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.
AMA, Business

CorpsAfrica’s Pitch Day Showcases Volunteer-Led Projects and Cultivates Philanthropic Culture Across Morocco and Africa

MaraviPost

Signing of a cooperation agreement between Mr. Omar Laafoura, President of the Corps Africa Association in Morocco, and Mr. Mohamed Shadi, Dean of the Faculty of Law and Economics at Hassan II University in Mohammedia, to enhance academic and community collaboration and develop charitable projects in Morocco.

CASABLANCA, Morocco, 29 May 2024 /African Media Agency (AMA)/- CorpsAfrica, a pioneering association committed to promoting social entrepreneurship and community development across Africa,proudly announces its inaugural Pitch Day event. Set to take place at the esteemed Onomo Hotel in Casablanca, Morocco on May 22, this momentous occasion celebrates the resilience and remarkable contributions of CorpsAfrica’s volunteers, while also driving forward impactful initiatives in Morocco and beyond.

CorpsAfrica, established in 2013, is a Moroccan association dedicated to promoting social entrepreneurship across Africa. Engaging young African volunteers, aged 20 to 30, in year-long service projects addressing various community needs, the organization emphasizes rigorous screening and training.

Pitch Day, inspired by Shark Tank, is a CorpsAfrica/Maroc initiative aimed at catalyzing positive change in rural communities through grassroots efforts. This event, a cornerstone of CorpsAfrica’s commitment to empowerment, serves multifaceted purposes. With an attendance of 100 distinguished guests, including influential leaders, potential donors, and enthusiastic supporters, Pitch Day not only seeks to fund volunteer projects but also introduces CorpsAfrica and its volunteers to expansive networks.

The cornerstone of Pitch Day lay in empowering CorpsAfrica volunteers to directly pitch their project proposals to local businesses and potential donors. Through this dynamic exchange, volunteers had the opportunity to showcase their projects’ significance and impact, forging critical partnerships and securing essential resources to drive their initiatives forward.

In this edition, 7 volunteers were evaluated by a panel of notable judges, composed of respected individuals with experience and a keen interest in collaborating with NGOs and similar organizations. These judges brought expertise and genuine enthusiasm for driving social change. Each volunteer’s project underwent thorough evaluation to gauge its potential impact. The volunteer whose project displayed outstanding merit and ingenuity was rewarded, while others were acknowledged for their commendable contributions to community betterment.

Here is an overview of few of the impactful projects presented at Pitch Day 3rd edition:

  • Project 1: Jawad Er-rachdi’s Road Repairing in Id Aissa Village aimed to improve road conditions, enhancing connectivity, access to services, economic opportunities, and social cohesion.
  • Project 2: Soukaina Koumani and Sande Belmqadem’s Agricultural Cooperative in Anbdour Village focused on revitalizing the economy through cost-effective feed production, promoting local sales, and ensuring economic sustainability.
  • Project 3: Nadia Benaoui and Mariama Ba’s Sustainable Agriculture in Outaghri Village addressed water distribution challenges, ensuring efficient irrigation, revitalizing lands, enhancing productivity, and preserving the local ecosystem.
  • Project 4: Fatima Zoubair and Ez-zahra Ait Bouzid’s TIFAWT Space project in IDSSYAR & AIT ZITOUN village empowered women through literacy, skill development, and entrepreneurship programs.

In addition to project presentations, Pitch Day featured engaging discussions, networking opportunities, and interactive sessions aimed at inspiring individuals to join the volunteering program and become agents of change in their communities.

Among the notable guests were prominent figures, representatives from Local community and industry leaders and esteemed judges including Mr. Zouheir Lakhdissi, Mme Siham Malek, Mme Rabia El Alama, Mr. Imad Boulabat, Mr. Nabil Jadri , and Dr. F.H. Benzakour.

Distributed by African Media Agency on behalf of CorpsAfrica.

About CorpsAfrica:

CorpsAfrica, established in 2013, is a Moroccan association dedicated to promoting social entrepreneurship across Africa. Engaging young African volunteers, aged 20 to 26, in year-long service projects addressing various community needs, the organization emphasizes rigorous screening and training.

By training highly educated young Africans to help local communities identify and solve their own challenges, CorpsAfrica is shifting Africa’s development sector from reliance on external aid to empowering and strengthening its most valuable asset: its people.

Inspired by the Peace Corps model, CorpsAfrica Volunteers live in remote villages for up to a year, facilitating small-scale projects identified by the community.

Since its inception, CorpsAfrica has expanded to 10 countries, with plans to reach all 54 African countries within a decade. Their volunteers have completed over 800 projects, including building infrastructure and supporting local farms. Prioritizing community engagement fosters resilience and prepares volunteers for personal and professional growth.

For more information about CorpsAfrica and its initiatives, please visit: https://www.corpsafrica.org/where-we-work/morocco/

Media contact:

press@dabuzzconsulting.com

The post CorpsAfrica’s Pitch Day Showcases Volunteer-Led Projects and Cultivates Philanthropic Culture Across Morocco and Africa appeared first on African Media Agency.

Source : African Media Agency (AMA)

Business

TNM promotion, Tikolore to boost agriculture

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Pioneering Malawian mobile network services provider TNM Plc has launched its 2024 season of Tikolore, a promotion that celebrates the harvest season with farmers and provides inputs for the next season.

This year’s grand prize is a brand-new Toyota Hilux pick up while the other prizes such as inputs of fertilizer and water pumps have been carefully selected to help boost the farmers in the coming farming season.

Said Marketing Director Sobhuza Ngwenya; “Tikolore promotion reflects TNM’s strategy towards contributing to the country’s agriculture sector.

“In a year when El Nino which brought drought and reduced output, the importance of irrigation agriculture and related energy technologies needs no further emphasis.”

He said as a technology-driven company, TNM Plc recognizes that agriculture technology and mechanization represent the new future of Malawi’s agrarian economy.

“TNM being a technology-driven company appreciates the need to collaborate with our customers to contribute towards improving crop yields through the Tikolore Promotion,” said Ngwenya.

In recent years the promotion has been an effective tool that strengthens the relationship between TNM and Malawians, in the process highlighting TNM’s commitment to the economic development of the country.

The Marketing Director said the Tikolore Promotion demonstrates TNM’s appreciation to customers for choosing the company as a trusted telecommunication provider.

“The essence of this promotion lies in our deep-rooted commitment to appreciate and celebrate our customers as they rejoice after the growing season. This is a tribute to their resilience and unwavering spirit, which fuels our journey toward sustainability and prosperity,” said Ngwenya.

Customers will have the chance to participate in this exciting promotion with every K1000 usage on TNM products or Mpamba each week.

Another option to enter is to refer 3 customers to register on Mpamba and that becomes an entry into the lucky draw.

The entry will qualify them for weekly and monthly draws where they have chances of winning fabulous prizes.

“With transactions of K1000 a week on TNM services, customers will earn entries into the weekly and monthly draws.

“This will be a build up to the grand prize draw, where one lucky winner will drive away with a brand-new pickup truck, perfectly suited for rural adventures and farm hauls. Other prizes include Water pumps, Gas Stoves, Fertilizer, and TNM products,” he said.

Business

NBM Plc splashes MK9 million ‘Popanda Chifukwa’

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Listed National Bank of Malawi (NBM) has splashed MK9 million to 14 lucky winners to mark the end of the ‘Popanda Chifukwa’ promotion. 

The Bank conducted the grand draw on Friday in Blantyre, which saw four lucky customers walking away with K1.5 million each for transacting through POS and MoPay, while 10 others won K300,000 each in the K60.8 million promotion.

‘Popanda Chifukwa’ promotion was launched in December last year and ended in April to promote the usage of NBM Plc’s digital platforms like Mo626 Pay (MoPay), and POS machines.

The four grand winners are Agness Matapa, Ernest Amon, Trizah Phiri, and Doris Malazi Malikita.

NBM Plc Head of Digital Financial Services William Kaunda, said the promotion served as an opportunity to recognize and appreciate the loyalty of their customers who continue to choose NBM Plc as their preferred financial partner.

“Our esteemed MoPay merchants will not be left out. The top five with the highest number of transactions will receive a special gift pack of NBM-branded materials, appreciating their valuable contribution to this promotion.”

“During the promotion period, we are pleased to announce that we have achieved our objectives in terms of transaction value and number of transactions that grew by 36 percent and 55 percent respectively,” said Kaunda.

The final draw included the April monthly draw which saw 30 winners walking away with gift packs, while 40 lucky customers received 50 percent cash back and three others got K150,000 each.

Business, Technology

TNM named 2024 best Malawi’s internet company

Maravi Post Reporter

……Scoops 2nd internet connectivity award

BLANTYRE-(MaraviPost)-TNM Plc, has been awarded as the 2024 “Best Internet Connectivity” company in Malawi by the Information Technology Association of Malawi (ICTAM).  

ICTAM conferred the accolade during its recent 2024 Corporate Awards, marking the second consecutive year that TNM has scooped the award.  

Reacting to the award, Corporate Affairs Manager, Limbani Nsapato says it further confirms TNM’s ability to consistently deliver high quality and stable internet services despite operating in a challenging environment characterized by unpredictable weather and macro-economic conditions.  

TNM Plc, listed on the Malawi Stock Exchange competed with Airtel and Inq Digital in the category.  

“This accolade is a testament to TNM’s unwavering commitment to innovation and excellence in advancing the ICT sector and driving the digital economy. At TNM, we continue to take command of technological advancements in response to the dynamic needs of our customers in a fast-paced digital economy,” said Nsapato.  

Nsapato said the award reaffirms TNM’s position as trailblazer in delivering seamless internet connectivity and empowering individuals and businesses alike in the digital world.  

Nsapato said the award inspires TNM to continue pioneering innovative and integrated mobile network and ICT services that respond to the customer needs.  

TNM is the pioneer of 5G network services which launched in 2023. The telco is expanding its service to other parts of the country after Blantyre CBD and City Centre in Lilongwe.  

The company has also pioneered its own Master-card powered debit cards which operate based on its mobile money platform, Mpamba. This makes TNM the first operator in Malawi to provide convenience in the retail experience sector and electronic ticketing for soccer matches.  

“The ICTAM award will motivate us to continue delivering world-class innovations by applying mobile network technology as a catalyst for helping Malawi achieve her national growth ambitions as envisioned in the #MW2063 document,” he said.  

The panel of judges at the ICTAM awards singled out TNM as an important driver of Malawi’s sustained development through its cutting-edge innovative offerings in the country through the internet services.  

Business

TNM Mpamba, MASM upgrade payment system

Maravi Post Reporter

BLANTYRE-(MaraviPost)-TNM Mpamba Ltd, a wholly-owned subsidiary of TNM plc is proud to announce the upgrade of its payment system with Medical Aid Society of Malawi (MASM) aiming to enhance the convenience of their mutual customers.

The innovation is a continuation of innovative strides by TNM Mpamba Ltd to deepen financial inclusion and further widen scope of the country’s mobile payment ecosystem.

It will enable instant and automatic updates of payment subscriptions made directly on Mpamba.

TNM Head of Brand and Marketing Madalitso Jonazi said that with the new payment upgrade, transactions on Mpamba are processed instantly, allowing real-time updates on premium statuses of customers.

“TNM Mpamba has a steadfast commitment to simplifying transactions and enhancing customer experiences. Therefore, together with MASM, we have made a comprehensive payment upgrade aimed at revolutionizing the way health premium transactions are conducted,” said Jonazi.

This upgrade, according to TNM will revolutionize the way MASM customers access and manage their health insurance contributions ensuring greater accessibility and efficiency.

“At TNM we understand that we are living in a fast-paced world where convenience and efficiency are paramount, especially for the healthcare sector. Gone are the days of lengthy processing times, as such the upgrade has eased efforts for both MASM and policyholders,” he said.

Commenting on the development, Dr Macfenton Shariff, Chief Commercial officer at MASM has expressed enthusiasm about the positive impact of the payment upgrade.

“At MASM, we are happy to see our partnership with TNM Mpamba blossoming impactfully to our valued customers. This latest payment upgrade represents a significant step forward towards redefining the landscape of health insurance transactions, making them more accessible, efficient, and secure than ever before,” said Shariff.

He added that “with TNM Mpamba, when MASM members make their monthly contributions, the payments will automatically update their MASM membership account”.

“This is convenience at your doorstep right in the comfort of your home and there is no need for proof of payment as has been the case previously,” he said.

Business, Malawi

FDH Bank plc commits to sustaining profits

MaraviPost

BLANTYRE-(MaraviPost)-FDH Bank plc has reiterated its commitment to maintaining profitability and delivering shareholder value despite challenging economic conditions. 

This assurance was highlighted at the Bank’s 17th Annual General Meeting held in Blantyre on Friday.

During the meeting, shareholders approved a final dividend of K7.039 billion for 2023, a testament to the bank’s robust financial performance.

In 2023, FDH Bank reported an impressive post-tax profit of K35.647 billion, a 55 percent increase from the K22.932 billion recorded in 2022.

The approval of this final dividend brings the total dividends from 2023 profits to K22.635 billion. 

The bank had previously paid a first interim dividend of K9.04 billion in August 2023 and a second interim dividend of K6.556 billion in December 2023.

FDH Bank’s Chairperson, Charity Mseka, addressed the bank’s outlook for 2024, acknowledging the difficulties posed by persistent foreign currency shortages, a widening trade deficit, and sluggish GDP growth.

Despite these challenges, Mseka expressed confidence in the bank’s strategic plan for 2024 to 2026, designed to enhance adaptability, resilience, and sustainable growth.

“Our dividend payouts are a clear indicator of our strong performance and our commitment to rewarding our shareholders,” Mseka stated. 

“We continue to support the public and private sector, engaging with businesses across various industries to address their concerns and assist them in navigating a difficult economic landscape,” she added.

Mseka assured shareholders that the bank is focused on meeting customer demands, particularly in addressing forex challenges, and is dedicated to fostering a supportive environment for business growth.

Joe Maele of IB Holdings, representing the shareholders, expressed satisfaction with the bank’s performance.

 “We are pleased with FDH Bank’s results. Despite the economic uncertainties, we believe the bank has the potential to achieve even greater success by exploring new markets and opportunities,” he said.

Maele also noted the challenges posed by external factors such as fuel and food shortages, which could impact the bank’s ability to sustain profits. 

However, he remained optimistic about FDH Bank’s ability to overcome these hurdles and continue delivering value to its shareholders.

Business

NBS Bank Plc equips staff on data protection

Maravi Post Reporter

 BLANTYRE-(MaraviPost)-NBS Bank Plc has taken a significant step in ensuring its members of staff are equipped with data privacy information skills by training them about the just-assigned Data Protection Bill.

NBS Bank Plc Head of Compliance Vitumbiko Gubuduza said in an interview yesterday that the aim of the training is to familiarize staff members with the newly enacted Data Protection Act and instill confidence in the market regarding the Bank’s proactive stance on customer data protection.

“This initiative underscores the Bank’s commitment to safeguarding customer information and ensuring compliance with evolving regulatory frameworks. The training will also help staff to know how to handle customer information as they make sure internal processes comply with the new bill.”

“The staff members are central to data privacy and key stakeholders. We cannot proceed to comply with a law before we make sure our staff understands the requirements under the law and ensure that our internal processes are updated for seamless compliance. They must therefore understand the demands of this law,” said Gubuduza.

She added that the initiative by NBS Bank Plc demonstrates its proactive approach to compliance and underscores its commitment to fostering trust and confidence among its customers.

“By investing in staff training and aligning internal processes with regulatory requirements, the Bank is poised to uphold the highest standards of data protection, thereby strengthening its position as a responsible financial institution. NBS Bank Plc’s dedication to data protection sets a precedent for other organizations to prioritize the protection of customer information and embrace regulatory changes as opportunities for improvement and growth,” explained Gubuduza.

Limbe Service Centre Manager Twaibu Mnani said the training helped them understand how to handle customers’ personal information.

“The introduction of the Data Protection Act will assist in building trustworthy relationships with customers. We have been taught how to appreciate customers’ privacy by among other things never to take photos unnecessarily unless with consent from customers,” said Mnani.

The Data Protection Act received presidential assent from President Lazarus Chakwera in February this year and aims to establish a comprehensive legal framework for regulating the processing and movement of personal data of natural persons, in line with internationally accepted data protection principles.

In February this year, President Lazarus Chakwera assented to the bill seeking to provide for a comprehensive legal framework for regulating the processing and movement of personal data of natural persons, in compliance with internationally accepted data protection principles.

Business, Malawi

World Bank pumps US$80m towards Malawi budget execution

Lloyd M’bwana

WASHINGTON-(MaraviPost)-The World Bank announces the release of a US$80 million (about K140 billion) grant to Malawi’s budget.

The funds aim at improving resource mobilization, budget execution, and transparency of public finances to assist the achievement of results under the Malawi Public Finance Management (PFM) Strategy 2023-2028.

In a statement made available to The Maravi Post dated Thursday, May 23, 2024, the bank says the International Development Association (IDA) grant complements the International Monetary Fund (IMF) Extended Credit Facility (ECF) arrangement and World Bank Development Policy Financing (DPO), both approved in late 2023.

The bank says, “As Program for Results (PforR), the funds will be unlocked upon the achievement of indicators such as an increase in domestic value-added tax (VAT) revenue collection, decreases in variance between approved budget and expenditure outturn, and an increase of contract data accessible by citizens”.

World Bank Country Director for Malawi, Zambia, Zimbabwe, and Tanzania Nathan Belete adds, “Low forex reserves and limited fiscal space have been major challenges for Malawi despite a new IMF program and the recent World Bank DPO series”.

Belete explains further, “The Fiscal Governance Programme for Results, therefore, presents a new and innovative financing instrument that will enable the government to unlock additional resources more predictably over the next five years”.

He added, “This will serve as a platform for harmonized planning, coordination, and utilization of resources for service delivery”.

In an interview with the Minister of Finance, Simplex Chithyola Banda attributed World Bank support to current leadership’s financial prudence on donors’ funds.

Chithyola however disclosed that “The total expenditure required by our PFM Strategy is approximately US$146 million”.

He says now, with this IDA financing of $80 million, authorities are slightly above 50 percent of the required resources.

“I am very optimistic that, with this, we will create a solid foundation for our fiscal governance and sustain policy reforms throughout the PFM Strategy implementation,” Chithyola Banda says.

World Bank support comes barely a month after Finance Chithyola attended an IDA meeting in Washington DC where he appealed for support towards Malawi’s programs on disaster and resilient approaches to locals.

Business

Rwandese businessman Jacques Tuyizere win MK250m in betPawa’s aviator game

Maravi Post Reporter

By Twink Jones Gadama

BLANTYRE-(MaraviPost)-In a world where online sports betting has become increasingly popular, one man in no Malawi has managed to hit the jackpot and become the latest big winner on betPawa’s Aviator game.

Jacques Tuyizere, a Rwandese businessman, recently made headlines when he placed two bets on the game and hit a multiplier of 2500, winning the highest maximum payout of MK 250 million per bet.

Tuyizere, who started playing Aviator in January, expressed his excitement and satisfaction with his win.

“I really just enjoy playing the game,” he said. “From the first time I played, I knew this was the one for me.

“With a huge smile on his face, Tuyizere recounted the moment he realized he had hit the maximum limit and won big.

Aviator is a virtual game where players stake in a virtual aircraft and watch as the multiplier scale grows while the plane moves.

The goal is to cash out before the plane crashes or wait until it reaches the maximum payout limit.

Tuyizere’s win now adds him to the list of betPawa’s big winners, with the betting brand becoming synonymous with record wins on its casino games and sportsbook.

Tuyizere’s win comes just weeks after another betPawa customer in Malawi, Francis Chigudu, won MWK 125 million on Aviator.

In February, a player named Steve from Lilongwe also won big on the same game, taking home MWK 174.2 million.

Tuyizere himself had won MWK 25 million before his latest big win.

Despite his newfound wealth, Tuyizere remains humble and grateful for his good fortune.

He plans to continue playing the game and is excited about the increased stake that betPawa has announced.

“I will continue betting,” he said, showing his dedication to the game and his passion for the thrill of potentially hitting the jackpot once again.

Regional Marketing Manager for Southern Africa, Bwalya M. Noah, shared the company’s excitement over Tuyizere’s win.

“We are thrilled to see Malawi producing such big winners. The stakes will now be increased, providing even more opportunities for players to win big,” Noah said.

As Tuyizere continues to enjoy his winnings and looks forward to future bets on Aviator, his story serves as a reminder of the potential for life-changing wins in the world of online sports betting.

With luck and skill, anyone could be the next big winner on games like Aviator, where the sky truly is the limit.

Business, Malawi

“Production crucial for export boosting”-Chakwera

MaraviPost

BLANTYRE-(MaraviPost)-President Lazarus Chakwera has emphasised the need to invest much in production saying is crucial for boosting export that generates forex.

Chakwera also observes that boosting Malawi’s export capacity through enhanced production is crucial for the country’s economic growth and development.

Malawi leader made the remarks during the official opening of the 34th Malawi International Trade Fair at Chichiri Trade Fair Grounds in Blantyre on Thursday, May 23, 2024.

The President emphasized the importance of increasing production and exports, saying it will enable Malawi to compete favorably in the regional and global market.

He also encouraged local businesses to take advantage of the trade fair to network, share ideas, and explore expansion opportunities.

Chakwera toured several business pavilions, interacting with merchants and viewing a diverse array of products and services.

He commended the innovators and entrepreneurs for their efforts in showcasing Malawi’s industrial and technological advancement.

The Malawi International Trade Fair, which runs from May 23rd to 29th, has drawn participants from within the SADC region, as well as from distant lands including India, China, and Europe.

Over 177 local companies are participating in this year’s fair, alongside exhibitors from neighboring countries.

The President’s opening address was preceded by the presentation of Exporters and Exhibitors Trophies.

The event also featured a statement by Dr. Wisely Phiri, President of the Malawi Confederation of Chambers of Commerce and Industry, and a performance by the Chichiri Prison Cultural Troupe.

In his statement, Trade Minister Sosten Alfred Gwengwe emphasized the government’s commitment to supporting the private sector and promoting economic growth.

The Malawi International Trade Fair is an annual event organized by the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) and has grown to become a cornerstone of Malawi’s business community’s engagement with the world.