of Brand and Marketing.
Meanwhile, Athletics Malawi (AM) has commended Standard Bank for creating a platform that is promoting development of athletes and putting Malawi on the map through Be More Race.
“The Be More Race has consistently fostered the growth of athletics in Malawi. Last year for instance saw Malawian athletes breaking the dominance of international runners, a trend they are determined to uphold this year,” said Kondwani Chamwala, AM President.
He added prominent distance runners across the country will arrive in Lilongwe to tackle Be More Race, citing Chikondi Mwanyali, South African-based Mphatso Nadolo, Mulanje-based Tereza Master, Doris Fisher and Nalice Chirwa from Mzuzu.
Chamwala said AM will provide comprehensive technical expertise to ensure that Be More Race maintains its international competition standards and that participants enjoy a professionally prepared track rout and timing services.
Overall, N’gombe said; “We are happy to bring the 2024 Be More Race to life and provide amazing experiences to participants. Through initiatives like these, Standard Bank aims to strengthen our relationships and contribute positively to the well-being of our customers.”
The 2024 Be More Race was shifted from June 15 to July 20 in honour of former Vice President Dr Saulos Klaus Chilima who died in a plane accident in Mzuzu.
LILONGWE-(MaraviPost)-The Malawi Communication Regulatory Authority (MACRA) is holding an ‘Open week’ aimed at providing an interactive forum with operators and consumers across the country.
This is in line with Malawi 2063, in which the government through the Ministry of Information and Digitalisation is investing in crucial ICT, and infrastructure, promoting digital literacy and skills development, and fostering collaboration between the public and private sectors.
Speaking during the central region session on Tuesday, July 17, 2024, in the capital Lilongwe Secretary for Information and Digitalisation, Baldwin Chiyamwaka said the Open Week offers an opportunity for all stakeholders to collectively work together to foster a vibrant and inclusive Information and Communication Technology (ICT) sector in Malawi.
“The government is committed to promoting ICT and has different initiatives in motion like the installation of free public Wi-Fi at various sites, such as markets and airports, and the development of the Malawi Interoperability and Data Exchange Platform (Enterprise Service Bus).
“Several ICT labs are being constructed in community day secondary schools to promote the use of ICT services and the provision of Wi-Fi internet services and the provision of Wi-Fi internet connectivity,” he said.
MACRA Board Chairperson, Bridget Chibwana said MACRA will continue with the open days to enhance interaction with players in the digital and telecommunications sector.
She said through this Open week, MACRA is committed to ensuring that its actions and decisions are open to scrutiny and that stakeholders have a clear understanding of regulatory requirements and processes.
“During this week, we will highlight key projects, innovations, and initiatives that are shaping the future of the ICT sector in Malawi. These include advancements in digital infrastructure, efforts to enhance connectivity, and initiatives aimed at bridging the digital divide,” explained Chibwana.
At the Open Day, the regulatory authority interacted with directors, current licensees, prospective licensees, consumers, and other players in the digital and telecommunication industry to highlight MACRA’s mandate and key development projects.
BLANTYRE-(MaraviPost)-Malawi Confederation of Chambers of Commerce and Industry (MCCCI) President Wisely Phiri has advised government to revisit its borrowing, arguing the current state of affairs stands in the way of production for wealth generation.
Speaking in an interview over the weekend, Phiri noted that banks in the country prefer to lend to government which borrows for consumption, not for production as does the private sector.
The MCCCI president proposes that government cut down on borrowing as the first step towards bailing the economy.
“First, government should reduce borrowing, especially for small scale farm input subsidy which is just for consumption. If anything, government should borrow to finance mega farming.”
“When supported, the mega farms will produce for sale, thereby boosting their businesses which will eventually translate into job creation for many,” argued Phiri.
According to Phiri, Malawi loses out by investing billions in a farm input subsidy programme in which beneficiaries do not realise enough harvest, obliging government to procure food for free distribution to such people.
In the 2023/24 financial year, government budgeted K117 billion for the Affordable Inputs Programme.
The MCCCI president also lamented high interest rates on bank loans which are a burden for local businesses but ‘manageable’ for government.
In February this year, Minister of Finance and Economic Affairs Simplex Chithyola Banda acknowledged Malawi’s debt burden.
“Malawi’s public debt is unsustainable, and the Government has been working to sustain debt through fiscal adjustment and debt restructuring negotiations with its 10 bilateral and commercial creditors,” Simplex Chithyola Banda said.
“As of December 2023, public debt stood at K12.56 trillion, representing 84.8 percent of GDP, of which total external debt reached K6.62 trillion, while domestic debt amounted to K5.94 trillion,” explained Banda.
For years, some experts, including the Mwapata Institute, have been calling on government to review its farm input subsidy programmes, arguing they drain the national coffers.
Dakar, Senegal, July 16th, 2024 -/African Media Agency (AMA)/- International ride-hailing service Yango, part of the global tech company Yango Group, actively participated in the West African Internet Governance Forum, which took place from July 10th to 12th, 2024 in Dakar Senegal. This event, under the theme “Disruptive Technologies: How Far Thus Far,” was a key regional platform for dialogue on Internet Governance, supported by the United Nations, the ECOWAS Commission convened and hosted by the Senegalese Government under the Ministry of Communication, Telecommunications and Digital (Ministère de la Communication, des Télécommunications et du Numérique). It brought together key national and international industry players and partners to promote the development of Internet Governance in Senegal and West Africa.
Yango was a proud sponsor of the impactful forum to promote dynamic investment in the digital sector. Recognized for its technological expertise, Yango is committed to enhancing its positive impact in the digital economy and urban mobility worldwide through its innovative solutions. As the company continues to expand its footprint in the digital and technology sectors in West Africa, Yango participated in key sessions throughout the forum.
One of such impactful sessions was the inauguration speech by PH.E Mr. Alioune SALL, Minister of Communication, Telecommunications and Digital, Senegal, followed by a panel discussion on the main topic with Senior Advisor for Government at Tony Blair institute. Mrs Ndeye Maimouna Diop, Hon. Senator Shuaib Afolabi Salisu, Chairman of the Senate Committee on ICT & Cybersecurity, Nigeria, Mr. Pierre Dandjinou, Vice President of Stakeholder Engagement, Africa, ICANN , Mrs Marie Ahouantchede, Digital Transformation Coordination, ECOWAS Commission and Kadotien Alassane Soro, Yango West Africa Regional Manager.
Mr. Soro presented Yango’s vision for the future of African cities. He highlighted that the company continues to innovate and bring to various African markets a host of convenient services working on a one-app basis. This has already set flight in markets like Abidjan where Yango operates many services like ride-hailing, foodtech, package delivery technologies and image cloud hosting. Over the span of three years, Yango has invested heavily in the African region and keeps on expanding to many markets, impacting many lives. By providing access to its digital platforms and other technologies, the company has created income generating opportunities for drivers and couriers while enabling small and medium scale businesses to grow. Consumers also enjoy safety, convenience and affordability with rides and deliveries. Over the past few years, Yango has engaged in several CSR initiatives with the offering of Free ICT and Data Science courses to Ivorians as well as the support to football academies in West Africa standing out as contributions to education and youth development.
In an interview with journalists, he said “We are pleased to actively contribute to discussions on the economic development of Tech services in the region and share our vision and achievements in the field of online technology. Support WAIGF 2024 presents a strategic opportunity to foster collaborations among West African countries on internet governance issues, facilitating the sharing of best practices and experiences to enhance our engagement in policy discussions and to promote Inclusive policy development: We have engaged various stakeholders in the policy-making process to ensure that internet governance policies are inclusive and impactful to all in the region”
The Yango team also shared a few best practices and examples of successful cooperation and shared insights about the technologies that Yango uses for safety development which are AI-based, Yango’s customer experience, which is characterized by differentiating elements such as technology, price, map, security devices and many other features.
Mr. Soro added, “Our mission is to provide convenient, affordable, and secure tech and transportation solutions that align with the needs of the African market. Yango will continue to strengthen the awareness and capacity of stakeholders in the region about internet governance issues and the importance of a multistakeholder approach in addressing these challenges. through training and workshops on internet governance.”
Yango’s participation in this event clearly demonstrates its commitment to Africa, and Senegal in particular, as well as its active role in discussions on technology, innovation, and economic development across the Region.
Yango is an international tech company that transforms global sourced technologies into everyday services tailored for local communities. With an unwavering commitment to innovation, we reshape and enhance leading cutting-edge technologies from around the world into seamlessly integrated daily services for diverse regions.
Our mission is to bridge the gap between leading world innovations and local communities, fostering connections and enhancing everyday living experiences.
Yango operates across 20+ countries in Europe, the Middle East, Africa and Latin America. Yango’s multilingual super app is available for free on Android and iOS.
For more information, please contact: pr@yango.com
BLANTYRE-(MaraviPost)-National Bank of Malawi (NBM) plc has donated a blood bank refrigerator worth K40 million to Mangochi District Hospital to address blood storage challenges in the eastern region.
The Bank made a commitment through the Malawi Blood Transfusion Services (MBTS) to secure two blood bank fridges for Mangochi and Mulanje hospitals.
Speaking after the handover ceremony at the hospital on Friday, NBM plc Chief Executive Officer (CEO) Harold Jiya said they were convinced by MBTS to make the donation after noting that blood transportation and storage is the biggest challenge in the region.
“We learnt through MBTS that Mangochi District Hospital struggles to keep blood after collecting due to lack of blood bank fridges which affects the other health centres surrounding the facility.”
“As the ‘Bank of the Nation’, we know that good health is a prerequisite for all other building blocks of any nation, so we thought of helping them. We believe the donation will foster the nation’s development,” said Jiya.
MBTS Acting CEO, Bridon M’baya commended NBM plc for the support saying Mangochi district registered the highest number of people that needed blood transfusion in the region last year.
“We applaud NBM plc for this support of a blood bank refrigerator. This will help reduce blood challenges in the eastern region. You may wish to know that last year, Mangochi district only asked for 52 percent of the total blood the eastern region needed. Hospitals around the region will no longer have to travel long distances to Blantyre or Balaka to access blood,” he said.
Director of health and social services for Mangochi, Dr. Henry Chibowa Junior said the hospital conducts about 400 blood transfusions in a month and was heavily affected by storage capacity and the donation is a relief.
“The new blood bank has a capacity of over 600 units of blood, which is a relief. National Bank plc has proven to be a trusted partner and more lives will be saved through this donation,” he said.
According to Chibowa, Mangochi hospital serves a population of about two million people and is surrounded by seven health centres.
BLANTYRE-(MaraviPost)-NBM Pensions Administration Limited (NBM PAL) customers have expressed excitement over the increased investment income declared by the company.
NBM PAL, a subsidiary of National Bank of Malawi (NBM) plc, declared an increase on investment income to 42 percent for the year 2023 as compared to 27 percent in 2022.
Speaking in an interview after a pension seminar in Lilongwe on Thursday, Human Resources Manager at Afro-Egypt Engineering Company, Shungu Nyoni said the investment income declared by NBM PAL is encouraging to almost every customer and they will continue to invest in the company.
“We are working with NBM Pal and so far, so good. Even our employees are satisfied and, we hope this year we will also register an increase,” said Nyoni.
NBM PAL Chief Executive Officer (CEO), William Mabulekesi said they organized the seminar in partnership with NBM Capital Markets Limited to brief customers about the growth in the investment income and other pension related issues.”
“We wanted to interact with our customers and share the exciting news, particularly to sponsoring employers and their respective employees who are the ultimate members and principal beneficiaries of the overall Fund which has continued to grow from strength to strength within recent years.”
“The Fund continues to register exponential growth in investment income and total assets for its participating members,” said Mabulekesi.
NBM PAL will hold a similar seminar for its Blantyre customers on Wednesday.
NBM PAL is a pension service company registered by the Registrar of Financial Institutions.
LILONGWE-(MaraviPost)-As part of a 70-year commemoration, Old Mutual Malawi on Wednesday donated English, Mathematics, Chichewa and Science books amounting MK7.5 million to Malembo Primary School (TDC) in Lilongwe.
The school has 1,621 pupils.
Speaking after donation at the school, Old Mutual Head of Property Services, Elliot Jambo, said that firm is promoting quality education in rural areas hence the donation
Jambo adds that the initiative unlocks children’s potential to achieve their goals.
“We’re calling this week “Old Mutual Care Week”, and we are targeting schools inline with 70 years of our existence”, said Jambo.
Receiving the donation, Director of Education and Sports for Lilongwe Rural East, Alfred Mphandakonko, applauded the company for the donation, saying it will go a long way in improving the children’s knowledge.
He said that despite that two learners in standards 1 to 4 share one book, shortage or unavailability of text books is their primary concern in upper classes, which has now been reduced by this donation.
Old Mutual is expected to make a similar donation to Mzimba Local Education Authority, as part of the 70 years cerebration.
LILONGWE-(MaraviPost)-Zamm Investment, the manufacturers of Cool Drop Mineral water, Cool touch tissue and Cool Fizz drink has been named as the Most Preferred Water Manufacturing Company” in Malawi during this year’s Consumers Choice Awards Malawi 2024.
The awards were presented last weekend in the capital Lilongwe.
Reacting to the development, Zamm Investments’s Marketing and Public Relations Manager Collings Linyenga said, “We are Zamm Investments, manufacturers of Cool Drop Mineral water, Cool touch tissue and Cool Fizz drink. Our philosophy is to supply the consumer with great quality products. We strive to deliver the best products that match the value for money and build a reputation with great integrity”.
Linyenga adds, “We are thrilled to announce that we have been awarded the most preferred water manufacturing company in Malawi in 2024. The people of Malawi have spoken and designated us as the best in the water manufacturing companies’ category in the Consumer Choice Awards Malawi 2024.
“As a company, this Consumer Choice Award 2024, is a motivation for us to continue serving Malawians and providing high-quality products including our Cool Drop portable bottled water”.
He assures, “We would like, therefore, to inform our valued customers that after the hiccup, the root cause of the problem was resolved immediately. We are now operating at full scale and committed to supplying the consumer with the best quality and safe water. Thank you, Malawi, for supporting and trusting us”.
BLANTYRE-(MaraviPost)-National Bank of Malawi (NBM) plc Chief Executive Officer (CEO), Harold Jiya has unveiled plans to establish a Financial Technology (Fintech) company to help minimize costs incurred when buying systems from different companies.
Jiya, who ascended to the top managerial position this month following the retirement of McFussy Kawawa, outlined the plans during a media interaction session on Wednesday as he also unpacked the Bank’s five-year strategy.
In his presentation, Jiya said apart from the Fintech company, the Bank anticipates a significant growth to four countries in Africa, growing the profit-after-tax to $100 million dollars from the current $60 million, and grow the customer base to two million by the year 2027.
On cutting the costs through the Fintech Company, Jiya said it was imperative as the Bank has over 28 systems supplied by different vendors whose licenses and annual maintenance fees are paid in United States dollars.
“Why can’t we have a specialized outfit, an IT Company that can specialize in these products? It can start by supporting and learning from National Bank and also supporting the Banks that we are going to buy in the region.”
“Now, by supporting the banks in the region, it will be charging in dollars and we believe it will be a profit centre supporting National Bank plc. We believe once we have the critical mass, it will give us appropriate savings which will help in terms of our profitability,” said Jiya
He also highlighted how he plans to move the Bank to the next level.
“We have a strategic plan which I was part of developing. We are very clear about the path that we want to take. So, as I take on the leadership of the Bank, I am confident I will deliver on that strategic plan. Our plan is for this bank to deliver a 100 million US Dollars profit-after tax by 2027 and to be the number one digital bank in the country and to go in the region and expand our reach by making sure we are represented in four countries and have over two million customers,” said Jiya.
Jiya also said they anticipate that 12 percent of the $100 million profit-after-tax projected for 2027 will be contributed by NBM plc’s subsidiaries, which include Akiba Commercial Bank in Tanzania, NBM Pensions Administration Limited, NBM Development Bank, NBM Capital Markets Limited, United General Insurance (UGI), and Stockbrokers Malawi Limited.
On financial inclusion, the new CEO highlighted plans to empower Agent Banking to provide seamless bank services in rural areas where the Bank does not have structures.
“We have people operating their business in rural areas, we intend to empower such people to be providing our services. People in rural areas should be able to deposit and withdraw money through these agents. Our Mo626 USSD service also provides a chance for every Malawian to access financial services through their phones,” he said.
He further gave an update on the status of Akiba Commercial Bank in Tanzania, saying there has been a great improvement on the losses made, and the future looks promising.
“This year, Akiba Bank made a loss of less than MK1 billion from MK4 billion when we acquired it some three years ago. Which means we will now be talking of profits and not losses anymore,” he explained.
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