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LILONGWE-(MaraviPost)-Old Mutual Malawi on Wednesday, May 22, 2024 dared small-scale businesses to invest much in saving for long term financial security.
Old Mutual’s Marketing and Cooperative Affairs Executive Patience Chatsika told the Small-Medium and Micro Enterprises (SMMEs) workshop in the capital Lilongwe that business operators must prioritize saving to prepare for the future and achieve self-reliance.
Chatsika observes that saving is crucial for wealth building, which aligns with the MW2063 agenda.
She added that saving helps individuals cope with financial hardships, leading to a stronger economy overall.
“As business operators ply their trade, they should always remember that it is important to invest their funds well and prioritize saving to allow themselves enjoy greater security in their lives.
“Malawi 2063 lays a path towards sustainable development, encompassing various sectors and facets of our society. It envisions a Malawi that is prosperous, self-reliant, and resilient, with a strong focus on human capital development. Therefore, investing in entrepreneurship and skills development is critical,” says Chatsika.
Senior Private Sector Development Planning Specialist at the National Planning Commission (NPC) Hope Chavula said that small-scale businesses are the backbone of the country’s economy, accounting for half of the country’s economic activity.
Chavula therefore encouraged business operators to build resilience and withstand challenges to achieve their financial goals and contribute to the country’s economic development.
In his remarks, Head of Corporate Affairs at the Malawi Revenue Authority (MRA), Steven Kapoloma urged business operators to cultivate tax compliance from the outset, as paying taxes is a responsibility for all, regardless of business size.
Small and Medium Enterprises Development Institute (SMEDI) Director of Planning and Development Liberty Neba disclosed that there are 1.6 million SMMEs operate in Malawi, with 89% of them not registered.
Neba therefore assured the gathering that his organisation will reach out SMMEs for registration that are able benefiting financial literacy programs.
LILONGWE-(MaraviPost)-Minister of Finance and Economic Affairs, Simplex Chithyola Banda emphasised the need Africa to determine and to transform the continent into a global player, fostering equitable and a people centric, sustainable economic development by leveraging Africa’s demographic dividend.
Chithyola Banda made the remarks on Monday, May 20, 2023 the capital Lilongwe during the 9th African Population Conference at the Bingu International Convention Centre (BICC).
He said the conference provides a platform for experts and law makers to share knowledge, experiences and best practices in population management in pursuit of achieving Africa’s sustainable development ambitious.
He also said, despite so many challenges, people in Africa are now uniting and collaborating more in strengthening partnerships in so many areas which will accelerate Africa’s economic growth like health and education, focusing on population development, especially the youth.
Chithyola Banda has described the conference as a powerful testimony on Africa’s resort, pointing that it will result into development of the implementation plan to achieve the AU conference target which was set 30 years ago as well as spearhead the first 10 years of implementation of the AU agenda 2063.
“The Conference will accord Malawi an opportunity to tell her story generously and share her experiences on population,” Chithyola said.
Prime Minister of Iceland, Bjarni Benediktsson said the conference’s theme, “Road to 2030: Leveraging Africa’s Human Capital to Achieve Transformation in a World of Uncertainty” highlights Iceland’s relationship with Malawi as evidenced by developments being carried out in Malawi by the Government of Iceland.
In her remarks, Regional Director for the United Nations Population Fund in Eastern and Southern Africa, Lydia Zigomo commended Malawi Government for hosting the conference.
ZOMBA-(MaraviPost)-The opposition Democratic Progressive Party (DPP) presidential aspirant Dr. Dalitso Kabambe emphasised the need for a candid discussion amongst the youths on practical ways to revive Malawi’s economy.
Kabambe however observed that “It is not inspiring that Malawians are yet to believe in youthful leadership in different sectors of the economy”.
“We are supposed to empower young people from college so that when they graduate they are able to take up challenging positions.
“75 percent of Malawi’s population is below 35. Look at Singapore, China and others, they are the youth developing their countries because they know that a larger population comprises them,” he said.
The former Reserve Bank of Malawi (RBM) governor Kabambe was speaking on a sidelines of ‘Tamanda Chauta’ album launch of the University of Malawi (UNIMA)’s Catholic Students Organisation (CSO’s) Choir in Zomba city.
Kabambe, a development economist told the youth that Malawi’s economy needs to start growing, which in the long-term will, among others, ensure many youths are absorbed into the labour market.
“Our economy is failing to create and generate jobs for the youth and, as they finish school, there is no one to employ them. This is something that we need to quickly address in the labour market
“There is need to start changing the structure of the government from a top-down to a bottom-up approach, meaning that resources should be channeled to the district level instead of mainly being controlled at the central government level,” says the former RBM governor.
This, according to Kabambe, is one of the key points in his seven-point plan that aims at turning around the country’s economic fortunes.
He added, “It is important that the economy grows in numerous areas of mining, agriculture, manufacturing and tourism, among others, stressing that this can be achieved if there is an honest discussion pertaining the current state of the economy with a strong fight put up against corruption.
Kabambe however observed that “There is too much corruption in Malawi which among others, is affecting the youth to rise in politics”.
He therefore thanked UNIMA students for inviting him as guest of honour during their album launch.
Dr. Kabambe left RBM when Malawi kwacha was thriving against major currencies including America dollar at MK850 in 2020 but currently is traded at MK2,500.
Malawi inflation is now rated at 33% from 14% in 2020.
LILONGWE-(MaraviPost)-The country’s leading National Product Magazine (NPM) has awarded Paramount Holding Limited (PHL) as the most reliable construction company in Malawi due to its work efficiency.
The company was awarded on Saturday, May 18, 2024 in the capital Lilongwe during the launch of NPM’s 105 edition.
Paramount Holding is one of the contractors the Malawi government through the Ministry of Education awarded for the construction of the prestigious Inkosi ya Makosi M’mbelwa University (IMMU) formerly known as Mombera University which was abandoned for years after former President Peter Mutharika presided over the project’s ground-breaking ceremony in 2015.
PHL recognition comes barely two weeks after Business In-Deals Magazine (BIM) on Friday, May 3 this year named Paramount Holding as the best Malawi’s Yamaha products Importer and seller.
Receiving the award, PHL Executive Director Prakash Virjl Ghedia minced words by attributing the recognition to hard-working staff members at the institution.
Ghedia says, “The continuous and numerous recognitions just show how efficient our company is in quality service delivery to both public and private sector.
“I dedicate the award to my working team which does not sleep to get work done in time. We therefore are assuring the general public of total commitment towards quality service delivery”.
In her remarks, Minister of Labour Agnes Nyalonje alongside Trade Minister Sosten Gwengwe who graced the event lauded the PHL for the great role is playing in the construction industry by offering jobs to many Malawians.
“The ministry is impressed with PHL workforce offered to Malawians by creating and providing jobs to our citizens. This fosters economic stability,” lauds Nyalonje.
Echoed the same, Trade Minister Gwengwe assured local and international companies for conducive environment towards business boom for maximum revenue collection.
Gwengwe however emphasized the need for company to invest more in value-added production for export that generates much needed forex.
In his remark, NPM Director Arthur Chinyamula said the event allows companies and individuals to showcase products through the continental media platforms.
Chinyamula disclosed that the magazine has gone SADC level whereby regional companies are embracing the publication.
“The Product Magazine is now a regional publication that companies from Zambia, Mozambique, Zimbabwe, Kenya are showcasing their products in the paper. This just shows how reliable we are becoming,” lauds Chinyamula.
In the 105th edition of Product Magazine features President Lazarus Chakwera, Malawi’s successful entrepreneur and businessman Thomson Mpinganjira, Mozambique President Nyusi, and other notable business gurus in the region.
LILONGWE-(MaraviPost)-Paramount Holding Limited (PHL) has donated medical equipment to Lilongwe Lions Club for Area 18, Health Center.
The new medical equipment is expected to improve the quality of care for 250, 000 patients at the health facility.
During the handover ceremony at the facility, Lilongwe Lions Club President Martha Moyo lauded PHL for timely support towards the good course.
Moyo lauds, “On behalf of the Lilongwe Lions Club and Area 18 hospital, I would like to express our heartfelt gratitude to Paramount Holdings for your generous donation of new equipment that will greatly improve the quality of care provided to over 250,000 patients served at the hospital.
“The invaluable support we have received from Paramount Holdings today is a true testament to your commitment to the well-being of our community. This donation will not only enhance hospital capabilities but also help to save more lives and make a significant difference in the lives of those who come through the hospital doors seeking medical help”.
She added, “The hospital equipment provided by Paramount Holdings is a shining example of how collaboration between organizations can directly benefit the local community.
“With this new equipment, the hospital can now better diagnose illnesses, treat injuries, and ensure that our patients receive the best possible care available. Together, we can continue to make a positive difference in the lives of those in need”.
In his remarks, PHL Executive Director Prakash Virji Ghedia expects the medical equipment to improve quality health care at the facility.
Ghedia adds, “It’s any corporate world to remember those in need including our public health facilities that are in dire need of support for better and quality services. The donation was small support towards the hospital that is helping many of our customers and workers.”
LILONGWE-(MaraviPost)-Airtel Malawi Plc, a leading provider of mobile telecommunications services in Malawi on Monday, May 20, 2024 unveiled the removal of the One Time Password (OTP) on their flagship “MyAirtel” Mobile App and introduced two innovative security measures that have been integrated into the app.
Airtel Malawi Managing Director, Charles Kamoto revealed the news during the meeting with the Parliamentary Committee on Media, Information and Communications Technology when addressing concerns regarding fraud last week.
𝐆𝐫𝐨𝐮𝐩 𝐜𝐚𝐥𝐥 𝐢𝐤𝐮𝐣𝐚𝐦𝐚? 𝐍𝐎𝐓 𝐚 𝐌𝐨𝐅𝐚𝐲𝐚 𝐩𝐫𝐨𝐛𝐥𝐞𝐦!
Experience uninterrupted conversations with MoFaya Bundles!
— Airtel Malawi Plc (@AirtelMalawiPlc) May 20, 2024
“We have now removed the One Time Password (OTP) and introduced an SMS verification feature which will send a free auto-generated message to the user’s mobile number to authenticate ownership before logging into the app, thereby adding an extra layer of security. We have also introduced biometric facial or fingerprint recognition which will be prompted for customers with phones of this capability,” stated Kamoto.
“We are proud to be the first network to introduce these security enhancements in Malawi. This technology ensures that only authorized users can access the app, effectively preventing unauthorized attempts and access from fraudsters,” he further added.
Kamoto emphasized that these features address the rising fraud incidents associated with customers releasing One-Time Passwords (OTPs) to fraudsters, providing a more secure solution where potential victims are not targeted for the OTP.
“The enhanced security on the mobile app coincides with the Malawi Communications Regulatory Authority’s (MACRA’s) recent announcement of phasing out of physical scratch cards in favour of digital recharges in the market, ” adds Kamoto.
My Airtel App is available for download on both Google Play Store and Apple/iOS App store.
BALAKA-(MANA)-Minister of Finance, Simplex Chithyola Banda, has urged all people owing National Economic Empowerment Fund (NEEF) to pay back their loans so others to benefit from the same.
Chithyola made the remarks in Balaka on Sunday during the official handover of 10 boreholes that NEEF has drilled in the district as corporate social responsibility for emerging as the best loan repayment district.
He said it was encouraging that even though others are defaulting, a lot more are coming forward to repay their loans.
He, therefore, emphasized on the importance of the boreholes to the community saying NEEF has complimented government efforts in as far as providing clean and potable water to the people is concerned.
Said Chithyola: “Having clean and potable water is a milestone to the development of the country as people will prevent waterborne diseases and no country can develop if its people are sick and not health.
“We are happy with the initiative that NEEF has done for Balaka community members; this is what we call corporate social responsibility.”
Deputy Minister of Water and Sanitation, Liana Chapota-Munthali, concurred with Chithyola commending NEEF for the boreholes saying it has given back to the people of Balaka what they need as the district is a dry land.
Board Chairperson for NEEF, Jephta Mtema, said Balaka has done well in loan repayment with 85 percent registered.
“At national level, we managed to give out K109 billion and in terms of loan repayment we are at 75 percent. In Balaka, out of K109 billion, we disbursed K1.2 billion and 85 percent of the people have already given back their loans which is very encouraging.
He added: “In the 2024- 2025 financial year, we are geared to give over K70 billion to our clients, let me urge all Malawians especially the youth to come forward, get the loans and uplift their businesses and lives.”
Balaka District Commissioner, Tamanya Harawa, disclosed that the district has very low access to potable clean water, and with the donation, things will greatly change for the better.
“Reports shows that only 79 percent of people in Balaka have access to potable drinking water which means 21 percent are drinking from other non-conducive sources, with such donations, the 21 percent remainder will further be reduced,” he said.
Harawa further disclosed that the distribution of the donated borehole, have been drilled in cholera hotspots, markets, schools, as these are crucial as far as access to potable, good drinking water is concerned.
LILONGWE-(MaraviPost)-The 24-year-old girl Faith M’bwana has emerged as the third winner in Triephornia Mpinganjira’s ‘Kuthandiza Omwe Alibe Kuthekela kupita Patsogolo’ initiative.
Faith, a Diploma ya Biomedical engineering graduate, who has just ventured into chip selling at Area 25B in Lilongwe, plans to open a big food cafe in the future upon realizing profits from the business.
She told The Maravi Post after receiving MK1 million on Sunday, May 19, 2024 that will use the money to expand the business.
Faith says, “I make MK6,000 daily from one chips flying pan. Therefore, with MK1 million will buy other four pan whereby I expect to realise MK900,000 per month. This translates to MK10 million in year if all factors favour my business.
“I just need at least MK3 million to set up a food cafe which I believe will be possible. Therefore, I’m very grateful to Mrs. Mpinganjira for coming to my rescue towards my faded dreams. I will never disappoint her and my family”.
Triephornia Mpinganjira’s initiative representative Ephraim Nyondo expressed satisfactory over business plans that are winning in the program.
Nyondo therefore encourages young people to embrace the initiative while keep on applying till they get the funds for business ventures.
Launched in March 2024, the initiative targets 18 young people for MK18 million set aside for serious business ventures.
The first and second winners were Nsanje Chikondi Kamwendo Young Lady and Nkhatabay Francisco Mbotwa for their business ideas in farm produce and fish selling respectively.
LILONGWE-(MaraviPost)-The country’s civil right group National Advocacy Platform (NAP) has lauded the African Development Bank’s (AfDB) decision to resume budget support with a US$23 million injection.
In a press statement issued on Saturday, May 18, 2024 and signed by NAP Chairperson Benedicto Kondowe oberves that , “This positive development, along with signals from other international donors like the IMF’s US$175 million ECF grant, marks a crucial moment in our nation’s economic recovery..
“The resumption of budget support by the AfDB is a crucial step in bolstering our economy. This injection of funds will enhance foreign currency liquidity, stabilize the fiscal landscape, and provide much-needed support for government initiatives aimed at sustainable economic development”.
Kondowe says, “It signifies a strong vote of confidence in the government’s commitment to reform and its efforts to foster an environment conducive to growth and stability.
“This support is more than just financial assistance; it is a testament to the government’s ongoing reforms and dedication to creating a resilient and dynamic economy”.
He added, “The resumption of budgetary aid is a clear indication that the international community recognizes and endorses the positive changes being implemented. It underscores the importance of maintaining and accelerating these reforms to achieve long-term economic stability and growth.
“This aid underscores the importance of maintaining and accelerating reforms for long-term stability. NAP urges the government to harness donor goodwill, ensure fiscal prudence, and fight corruption to protect and properly use donor funds”.
Kondowe explains further, “A robust anti-corruption stance will maximize the impact of current support and attract further contributions. NAP commends the government’s efforts and achievements and applauds the AfDB and other donors for their trust.
“With continued reforms, prudent resource management, and a strong anticorruption framework, our country is on the path to sustainable prosperity. Let us build on this momentum for a thriving, equitable, and resilient economy for all”.
Minister of Finance and Economic Affairs Simplex Chithyola Banda said the support follows the implementation of the International Monetary Fund (IMF)’s Extended Credit Facility (ECF) programme and good leadership.
“This is a sign of confidence to the government,” he said.
DJIBOUTI City, Djibouti – 17th May 2024 -/African Media Agency(AMA)/- The inaugural Djibouti Forum brought together nearly 400 delegates, including international institutional investors collectively overseeing a staggering $2.5 trillion in assets. Describing the forum as a “resounding success”, Dr. Slim Feriani, CEO of Fonds Souverain de Djibouti (Djibouti’s sovereign wealth fund), noted that it was evident that there “is great and growing interest in Djibouti.”
H.E. Ismail Omar Guellah, President of the Republic of Djibouti, and Dr. Slim Feriani, CEO of Fonds Souverain de Djibouti
During the closing ceremony of the two-day event, Feriani signed a memorandum of understanding with Tamini Insurance, part of the influential Salaam Group, a leading financial conglomerate in Djibouti.
Tamini Insurance’s CEO, Mohamed Bahdon, announced that under the agreement, their clients—numbering over 4,000—will now have access to Djibouti’s first crowdfunding platform, Inclufin. Through this platform, Tamini Insurance clients can invest in socially impactful entrepreneurial ventures in the country while earning returns on their savings. “It’s an opportunity for our clients to invest in promising businesses, including startups and SMEs, and contribute to the country’s entrepreneurial future,” he said.
The Djibouti Forum also witnessed the signing of an agreement between PAIX Data Centres, a prominent data center solutions provider, and Djibouti’s sovereign wealth fund to establish a cutting-edge, cloud-and-carrier-neutral data centre in the country.
This deal introduces a new player to Djibouti’s data centre sector, which currently hosts only Wingu, and is expected to deliver benefits to customers in terms of innovation, pricing and reliability. The soon-to-be-constructed facility, named JIB1, will encompass approximately 50,000 square feet of net usable space and offer up to 5 megawatts of critical power. The first phase is slated to launch in 2026.
Having both Wingu and PAIX in Djibouti will create critical mass in data centres in the country and fast track its ambitions to become a digital economy hub.
“PAIX’s investment in JIB1 positions it at the crossroads of connectivity between Africa, Europe, the Middle East, and Asia” PAIX CEO Wouter van Hulten said. “The strong network hub that is created by the aggregation of multiple undersea cable landing points connecting to terrestrial cables makes Djibouti a highly attractive gateway.”
Feriani expressed confidence that the first Djibouti Forum had laid the groundwork for future deals in additional sectors. He invited international partners in attendance to join forces with the country’s sovereign wealth fund to unlock the country’s promising economic potential. “To achieve our goal of doubling the economy in ten years, consistent 7% growth is essential. This can be achieved through mutually beneficial partnerships and economic diversification.”
The two-day forum included panels on various topics such as ports, logistics, technology, connectivity, energy, tourism, financial services, and agro-processing. Additionally, it facilitated lively discussions among leading economists, policymakers, and investors about the macroeconomic landscape in Djibouti and Africa.
Speaking on the macroeconomic outlook for Africa and Djibouti, Dr. Sampawende Tapsoba, Deputy Chief Economist & Director, Data Management & Model Development, Afreximbank, acknowledged that the country of 1.12 million people was punching above its weight. “Djibouti is growing faster than many African economies and has comparatively lower levels of debt-to-GDP,” he said, emphasizing that low levels of debt meant that Djibouti has the fiscal room to meaningfully invest in transformative sectors of the economy.
Charlie Robertson, Head of Macro Strategy, FIM Partners UK, delivered the closing remarks at the forum. “The three things that stood out for me in this forum are ambition, opportunity and safety,” he said. “The leadership’s ambition in Djibouti is palpable,” he observed, saying that Djibouti is a safe country that remains a beacon of stability in a volatile neighborhood.
The Djibouti Forum was hosted by the Sovereign Wealth Fund of Djibouti (Fonds Souverain de Djibouti), a fund created in March 2020. It is today under the stewardship of CEO, Dr. Slim Feriani, a former Tunisian Minister with over 30 years of experience in international capital markets.
About Djibouti Forum Convened by the Sovereign Wealth Fund of Djibouti (Fonds Souverain de Djibouti), this two-day event is a global platform to accelerate investment in fast growing emerging markets. This initial Forum will showcase the potential and prospects of Djibouti as well as the African continent. It will facilitate dialogue and collaboration among key stakeholders from the public and private sectors, as well as the SWF and institutional investment community. The Forum will not only showcase interesting investment opportunities in the country but will also bring together CEOs, investors and developers to foster collaboration amongst like-minded individuals and catalyze strategic investments for the whole subregion
About Fonds Souverain de Djibouti Fonds Souverain de Djibouti “FSD” is a sovereign wealth fund, created in the form of a joint stock company by Law No. 075/AN/20/8th L of March 29, 2020. The mandate of the Fund is to help improve governance and catalyze investments – by co-investing alongside private investors – in strategic sectors of the economy to build long-term wealth for future generation, foster inclusion, and create jobs. FSD aims to diversify and modernize the country’s economy as well as boost the growth of the country by relying on a competitive private sector. FSD has a local, regional and global scope and is governed by the highest standards of governance: the Santiago Principles.
