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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Business, Malawi, Regional

Malawi, Korea sign trade, investments promotion framework

Dorica Mtenje

LILONGWE-(MaraviPost)-The governments of Malawi and Korea have signed a Trade and Investment Promotion Framework (TIPF) which will boost trade and businesses between the two countries.

The agreement was made in Seoul, South Korea during the Cheong Heads of State where a Malawian Delegation is lead by the country’s Vice President Saulos Chilima.

Minister of Trade and Industry, Sosten Gwengwe, and his counterpart, Minister of Trade, Industry and Energy Inkyo Cheong, signed the TIPF on June 4, 2024, at Lotte Hotel, during the Korea-Africa in Seoul.

In his remarks, Gwengwe said that he is looking forward to implementing the TIPF where Korean business investors will be welcome to Malawi to establish industries in various sectors of the economy including agriculture, tourism, and mining in line with Chakwera’s vision of economic transformation.

Gwengwe also invited his counterpart to visit Malawi with a business mission shortly.

He then promised to share bankable projects as well as a list of products to qualify for duty-free treatment into the Korean market.

“The MoU cooperation is in trade facilition, investment promotion, supply chain, economic and industrial cooperation, amongst others,”said Gwengwe.

On his part, Cheong promised to work with the government and to visit Malawi with a team of various business professionals in the shortest period possible to explore the business and investment opportunities in Malawi.

The TIPF will be instrument to promote business relations between Malawi and Korea.

The government of Korea is availing about $14 billion export financing facility for the Korean private sector willing to do business in Africa.

Business

Puma Energy launches first Le Croissant cafe in Blantyre

Maravi Post Reporter

By Prince Chinayani

BLANTYRE-(MaraviPost)-Puma Energy Malawi on Saturday June 1,2024, launched the first Le Croissant cafe at its Chichiri Service Station in Blantyre, demonstrating its continued commitment to providing convenience, product diversity, reliability and quality of service to its customers.

The opening of the outlet follows the signing of a memorandum of understanding with Le Croissant, a local, Malawian brand, earlier this year to open three Le Croissant café outlets at Puma Energy Malawi service stations.

Speaking in an interview, Puma Energy General Manager(GM) Sipho Uaeca said the partnership reflects Puma Energy Malawi’s confidence in the Le Croissant brand.

He said:”This also reflects our commitment to supporting local businesses and collaboration in the private sector to create jobs and sustain livelihoods.”

Serendib Hotels and Resorts chairperson said: “Our Le Croissant is a local brand. This first venture into the ‘on the go’ café business is an extension of our long-term investment into the Malawian economy and the people of our country.

“We are proud to partner with Puma Energy Malawi as we extend our brand across the country.
This partnership marks another milestone in delivering quality services to Puma customers and opens a new gateway to hospitality.”

Le Croissant, a specialist pastry, confectionery and bakery brand, is a division of Heritage Hotel, which was established in 1958 as Shire Highlands.

It is under the Serendib Hotels and Resorts brand and employs over 800 people.

Puma Energy plans to further expand the partnership to its stations in Lilongwe and Mzuzu.

Le Croissant, which serves over 1 200 customers per day with over 20 products, is an employer of young culinary talent.

Business

Betway announces Gwamba as brand ambassador in lucrative MK42m partnership

Maravi Post Reporter

By Prince Chinayani

BLANTYRE-(MaraviPost)-Malawi’s popular Hip-hop musician Gwamba on Friday, May 31, 2024, signed a MK42 million ambassadorial deal with online gaming sporting company Betway.

Speaking when unveiling the ceremony in Lilongwe, Chief operations officer at Betway Charles Phiri described Gwamba as an extraordinary talent.

“He is not only an extraordinary talent, but also a symbol of dedication, excellent and passion. These are the values that resonates with us at Betway.

“We look forward to this partnership because we believe that with Gwamba in our team not only are we going to win, but make an indelible impact in the sports betting industry,” he said.

In his remarks, Gwamba expressed his excitement, pointing out that this is a big opportunity for the music industry to make an impact in the sports sector.

“I am humbled and excited to be part of Betway as a musician and as a person. I looking forward to using my brand to grow together with Betway. It is a big win for Malawi music,” he said.

Betway was founded in 2006.

The company offers betting and gambling products including sportsbook and online casino.

Betway has offices in London, Malta, Guernsey, and Cape Town, South Africa.

The Betway brand holds licenses in countries including the UK, Malta, Italy, Denmark, Spain, Belgium, Germany, Sweden, Mexico, South Africa, Portugal, Ireland, Poland, France, Argentina, and the United States.

It is a member of the European Sports Security Association,the Independent Betting Adjudication Service, the Remote Gambling Association,and is accredited by international testing agency eCOGRA.

Betway has a partnership with the Professional Players Federation, which promotes, protects and develops the collective interests of professional sports people in the UK.

It is also a supporter of the Responsible Gambling Trust.

Business, Malawi

Chakwera emphasizes on the restoration of the lost factories

Malawi News Agency (MANA)

By Elia Chibwe

LILONGWE-(MANA)-President Lazarus Chakwera says his government is working on restoring factories and banks, that were sold by previous government, as one way of controlling the country’s currency.

Speaking Saturday during the launch of Magwero Industrial Park Project at Area 55 in Lilongwe, Chakwera said some of the challenges the country is facing by selling of factories and banks that would have assisted to control the country’s currency.

“I do not have time for fighting with anyone but to ensure that the lost economy is restored. The companies and factories that were sold should be back,” Chakwera said.

He, therefore, cautioned against abusing power to delay the project saying such behavior is not condoned and those found doing that will be brought to book.

Minister of Trade and Industry, Sosten Gwengwe, said the project is important in building Malawi.

“This is important to any investor. Those who invest in these parks and do production, should also have the markets locally and they will be supported,” Gwengwe said.

President for Malawi Confederation of Chambers of Commerce and Industry, Wisely Phiri, said the project is an opportunity for vocational skills and mutual development.

Member of Parliament for Lilongwe City Centre, Alfred Jiya, hailed government for the project saying it will accord the youth employment and impart skills among people.

“I see piped water and electricity coming here and I see youth getting jobs from this park,” he said.

The park, which sits on a 400 hactare land, will have different industries specialized in agro-processing, chemical and plastic and is expected to help advance the country’s economy as envisioned in the Malawi 2063.

Government acquired US$200 million from Afrexim Bank for the project whose area will be developed by Arise Integrated Industrial Platform.

The launch was held under the theme “Catalyzing Industrialization in Malawi”.

Business, Regional

Malawi’s business tycoon Mulli to open multi-million dollar tea factory in Nigeria

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-The Malawi’s top business tycoon Leston Ted Mulli who is now MBL Limited Executive Chairperson on Wednesday, revealed his plans of opening a multi-million dollar tea factory in Nigeria.

Mulli revealed this after hosting the Nigerian delegation which included Parliamentarians and commissioners to a luncheon at the Woodlands in the Capital Lilongwe.

Speaking during the meeting, the delegation expressed gratitude to be in the warm Heart of Africa and said they were ready to discuss several business ideas which will network the two countries.

Leader of the delegation, Engineer Ahmed Kadi Amshi described the meeting as very pivotal.

He added the meeting he held with Ted Mulli was critical “as it will clear the way for the Malawian business tycoon to push ahead with his plans to open a multi-million dollar tea factory in Nigeria”.

“We are grateful to be here in Malawi and to engage the MBL Limited Executive Chairperson. Our meeting has been of help and we looking forward to seeing him move a head with his plans to invest in Nigeria”, Kadi Amshi said.

He has since,asked Mulli to fasten move on his plans so that Chombe Foods Products are available in Nigeria.

Mulli was delighted to have hosted the Nigerian delegation to the luncheon and hailed the Nigerian Embassy in the country for having fast-tracked his multiple visa so that he is able to stay in Nigeria at any time he wants.

“The meeting was very crucial. As you already know MBL wants to expand into Nigeria. We expect support from everyone and meeting the parliamentarians was a great opportunity for us to sell them the investment ideas we have”, he eluded.

Mulli was invited to invest in the Africa’s largest economy nation last year November by setting up a tea processing and blending plant in Nigeria.

The invitation came during a business-to-business meeting between the Nigerian Investment Promotion Commission Chief Executive Officer Aisha Rimi and Intra-African Trade Fair Chairperson Olusegun Obasanjo, who is also the former Nigerian President held with Mulli in Cairo, Egypt.

Business

Standard Bank aids US$10,000 towards Trade Ministry’s business forum in Dar es Salaam

MaraviPost

LILONGWE-(MaraviPost)-Standard Bank on Friday, May 31, 2024 donated US$10,000 (MK17.2 million) to Ministry of Trade and Industry towards hosting Malawi Investment Forum (MIF) in Dar es Salaam, Tanzania.

The business forum is slated for June 12–13, 2024.

During cheque presentation at Trade Minstry’s offices in the capital Lilongwe, Standard Bank’s Head of Business and Commercial, Graham Chipande said the bank is committed to provide financial support towards the attainment of the Malawi 2063.

  • Chipande said, “As a continuation of Standard Bank’s role in driving Malawi’s growth through trade and foreign direct investment, we are pleased to announce a contribution of U$10,000 (over MWK17.2 Million) to the Ministry of Trade to facilitate the country’s participation at next month’s Malawi Investment Forum in Dar es Salaam, Tanzania
  • “This is a joint contribution between Standard Bank Malawi (US$5,000) and Stanbic Bank Tanzania (US$5,000). Last year in Johannesburg, South Africa, Standard Bank also partnered in the Malawi Investment Forum and made a similar financial contribution”.
  • He added, “As a lead private sector partner for the MIF, Standard Bank looks forward to welcoming the new opportunities that the forum will generate. We also look forward to opening a platform where Malawian businesses and other professionals operating in Tanzania can enjoy the omnipresence and synergies of Africa’s biggest bank by assets.
  • “We are keen to engage with all the partners that will bring bankable projects across various sectors. As trade sits at the centre of Africa’s inter-connected economy, it is one of the catalysts to help grow our country socially and economically. Hence, we are proud to be associated with the MIF in Tanzania”.

On his part, Minister of Trade and Industry Sosten Gwengwe said the forum is a platform for the country to showcase its investment opportunities and attract foreign direct investment.

He disclosed that the government will, among others, promote Malawi’s key sectors including Agriculture, Tourism, and Mining.

“I’m happy to accept to accept this generous sponsorship of US$10,000 from Standard Bank towards the Malawi-Tanzania Trade and Investment Forum. This significant contribution demonstrates the bank’s commitment to enhancing regional integration and unlocking Malawi’s investment potential for future prosperity.

“Standard Bank’s sponsorship will play a vital role in facilitating meaningful discussions, networking opportunities, and the exchange of innovative ideas among stakeholders. Your contribution will help bring together experts, policymakers, and business leaders to explore opportunities and address challenges in regional trade and investment,” lauds Gwengwe.

He added, “Together, let us work towards strengthening trade and economic ties between Malawi and Tanzania, through unlocking our nations’ full potential, and by creating a brighter future for our citizens.

“Standard Bank’s sponsorship will play a vital role in facilitating meaningful discussions, networking opportunities, and the exchange of innovative ideas among stakeholders”.

The Malawi Investment Forum to be held in Tanzania is under theme, “Enhancing Regional Integration for Malawi’s Investment Potential and Future Prosperity,” which resonates deeply with the nation’s development goals.

Business

MITC award excites  NBM Development Bank

Lloyd M’bwana

BLANTYRE-(MaravPost)-NBM Development Bank Limited, a subsidiary of National Bank of Malawi (NBM) plc, says the recognition by the Malawi Investment and Trade Centre (MITC) Malawi Exporters Award  in the Best Financial Services category confirms its commitment in ensuring growth of the country’s SME Sector and economy. 

NBM Development Bank Limited was recognized alongside other companies during the opening session of the 34th Malawi International Trade Fair by President Lazarus Chakwera at Chichiri Trade Fair Grounds recently. 

According to the Bank’s General Manager, Bernard Masi, the Bank provides debt and equity capital to Small and Medium Enterprises (SMEs) within key target sectors and has served a lot of Malawian SMEs who have now grown their business and contributed to the economic development of the country in various ways.

“NBM Development Bank Limited is the development finance institution licensed by the Reserve Bank of Malawi (RBM) to serve the SME sector. It is one of the few institutions in Malawi which provides funding to business start-ups. NBM Development Bank Limited prides itself as the ‘game changer’ in SME finance in Malawi and has been operational since 2019.”

“With this award, we are greatly encouraged to do more to revolutionize the SME landscape in Malawi and we are very pleased to have achieved this milestone after only operating for four years” he said 

Recently, Executive Director of Uromed Clinic in Lilongwe, Dr Thandie Mabedi described the Bank as phenomenal after financing her idea of opening a Urology clinic in the city.

“What we had then was an idea to have the clinic offering specialized services, but we didn’t know how to raise funds as all the Banks could not fund us without any track record but  when we reached out to NBM Development Bank, they appreciated our idea and provided the financial support which included buying hospital equipment. We are now expanding to a bigger clinic, while offering jobs, and serving a number of people across the county,” she said.

Apart from Uromed, the Bank has also financed other export and import substitution SME businesses in Malawi.

Business

Airtel Malawi to revise 2023 financial statement

MaraviPost

LILONGWE-(MaraviPost)-The country’s leading telecommunications service provider Airtel Malawi on Friday, May 31, 2024 announced that the company will revise its audited Financial Statements for the year ending, December 31, 2023, along with its dividend recommendation of MK 0.977 per share.

In brief statement made available to The Maravi Post and signed by Airtel Malawi Secretary, Hlupekire Chalamba says, “The company will revise the Financial Statements for the year ended 31st December 2023 and restate the Financial Statements for the year ended 31st December 2022.

“The decision has been made in consultation with the Company’s statutory auditors and comes from a re-assessment of the accounting treatment for certain US Dollar indexed tower lease contracts recorded on its balance sheet”

The revision is expected to result in a negative retained earnings position on the balance sheet as of 31st December 2023.

Chalamba further said the decision to revise the Financial Statements underscores the company’s commitment to transparency and adherence to regulatory standards.

“We are dedicated to ensuring that our financial reporting accurately reflects the Company’s position and complies with all applicable laws and regulations. The revision of the Financial Statements does not impact the Company’s strategy, operating strength, and resilience.

“Airtel Malawi Plc continues to focus on network investment, customer and revenue growth, containing costs, and diversifying currency sourcing to mitigate exposure to foreign exchange volatility,” says Chalamba.

The Company has therefore reassured its stakeholders of its continued commitment to good governance and strong ethical standards, principles which are deemed the cornerstone of its business success.

Airtel Malawi Plc will therefore provide further updates as more information becomes available and as the revised Financial Statements are prepared and published.

Business

EDF posts MK9.7 billion profits for 2023

Dorica Mtenje

LILONGWE-(MaraviPost)-The Export Development Fund (EDF) has registered a profit after a tax of 9.7 billion for the year ended according to the financial statements for the year end 2023.

The funds seeks to continue fulfilling it’s mandate of providing financial resources and advisory services to drive export diversification.

EDF Public Relations officer and Marketing specialist, Deliby Chimbali told The Maravi Post in an interviews that the company is in strong financial position with current assets of MK88.5 billion compared to current liabilities of MK37.8 billion as of 31 December 2023.

She said the financial statements also shows that in 2023 the funds retained earnings grew to K20.9 billion while total equity increased to MK45.0 billion

“The profitability was mainly driven by recoveriea from loan impairment provisions as well as the funds ability to create new quality businesses,”said Chimbalu.

She therefore said, “In terms of performances in 2023 the fund approved transactions worthy MK23.1 billion out of which MK6.46 billion was disbursed to agro-processing, Agriculture, tourism, mining and manufacturing to create 1500 jobs and save about 120 jobs”.

EDF is a development finance institute owned by reserve bank, incorporated in 2012 to provide financial advisory services to business in growth sectors of economy.

Business

Illegal foreign miners hampering Malawi’s mining sector progress

Dorica Mtenje

LILONGWE-(MaraviPost)-Malawi’s mining sector is being significantly affected by foreign illegal miners leading to loss of millions of kwacha in mineral revenue.

Deputy Secretary to the President and Cabinet and also Head of the Presidential Delivery Unit Janet Banda disclosed this during a mining pre-lab meeting in Lilongwe.

Banda noted that illegal mining is stunting the growth of the sector, with Malawians often being complicit as they facilitate smuggling operations for minimal compensation, while foreigners reap substantial profits from the country’s minerals.

Banda therefore lauded the impact of the Reserve Bank of Malawi (RBM)’s Exchange Development Fund’s strategy in purchasing minerals, which has helped the country gain MK21.2 billion.

She however pointed out that many mining companies are non-compliant with Malawi’s laws, seeking special provisions that align with their interests, further hindering sector growth.

Principal Secretary in the Ministry of Mining, Dr. Joseph Mkandawire, stated that the pre-lab meeting aimed to address issues affecting the mining industry by bringing together all relevant stakeholders.

He mentioned that the government has established 17 cooperatives to facilitate the domestic purchase of minerals.

“The pre-lab is intended to conduct an in-depth analysis of the factors impeding timely mining delivery,” said Mkandawire.

Malawi’s mining sector was established in 2020 and officially registered in 2024, with the goal of overseeing mining activities within the country.