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.
Business

TEMU Affiliate Program 2024: Earn Up to $100,000 a month!

MaraviPost

Hey there, my friend!

I’ve got to tell you about this awesome online shopping site I’ve been hooked on recently – it’s called Temu. It’s super cool, with a ton of products ranging from fashion to home goods, and everything is so affordable! I think you’ll love it, especially if you’re into finding unique items or getting a good deal.

About Temu

Temu, which stands for Team Up, Price Down, is an e-commerce company that connects consumers with millions of merchandise partners, manufacturers and brands with the mission to empower them to live their best lives. Temu is committed to offering the most affordable quality products to enable consumers and merchandise partners to fulfill their dreams in an inclusive environment. Temu was founded in Boston, Massachusetts in 2022.

How to Use a Temu Coupon Code

Okay, now for the exciting part – because you’re my friend, I’m sharing an exclusive 2024 code just for you! Use code “aff07203” for up to 30% OFF! Consider it a little gift from me to you, so you can experience the magic of Temu for yourself.

You might have seen a lot of people sharing their TEMU link and code already, but you might not know that TEMU has an affiliate program that everyone can join. If you’re an avid TEMU enthusiast looking to generate a stable source of passive income or if you are an influencer who wants to monetize your traffic, look no further than the TEMU Affiliate Program. With a high earning potential of up to $100,000 per month, the TEMU Affiliate Program is the perfect fit for you to start.

How much can you earn through the TEMU Affiliate Program?

You can earn up to $100,000 per month! If you’re interested in joining the TEMU Affiliate Program, you’ll be happy to know that it offers a simple and transparent commission policy. There are several possible ways for you to earn money, which are listed below:

1: Earn a $5 reward for each new user who downloads the TEMU App using your referral link.

2: Get a commission on every purchase made by newly registered TEMU users who click through your unique referral link. The commission rate varies depending on the purchase amount:

– For purchases between $0.00 and $49.99, you’ll receive a 5% commission

– For purchases between $50.00 and $99.99, you’ll receive a 10% commission

– For purchases of $100.00 or more, you’ll receive a 20% commission

3) if you own a website or you are an editor of deals/coupon websites that have huge traffic, you can have a banner or deals articles to let more people see your referral link & code

4) any other way or platform that you can use to spread your referral link & code as long as it complies with the TEMU affiliate policy!

Compared with other affiliate programs:
Compared with other affiliate programs, TEMU offers a 5%-20% commission rate for all categories depending on each qualified purchase.

However, TEMU does not offer commissions for returning users. This might limit your earnings. But with huge traffic going into TEMU and with more countries becoming available, it’s still worth signing up for the TEMU Affiliate Program now as it’s a very popular shopping site. It might be a good idea to sign up now before TEMU modifies its commission rates and earnings limit per month.

TEMU Affiliate Commission Rate (5%-20%)

If you’re looking for an affiliate program with high commission rates and good returns, the TEMU Affiliate Program might be the one for you. One of the best affiliate programs you can find in the affiliate marketing field. Join now and start earning commissions on referral sales referrals!

Exclusive TEMU promo code: Use code “aff07203” for up to 30% OFF.  So, why wait? Dive into Temu today and see what the buzz is all about. Happy shopping, and don’t forget to use that code!

Exclusive TEMU promo code:

  1. Sign in or sign up on Temu
  2. Add items to your shopping cart
  3. Proceed to the checkout
  4. Look for the “apply coupon code” field

Apply your Temu coupon code there to save!

About the TEMU Affiliate Program:

And here’s a pro tip: if you’re looking to make some extra cash or have your platform or blog, you should check out the TEMU Affiliate Program. It’s a pretty sweet deal where you can earn commissions by promoting their products. I’ve seen some friends benefit from it, and it seems like a cool way to partner with a growing brand.

3: Take advantage of the earning leaderboard: The top 50 TEMU Affiliates with the most earnings of the last 3 days in the TEMU Affiliate Program can win a cash bonus.

4: Get a 20% secondary commission if you invite an affiliate:

TEMU launches second-tier commissions for affiliates, allowing them to earn commissions on the referrals of affiliates they have recruited. In the shot, you can get a 20% secondary commission if you invite an affiliate. This program will help our affiliates grow their businesses and generate even more revenue.

How to start with the TEMU Affiliate Program?

Once you sign up for the TEMU Affiliate Program here, you will obtain your referral link and code in your account center. There a are few ways to start earning:

1) if you are an influencer on social platforms, such as TikTok, YouTube, Ins, or Facebook, you can spread your referral link and code by posting content to earn commissions. Pay attention to the content you post. The better content you post, the more engagement you will have, resulting in a higher conversion rate!

2) if you are a blogger, you can write review articles with SEO about TEMU products or the TEMU Affiliate Program, where you can expose your referral link and code!

Agriculture, Malawi

Lilongwe City Council slashes maize crops in prohibited fields amid looming hunger

Maravi Post Reporter

By Twink Jones Gadama

BLANTYRE-(MaraviPost)-As Malawi grapples with the devastating effects of drought and rising food prices, the Lilongwe City Council (LCC) has made a controversial decision to slash over 10 fields of maize within the city boundary.

This move has sparked outrage among farmers and residents who are already facing the threat of hunger.

Maize is a staple food in Malawi, and with the recent drought, food insecurity has become a major concern for many households.

The slashing of the maize fields by LCC has only worsened the situation, as it has resulted in the destruction of a vital source of food for many families.

According to the council, the decision to slash the maize fields was based on their by-laws, which prohibit the planting of maize within the city boundary.

However, many farmers argue that they had no other choice but to plant maize in these areas, as they do not have access to land outside the city.

One of the affected farmers, Rudo Mwale, expressed her frustration over the council’s actions.

“We are already struggling to put food on the table, and now they have taken away our means of survival. How are we supposed to feed our families now?” she lamented.

The slashing of the maize fields has also raised concerns about the government’s response to the growing food crisis in the country.

With maize prices skyrocketing and food shortages becoming more widespread, many are questioning whether the government is doing enough to address the issue.

In response to the backlash, LCC defended their actions, stating that they were simply enforcing the by-laws to maintain order within the city boundary.

The council also emphasized the importance of food security but argued that there are other ways for farmers to access land for planting.

However, for many farmers like Mwale, finding alternative land is not a viable solution.

“We don’t have the resources or means to travel outside the city to find land for planting. The council needs to understand that we are just trying to survive,” she said.

The slashing of the maize fields has highlighted the complex challenges facing Malawi, from food insecurity to land access issues.

It has also raised questions about the role of local authorities in addressing these issues and supporting vulnerable communities.

As the country continues to grapple with the impacts of climate change and global food shortages, it is clear that a more coordinated and compassionate approach is needed to support those most affected.

The slashing of maize fields in Lilongwe is a stark reminder of the urgent need for action to ensure that all Malawians have access to an adequate and reliable food supply.

Business, Malawi

Malawi’s 2024/25 Fiscal plan: Standard Bank sees hope, but wants debt, spending cuts

Maravi Post Reporter

LILONGWE-(MaraviPost)-Finance Minister Simplex Chithyola has his work cut out for him; he must reduce the government’s borrowing appetite and reign in expenditure controls if the ambitious economic growth targets of 3.2 percent to 4.8 percent are to be achieved by 2025.

This is the advice from the country’s second largest bank Standard Bank Plc, listed on the Malawi Stock Exchange (MSE).

In a statement officially responding to the Finance Minister’s draft 2024/25 budget statement, the bank’s Chief Executive Phillip Madinga said adherence to austerity measures and reducing public debt levels hold the keys to achieving the ambitious growth targets set out in the government’s latest fiscal plan.

“Success of implementation of this budget, and Malawi’s economic recovery, will hinge on the boldness, courage, and commitment by all stakeholders—thus private sector supporting initiatives that drive production and export generation, and on the government side, adherence to its austerity measures, reducing public debt levels and effective fiscal management and discipline,” he said.

He also pointed out that the public debt interest line—which has increased by three percent of the total expenditure—must be closely monitored to ensure it remains within budget.

Madinga noted that on the positive side, the 2024/25 budget demonstrates the government’s commitment to contain public debt growth as the overall stock of MK1.4 trillion represents a reduction of 14 percent and seven percent as a proportion of revenue and expenditure lines, respectively.

“The overall public debt growth at K1.4tn, as a share of total revenues and expenditure, has reduced by 14% and 7%, respectively, year on year. With the positive outlook on the macros, public debt growth is expected to be contained…This will be a significant step towards achieving debt sustainability,” he said.

The Standard Bank chief said the 2024/25 budget also addresses the need to boost foreign currency supply by proposing export strategies through Mega farms, labour export, mining, tourism, and enhancement of diaspora remittances.

Madinga added that based on the enhancement of revenue collection professes, anticipated donor inflow opportunities, rationalization of expenditures, and additional focus on the production sector, the 2024/25 budget gives hope to a better Malawi on the road to achieving the 2063 vision

Business

Visa’s Partnership with EBC to Enhance International Payments

MaraviPost

Visa recently partnered with the Egyptian Banks Company (EBC), the advanced developer and operator of payment infrastructure connecting the payment ecosystem in Egypt. This partnership aims to integrate the strengths of both organisations to bring cutting-edge solutions to the online banking industry and improve international remittances. We have explored this unique partnership and the objectives that it aims to achieve.

The Partnership 

Visa and the EBC have collaborated to smoothen the transfer of funds for Egyptians living abroad. This partnership aims to launch innovative electronic payment solutions and digital wallets to aid in receiving remittances.

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Given Egypt’s position as the fifth-largest beneficiary of remittances worldwide, this collaboration can significantly influence its economy by bolstering national revenue and foreign cash inflows. The EBC is an integral element of this endeavour because of its essential role in creating national payment networks with the Central Bank of Egypt. 

The collaboration isn’t the first of its kind. Visa cards are widely accepted for subscription payments on platforms like Apple Music, Spotify, and online gaming stores. These sites recognise their credit/debit cards and enable users to securely register their cards for purchases and withdrawals of real money winnings.

In addition, within other parts of the entertainment sector such as the online casino industry, Visa is considered a popular payment option. This is because the key aim is to increase accessibility so that players can engage in their favourite offerings whenever and wherever they please – a big part of this includes facilitating straightforward deposit and withdrawal processes.

This is why it’s important to feature credible payment options. Take, for example, the best US slots for real money, like Dragon Ways and Enchanted Oz. With these titles from prominent casino franchises, players are guaranteed easy access to their winnings through a variety of mediums, from crypto to traditional card transactions like Visa. Though the initial appeal may be an enticing thumbnail or audacious promotional offer, one of the key features that helps to convert casual lookers into committed players is a trusted payment method that can be relied on.

Objectives of the Collaboration

This partnership signifies a crucial step in developing global payments and money transfers for the Egyptian community across the globe. The fundamental objectives that constitute the basis of this partnership are as follows:

Improved Digital Banking Services

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The primary aim of the collaboration is to ease instant transactions and global transfers for Egyptian foreigners. It includes allowing registered users of the InstaPay app to receive money transfers from Visa-connected accounts outside Egypt. This applies to all customers using the Instant Payment Network (IPN). The network ensures instant fund transfers to bank accounts are made possible.

Furthermore, it includes collaboration with financial institutions and banks to enhance transfers to beneficiaries in Egypt via the phone number and username directory on the Instant Payment Network.

Foreign Exchange Inflow 

Another reason for the partnership is the improvement of Egypt’s national revenue and foreign currency inflow. As Egypt is amongst the world’s leading recipients of remittances, its capacity to receive money swiftly and safely will significantly boost its foreign exchange reserves.

Conclusion

This collaboration marks a notable advancement in improving the global payment environment, as Visa supports up to 160 currencies. It also actively operates a network which connects it to banks and financial houses in over 200 countries. Its alliance with the Central Bank of Egypt has further strengthened its reputation and is a precursor to more innovative developments.

Business, Lifestyle

More customers win in NBM ‘Popanda Chifukwa’ promo

Maravi Post Reporter

BLANTYRE-(MaraviPost)-National Bank of Malawi (NBM) plc over the weekend, continued to splash various prizes to 78 customers in the ‘Popanda Chifukwa POS/MoPay’ promotion currently running.

The Bank conducted its second monthly draw at Mzuzu Shoprite Mall on Saturday, where hundreds of customers also had a chance to win instant prizes after purchasing goods using the NBM’s debit cards, Mo626 Pay, and Point-of-Sale machines.

NBM Cards Acquiring and Merchant Services Manager, David Tamula expressed satisfaction with the support and loyalty they are getting from customers prioritizing their digital platforms.

“The Government is having an initiative where we have to make this a cashless society. There are so many benefits out of it, we don’t have to walk around with cash, and it is far more efficient. So, we are trying to assist the Government in that endeavor as an outstanding corporate citizen.

“We are seeing that customers are embracing it. It is much easier for customers to conduct their transactions as they don’t have to queue twice, but go where we have our POS and make their payment,” said Tamula.

One of the customers who won an instant prize, Serah Moyo commended NBM plc for the initiative saying it is now safe to pay for goods without carrying hard cash.

“This is great, and I urge more customers to embrace the technology. Otherwise, I am happy to be among the lucky ones today,” she said.

Out of the 78 lucky ones on the day, three people carted home a K150,000 cash reward, while 30 others won a 50% refund on their transactions capped at a maximum expenditure of K75,000. Thirty more customers won gift packs.

The promotion which started in December 2023 and will run up to April 2024.

Business

Air Cargo donates equipment to Chileka Health Centre

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Air Cargo Malawi (ACM) has handed over medical equipment worth MK3 million to Chileka Health Centre maternity wing as part of their Corporate Social Responsibility (CSR) initiative commitment.  

Air Cargo Malawi’s Director of Operations, Arnold Chimwenje said the company thought it necessary to donate to the community they work in, as a way of making a positive economic and health impact.   

“We felt it necessary that we contribute to the nearby surroundings so that we can make a significant impact in the community that we are serving. That is why we chose Chileka Health Centre.  We have donated a maternity bed, a post-natal bed, and four leather-covered mattresses. This is not just a transaction; it symbolizes a collaboration between ACM and the healthcare community.”

“ACM as a key player in the air freight industry, is committed to impacting communities positively. This initiative resonates with one of the objectives of the Malawi Health Sector Strategic Plan II (2017-2022) of improving the availability and quality of health infrastructure and medical equipment,” said Chimwenje.

Chileka Health Centre Deputy Nurse-in-Charge, Maria Dzimbiri thanked ACM for the donation which she said will go a long way in giving comfort to expectant mothers.

“We didn’t have these kinds of beds; we were just improvising the normal beds. The coming in of these beds will tremendously improve our services,” said Dzimbiri.

She then asked other corporate entities to help in renovating a ceiling that is in bad shape and donate weighing scales and blood pressure monitors among other needed items.

Village Head Singano also commended ACM for the donation which she said will also help other villages in Traditional Authority Kuntaja’s area.

“Not only people in my area are excited, but other village heads surrounding this area are also happy with this donation,” she said.

ACM plans to donate to Lumbadzi Health Centre which is near Kamuzu International Airport in Lilongwe later this month.

AMA, Business, Technology

The Positives of the VC Deep Freeze for African Tech: Consolidation, Realistic Valuations, and Ambitious Solutions in 2024.

MaraviPost

Written by: Jeremiah Ajayi

Photo by Tomas Wells from Pexels

CAPE TOWN, South Africa, 26 February 2024, /African Media Agency/- In 2023, global venture capital investment experienced another lackluster year, reaching a modest $285 billion. This marked a significant 38% decline year over year (YoY), plummeting from the $462 billion invested in 2022.

Image source: Crunchbase

Despite Africa’s resilience in 2022 when the downturn commenced, the continent was not immune to the funding challenges of 2023.

According to Africa: The Big Deal, a curated funding database, African startups secured $3.4 billion in 2023, representing the lowest funding since 2020’s $2.1 billion. As anticipated, fintech dominated this funding, comprising 45% of the total capital raised, approximately $900 million.

Source: TechCabal

The ongoing deceleration, referred to by some as the “VC Deep Freeze,” shows no signs of abating soon. Forecasts from TechCabal, ThomasVentures, and QED Investors anticipate a continuation of cautious spending, leaner startups, and challenging economic conditions, at least through the first half of 2024.

Despite this somber outlook, select investors at the African Fintech Summit 2023 remain cautiously optimistic, identifying opportunities amid the current slowdown.

Consolidation as a silver lining

Consolidation, involving the amalgamation of different companies through mergers and acquisitions (M&A), emerges as one of the positive outcomes of the current investment slowdown. 

Speaking at the panel on “Investing in Fintech Amidst a Global Investment Slowdown,” Philani Mzila, Investment Manager at Founders Factory Africa, notes, “I see the current market slowdown as a significant opportunity for consolidation. There are numerous business models that share similarities across different regions. This presents an opportune moment for well-prepared companies with strong management teams to pursue acquisitions, whether for expanding their geographic reach, introducing new products, or integrating new teams. Overall, I view this slowdown as a chance for growth”

Philani’s projection seems to be materializing. In 2023, there were 29 tech M&A deals, with Biontech setting the trend by acquiring AI firm Instadeep for $680 million. 

Given the current market dynamics and reduced capital injection, such deals are expected to increase in 2024 as numerous early-stage companies struggle to survive independently.

Image source: TechCabal

Realistic valuations and the emphasis on profitability

The downturn in 2023 led to valuation revisions, impacting companies like Chippercash and 54Gene (which eventually ceased operations). With 2024 projected to be another year of VC Deep Freeze, valuations are expected to further reach historic lows, shifting the focus to unit economics and profitability. 

Philani supports this prediction, stating at the Africa Fintech Summit, “The current state of affairs appears to be exceptionally beneficial for the ecosystem. A rationalization of the valuation curve and the availability of well-priced opportunities are crucial for fostering a Philani supports this prediction, stating at the Africa Fintech Summit, “The current state of affairs appears to be exceptionally beneficial for the ecosystem. A rationalization of the valuation curve and the availability of well-priced opportunities are crucial for fostering a stronger ecosystem, and I see this as a positive development. Despite the short-term challenges, I believe we will witness long-term successes.” 

Ambitious solutions by ambitious founders 

Historically, adversity has given rise to some of the most successful tech companies, exemplified by WhatsApp’s founding in the aftermath of the 2008 financial crisis. 

Similarly, despite the challenges of 2024, the ecosystem is expected to be fertile ground for ambitious solutions crafted by visionary founders. This cycle is projected to yield potential exits, increased capital infusion, and breakthroughs for the ecosystem. 

Dolapo Agbaje, Director at Apis Partners, encapsulates this sentiment, “Even as VC funding may experience ups and downs, the underlying pain points remain. Ambitious founders continue to actively seek solutions for these challenges. As long as there are persistent pain points and ambitious entrepreneurs eager to address them, opportunities will abound. The presence of opportunities, in turn, attracts capital.”

Conclusion

The turbulent landscape of global venture capital investment in 2023, marked by a substantial decline, has not left Africa unscathed. However, amidst the “VC Deep Freeze,” a silver lining emerges in the form of consolidation, as companies strategically navigate through mergers and acquisitions. 

The shift towards realistic valuations and a heightened emphasis on profitability reflects a maturing ecosystem, offering well-priced opportunities for growth. 

Despite the short-term adversities, the resilience of ambitious founders and their pursuit of innovative solutions position the African tech ecosystem for potential successes, exits, and breakthroughs in the coming years. 

Distributed by African Media Agency in partnership with Africa Fintech Summit

About Africa Fintech Summit 

AFTS is the premier global initiative dedicated to the African fintech ecosystem. Traditionally hosted in Washington, D.C., each April during the World Bank/IFC annual meeting week and a different African city each November (most recently in Lagos, Addis Ababa, Cairo, Cape Town, and Lusaka), the summit now adopts a hybrid format, offering both in-person experiences at the selected venue and virtual access to a global audience.

Supported by an advisory board of thought leaders and fintech pioneers, AFTS is a unique space where innovative ideas are debated, investments mobilized, partnership deals signed, and collaborations formed across sectors and geographies. The summit is co-organized by two Washington, D.C.-based firms, Dedalus Global, a strategic advisory group, and Ibex Frontier, a Pan-African consultancy advisory firm.

Learn more about the Africa Fintech Summit

Media contact:

Charles Isidi

Head of Marketing and Communications,

Africa Fintech Summit. 

charles@africafintechsummit.com

The post The Positives of the VC Deep Freeze for African Tech: Consolidation, Realistic Valuations, and Ambitious Solutions in 2024. appeared first on African Media Agency.

Source : African Media Agency (AMA)

Agriculture, Malawi, Opinion

The selling of rotten Admarc maize was hypocritical

Burnett Munthali

LILONGWE-(MaraviPost)-The Agricultural Development and Marketing Corporation (Admarc) has said it will distribute 21,000 metric tonnes of maize in its custody to all its depots from next week.

This came as a surprise as, in the 2022-23 rain-fed agriculture season, the grain trader did not buy maize from farmers in the country.

Admarc Chief Executive Officer Dan Makata told The Daily Times that preparations to start distributing the maize have been finalised.

Makata said the maize would be sold at MK600 per kilogramme.

Makata confirmed that Admarc had maize in stock and that they were ready to open their markets the following week.

People were advised to expect to buy maize from admarc at an affordable price as always.

Admarc was drawing the SGR [Strategic Grain Reserves] maize which had been bought by the National Food Reserves Agency in 2023.

Dangers

The dangers of eating rotten food include: Meningitis. Kidney damage. Hemolytic uremic syndrome (HUS), which can cause kidney failure. Arthritis. Brain and nerve damage.

Some people with the infection die and death can occur in as little as a few hours. However, most people recover from bacterial meningitis. Those who do recover can have permanent disabilities, such as brain damage, hearing loss, and learning disabilities.15

What happens when your kidney function is low? A severe decrease in kidney function can lead to a buildup of toxins and impurities in the blood.

This can cause people to feel tired, weak and can make it hard to concentrate. Another complication of kidney disease is anemia, which can cause weakness and fatigue.

Symptoms of HUS include vomiting, bloody diarrhea (loose stool/poop), stomach pain, fever, chills, and headache. As infection progresses, persons may experience fatigue, weakness, fainting, bruising, and paleness.

Hemolysis can lead to hemoglobinemia due to hemoglobin released into the blood plasma, which plays a significant role in the pathogenesis of sepsis and can lead to increased risk of infection due to its inhibitory effects on the innate immune system.

Without dialysis or a kidney transplant, kidney failure is fatal. You may survive a few days or weeks without treatment.

If you’re on dialysis, the average life expectancy is five to 10 years. Some people can live up to 30 years on dialysis.

What are the first warning signs of kidney failure? Depending on how severe it is, loss of kidney function can cause: Nausea. Vomiting. Loss of appetite. Fatigue and weakness. Sleep problems. Urinating more or less. Decreased mental sharpness. Muscle cramps.

However, in rheumatoid arthritis the inflammation and extra fluid in a joint can cause the following problems: It can make moving the joint difficult and painful. Chemicals in the fluid can damage the bone and joint. The extra fluid can stretch the joint capsule.

The most common arthritis symptoms and signs include: Joint pain. Stiffness or reduced range of motion (how far you can move a joint). Swelling (inflammation). Skin discoloration. Tenderness or sensitivity to touch around a joint. A feeling of heat or warmth near your joints.

Brain and nerve damage: A Listeria infection can lead to meningitis, an inflammation of the membranes surrounding the brain. If a newborn infant is infected with Listeria, long-term consequences may include mental retardation, seizures, paralysis, blindness or deafness.

Adults should see a health care provider or get emergency care if the following occur: Nervous system symptoms, such as blurry vision, muscle weakness and tingling of skin. Changes in thinking or behavior. Fever of 103 degrees Fahrenheit (39.4 degrees Celsius).

How long does it take for rotten food to make you sick?

Illness often starts in about 1 to 3 days. But symptoms can start any time from 30 minutes to 3 weeks after eating contaminated food. The length of time depends on the type of bacteria or virus causing the illness. Each person’s symptoms may vary.

Conclusion

In December, Malawi’s government banned the import of unmilled maize grain from Kenya and Tanzania because of concerns that the spread of MLN could wipe out the country’s staple crop.

The ministry of agriculture said the disease has no treatment and can cause up to 100% yield loss.

It is therefore ironical to see our own actions when admarc sold rotten Maize to its own people, ignoring all the dangers attached to rotten I’ll food.

People who say they hate rotten food but always sell the same rotten food? They are engaging in hypocrisy, or behavior that is different from what they say they believe.

We have a hypocritical government is a which practices hypocrisy: what they say is not what they do.

Business, Malawi

Inside Malawi’s 2024/25 fiscal plan: Take away home, taxes, allocations

Lloyd M’bwana

LILONGWE-(MaraviPost)-The Minister of Finance Simplex Chinthyola Banda on Friday, February 23, 2024, presented the MK5.98 trillion national budget representing 31.9% of GDP.

Here are key hights of the budget:

1. Wages and Salaries

The wages and salaries are projected at mK1.08 trillion representing 5.7 percent of GDP. The wages and salaries estimates have also incorporated resources for recruitment amounting to K6 billion and mK70 billion reserved for general salary increment

2. Pensions and Gratuities

Pensions and Gratuities have been projected at MK193.17 billion while Government Contributory Pension Scheme has been allocated MK46.75 billion.

3. Maize Purchases and Allocation to ADMARC

MK12.0 billion has been allocated for maize purchases by the National Food Reserve Agency to replenish the Strategic Grain Reserves.

ADMARC has also been allocated MK40 billion for operations and revamping agricultural production and value addition

4. Affordable Inputs Programme

MK161.28 billion has been made for the Affordable Inputs Programme (AIP).

5. Environment and Climate Change Management

MK20.55 billion has been allocated to this sector.

6. Health and Population Sector

In the 2024/2025 Financial Year, the Health and Population sector has been allocated MK729.47 billion, representing 12.2 percent of the total national budget.

7. Transport and ICT Infrastructure sector

In the 2024/2025 Fiscal Year Government has allocated resources amounting to MK439.64 billion towards the
Transport and ICT Infrastructure sector, representing 7.4 percent of the national budget.

8. Lands and Housing sector

The government has allocated MK30.91 billion towards the Lands and Housing sector.

9. Local Councils

MK38.6 billion under the Constituency Development Fund, translating to MK200 million per constituency.
ii. MK6.19 billion for the District Development Fund.
iii. MK20.1 for the Construction of City Roads.
iv. MK2.3 billion for the construction of water structures under the Water Resources Fund, translating to K12 million per constituency.
v. MK922 million for the infrastructure Development fund.
vi. MK14 billion for the Rehabilitation of the District Hospital and
vii. MK36.88 billion under the Governance to Enable Service Delivery Project

TAX POLICY MEASURES FOR THE 2024/2025 BUDGET

Effective midnight February 24, 2024 Customs and Excise tax measures come into force, while Value Added Tax (VAT), Income Tax, and Administrative Measures will take effect on 1st April 2024 upon the passage of relevant Bills by this August House and assertion by President Lazarus Chakwera.

Customs Measures

In this Fiscal Year, the Government removed import duties and taxes on electric motor vehicles and materials used for the construction of electric motor vehicle charging stations to reduce demand for fossil fuels and their negative impact on climate.

The Government is removing import duty and import excise tax on electric motorcycles. However, the standard rate of Value Added Tax (VAT) will be applicable on both electric motor vehicles and electric motorcycles in line with good practice in VAT Administration.

The government will start waiving import duty and import excise tax on building materials, furniture, and
fittings specifically for the construction of hostels for students in tertiary institutions.

As one way of encouraging value addition and promoting local manufacturing, the government is:
i. Allowing the Malawi Army, Malawi Police Service, and Malawi Prisons to import duty-free fabrics and accessories for making uniforms under the Customs Procedure Code (CPC) 421.
56
ii. Increasing import duty on finished iron sheets of tariff subheading 7210.49.90 from 15 percent to 25 percent.
iii. Increasing import duty for sacks of tariff subheading 6305.33.00 from 20 percent to 25 percent; and
iv. Introducing a surcharge of 10 percent on sacks for cement packaging.

As one way of broadening the tax base, the Government is Introducing import duty of 5 percent and 10
percent Excise Duty under tariff subheading 8802.30.00 which covers airplanes and other aircraft of an un-laden weight exceeding 2,000 kg but not exceeding 15,000 kg and similarly petroleum jelly under HS code 2712.10.00 will now attract excise tax of 10 percent

To ensure that tax benefits are enjoyed within a specific period and prevent abuse, the Government is restricting the duty-free importation of building materials under CPC 442 for the tourism sector to 3 years, subject to an extension
of 2 years at a 50 percent rate of the normally applied Import Duty and Excise Duty while VAT will be paid at the normal rate of 16.5 percent. Furthermore, duty-free importation of building materials for repairs under this CPC will not be allowed.

Abuse of duty-free institutional motor vehicles or other motor vehicles that are cleared at concessionary rates by some individuals who are not beneficiaries.

To control this abuse, the Government is introducing a new note (note 12) in the law stating that all institutional motor vehicles that are cleared under any Customs Procedures Code of the Customs and Excise (Tariff) Order (CPC) should conspicuously and indelibly bear the name of the institution on both sides of the vehicle before issuance of a Customs Clearance Certificate (CCC).

The CPCs to be affected by this change are 422 for Lorries, pickups, and vans specifically acquired for church and other religious institutions use; 437 for passenger-carrying motor vehicles for educational, health, tourism institutions, and NGOs; 438 for Goods-carrying motor vehicles for horticultural enterprises, educational, health, and tourism institutions and NGOs; 439 for 58 Passenger vehicle for NGOs; 450 for passenger-carrying motor vehicles for hotels, Inns, Lodges and Conference Centers; 451 for specialized vehicles for safaris, hotels, lodges Inns; and 452 covering one bus with a seating capacity of 26 or more for churches and similar religious institutions.

Excise Tax Measures

As one way of promoting the use of locally sourced raw materials for production and promoting local farmers,
The government is reducing the excise tax on clear beer made from sorghum and maize from 40% to 20%.

Income Tax Measures

To cushion employees in formal employment from the effects of the currency alignment, the Government has
increased the zero Pay As You Earn (PAYE) bracket from MK100,000 to MK150,000. Accordingly, the new monthly PAYE structure will be as follows:
i. First MK150,000 will be taxed at 0 percent.
ii. next MK350,000 will be taxed at 25 percent.
iii. next MK2,050,000 will be taxed at 30 percent; and
iv. excess of MK2,550,000 will be taxed at 35 percent.

The government is reducing the withholding tax (WHT) for mobile money agents from 20 percent to 1 percent.
This is being done to align with the prevailing Withholding Tax rate for banks and insurance agents, which is at 1 percent.

In addition, most of the mobile money agents do not make enough money to pay Personal Income Tax as their income falls below the minimum threshold of paying Personal Income Tax.

In this Fiscal Year, the Government introduced an additional 10 percent corporate income tax for bank profits above MK10 billion. This was done to generate additional revenue for reconstruction works in areas that were catastrophically damaged by the cyclone Freddy.

However, the Government recognizes that other sectors make similar profits as the banking sector. Accordingly, the Government is extending the application of the additional 10 percent corporate income tax on profits above MK10 billion to all businesses that make such profits to ensure equal and fair treatment of super-normal profits.

To align with the 15 percent tax rate on investment of pension funds, the Government is reducing the withholding tax on interest realized from investments of life assurance from 20 percent to 15 percent.

Further, the Government is amending paragraph (i) of the Eleventh Schedule to clarify that the 15 percent income tax rate on pension funds only applies to the return on investment of pension funds and not on the income
of the Pension Fund Managers which attracts 30 percent of corporate income tax.

Currently, Minibus Owners pay a flat rate of Presumptive Tax as part of their Income Tax obligations, regardless
of the seating capacity of the Minibus.

For instance, minibusses with a seating capacity of 14-16 seats pay the same amount of income tax. The seating capacity of any commercial motor vehicle is a more logical variable for calculating Income and therefore the amount of tax obligation.

The government will amend Section 91B of the Taxation Act to change the application of Presumptive Tax on commercial passenger motor vehicles to be based on seating capacity.

Consequently, Commercial Passenger Motor Vehicles under the Presumptive Tax regime will be required to pay a tax of MK5,000 per seat per year.

Value Added Tax Measures

The government is introducing a requirement to issue tax invoices by VAT-registered taxpayers even
when they sell exempt supplies by amending Section 25 (1) of the VAT Act.

Business, Malawi

Malawi’s 2024/25 Fiscal plan pegged at MK5.98 trillion

Dorica Mtenje

LILONGWE -(MaraviPost)-Minister of Finance Simplex Chithyola Banda on Friday, February 23, presented the 2024-2025 fiscal budget pegged at MK5.98 trillion representing 31.9% of GDP.

According to the minister of the total expenditure, recurrent expenses are estimated at MK4.21 trillion, representing 22.5 percent of GDP and 70.4 percent of total expenditure.

Chinthyola disclosed that Development Expenditure for the 2024/2025 Financial Year is estimated at MK1.77 trillion, of which MK1.39 trillion is for foreign-financed projects (Part 1) and MK383.6 billion is for domestic financed projects (Part II).

He added that the proportion of development expenditure to the total budget now stands at 30 percent from 24 percent in the 2023/24 Financial Year

Presenting the fiscal plan in Parliament, Chithyola disclosed further that the 2024/2025 Financial Year’s overall
balance is estimated at a deficit of MK1.43 trillion, which is 7.6 percent of GDP.

“This deficit will be financed through domestic borrowing amounting to MK1.28 trillion, representing 6.0 percent of GDP, and MK150 billion in foreign borrowing,” Chinthyola said.