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LILONGWE-(MaraviPost)-In its quest to excite both existing and prospective customers, New Finance Bank (NFB) has launched the much awaited ATM and internet banking facilities.
The facilities aim at providing cost-effective, customer-driven, market-focused and relevant product along with 24/7 accessible and interoperable delivery channels.
The bank’s launch of these facilities comes against the background of other products targetting individuals, Small and Medium Enterprises (SMEs) as well as corporates which the bank is already offering .
These products include savings to current accounts, term deposits, personal loans, SMEs and corporate loans, overdraft facilities, trade finance, accounts for denominated foreign currency, students and senior citizens accounts, salary processing, swift, electronic funds transfers, clearing and settlement services.
Gilford Kadzakumanja, NFB’s Deputy Chief Executive Officer told The Maravi Post in the capital Lilongwe that the bank is poised to take a leading role in driving excellence through the provision of quality and innovative services.
Kadzakumanja assured customers of quality and innovative banking services including ATMs offering which will accommodate balance enquiry, cash withdraw of up to MK200, 000 per day and fund transfer among others.
He therefore pledged to provide relationship banking based on integrity and convenience by anticipating pro actively responding to the bank’s customers needs.
“As technology is fast becoming an indispensable element of our lives and also as a player in the banking sector, we will leave no stone unturned to provide technologically-driven additions to our range of products and services.
“NFB remains committed to empowering the people of Malawi through the provision of affordable, accessible and convenient banking services requirements”, said Kadzakumanja.
Minister of Industry, Trade and Tourism Joseph Mwanamvekha
LILONGWE-(MaraviPost)—Minster of Industry, Trade and Tourism, who also spent some good years with the privatized Malawi Savings Bank (MSB) as Chief Executive Director, Joseph Mwanamveka, has taken a swipe at the country’s commercial banks for charging high interest lending rates.
Mwanamveka, speaking during a press conference aimed at updating the nation on the incoming Malawi Investment Forum said the high interest lending rates are impeding investment in Malawi.
“This is a very serious matter sometimes one can just borrow K1Million but because the system on how these banks calculate the their interest rates is also very archaic, to the effect that out of K1 million borrowed a customer can pay back almost K50 million,” said Mwanamveka
Mwanamveka gave example of a number of properties being sold on auction and advertised in newspapers by the banks.
“This is a clear indication that indeed banks are not helping Malawians, apart from en slaving and impoverishing them,” he said.
The country’s financial institution lending rates is pegged at 40% which most small scale business are finding it difficult to cope up with.
In an attempt to address the high interest lending rates, early this year Reserve Bank of Malawi (RBM) issued a warning statement to commercial banks to think of lowering down the rates but the presser was withdrawn due to lack of legal backing.
However, Mwanamveka said the government is not lying idle on the matter.
“We were failing to discipline these banks because we were lacking legal backing, for example in Kenya interests rates are below 14 percent because they are charged according to the law while in Malawi we can be challenged on that one, so that is why as government we are now reviewing financial Services act where the issues like high interest rates will be controlled,” said Mwanamveka.
The minister also disclosed that the incoming Malawi Investment Forum (MIF) which is slated for October 10-11 in the capital Lilongwe, under the theme “Smart Partnership for Private sector-led industrialization” has attracted over 600 delegates both local and international.
The ministry of trade in conjunction with The Malawi Investment and Trade Centre (MITC) is hosting MIF for the second time after successfully held the same event in 2015.
“We are hosting the second MIF while our banking rates aren’t conducive for investors to put their money on projects. Government is doing all it can to contain the situation. We will utilize the forum by taping practical skills how others countries are faring on the same.
“Apart from that, my ministry has already drafted Financial Service Bill which will empower the central bank to contain the high charges on banks’ lending rates”, assured Trade Minister Joseph Mwanamveka.
Mwanamveka hinted that MIF aims at marketing the country to outside the world despite numerous challenges the nation was facing saying its fruits will be seen in future.
The minister guaranteed the nation that government will sign Memorandum of Understanding (MOU) with investors that decide to bankroll in public projects in a bid to contain their commitments.
Countries participating in this year’s forum include Botswana, Canada, China, Finland, India, Ireland, Italy, Kenya, Luxembourg, Mozambique, Namibia, Nigeria, Norway, Sierra Leon, Singapore, South Africa, Spain, Tanzania, United Arab Emirates, United Kingdom (UK), USA, and Zimbabwe among others.
This year’s MIF comes barely three months after MITC hosted The Malawi-China business forum which managed to rope in 11 Chinese companies who have shown interest to invest in the country in various projects.
Malawi Investment and Trade Centre (MITC), a merger of the Malawi Investment Promotion Agency (MIPA) and Malawi Export Promotion Council (MEPC) was incorporated under the Companies Act and became operational on October 1st, 2011.
MITC is geared towards promoting production (investment promotion) and marketing (export promotion) of Malawi’s goods and services including participate in trade fairs, facilitate investment process for potential investors, industrial assessment, counseling of investors and exporters.
Chaika Middle flanked by Sales Manager Frank Chirwa and Marketing official Brian Mungomo briefing journalists
With the year 2016 approaching the end, summer vacationing in season and rains around the corner, Standard Bank has launched a new loan offer that allows customers top up their existing loan within 24 hours. Continue reading Standard Bank launches Kachikena loan season→
Matseketsa handing over the cheque to Malawi Queens
Airtel Malawi has donated MK14.4Million to the Malawi Queens to enable them participate in the Fast Five Netball World Series on slated for October 29 and 30 2016 in Melbourne, Australia.
Receiving the cheque, Netball Association of Malawi (NAM) President Rosemary Chinunda said the money will enable Queens to participate in the tournament.
“You are indeed our real friends who never get tired when knocking on your door,” said Chinunda.
Handing over the cheque, Airtel Malawi Country Director Francis Matseketsa said”The bond between NAM and Airtel Money has grown stronger; together we have developed local netball talent and increased our national Netball team competitiveness.”
Matseketsa said “The MK14.4 Million which will enable the queens to train and compete in conditions befitting world class athletes is another milestone in our long standing partnership.”
The donation is final instalment out of K360 Million which Airtel Money committed as its sponsorship commitment.
Matseketsa has since expressed satisfaction with the performance of the Queens.
But the delivering the message from Minister of Labour, Sports, Youth and Manpower Development, Director of Sports, Mr James Ndalama said the Minister has ordered them to be among the best four teams in the world.
“The Minister wanted to be here himself however he has just ordered me that he wants the Queens to qualify at best four,” Said Ndalama.
As Malawi grapples with its worst electricity black-out crisis in history, a window of opportunity has opened for the country to tap into a US$300 million power and infrastructure fund to be managed in Africa by Standard Bank group, currently one of Malawi’s largest banks.
Backed by U.S Government’s development finance institution, the Overseas Private Investment Corporation (OPIC) and Wells Fargo Bank, the fund will see Standard Bank providing US$33 million from its balance sheet to support transactions financed by the facility.
In a recent statement released in New York, the fund is a 12-year finance program and was signed on the sidelines of the recent US-Africa Business Forum.
The statement says about $150 million of the facility will support power transactions as part of President Obama’s Power Africa initiative, with up to $100 million available for other strategic infrastructure projects beyond the power sector.
Says Sim Tshabalala, Standard Bank Group Chief Executive:
Head of Sales, Global Markets Gray Kazima
“Power and infrastructure play a crucial role in the economic development of Africa. We are delighted to be part of such an important initiative and look forward to working with OPIC and Wells Fargo to promote sustainable economic growth and to make a real difference to the lives of the people of Africa. Standard Bank has the experience, knowledge and presence in Africa to make this project a resounding success.”
For her part, OPIC President and CEO Elizabeth Littlefield said her organisation is excited to collaborate on an initiative that will have a long-lasting impact on the lives of millions throughout Africa.
“By supporting both infrastructure and power projects, this forward-thinking loan facility brings badly-needed capital to the table and will pave the way for future development in Africa to take root and grow,” she said.
Wells Fargo Executive Vice President Chuck Silverman said the fund will target low-income and IDA-eligible countries in Africa to finance renewable energy projects.
“Wells Fargo is pleased to sponsor this landmark facility for The Standard Bank of South Africa. We are proud to have worked in close partnership with OPIC to arrange and co-lend in support of this project”, he said.
TNM brings cheaper postpaid contracts to Its Malawi Customers
Malawi’s premier mobile service provider, TNM, has launched “Za Bhoo” promotion which aims at rewarding customers with different exciting prizes.
Speaking during the launch of the promotion in Blantyre, TNM Chief Consumer Services Officer Daniel Makata said Za Bhoo promotion is part of demonstrating their gratitude to their customers.
“TNM continues to grow phenomenally in both terms of coverage and customer acquisition. This is attested in latest financial results of the company, and we felt obliged to reward our customers for contributing towards business growth,” said Makata.
Makata disclosed that the grand prizes for “Za Bhoo” promotion is cash amounting to K5 million as well as fridges, smart screens among others.
“Apart from the designed prizes, TNM subscribers will also get rewards in form of TNM-TNM free talk time minutes for every recharge above K100 during the promotion. The aim is to make sure that each and every customer gets rewarded for choosing the premium network,” he said.
According to Makata, to enter the promotion, TNM subscribers are required to recharge with scratch cards of K100, K200, K500 and K1000 respectively and stand a chance to win various exciting prizes for Za Bhoo Recharge & Win, SMS QUIZ to 9090.
“Customers are having a chance of winning in the weekly and monthly draw for Za Bhoo TNM Quiz,” he disclosed.
He therefore revealed that the promotion will runs from September to November 2016.
TNM brings cheaper postpaid contracts to Its Malawi Customers
Malawi’s integrated mobile network and ICT service provider TNM has contributed K2.5 million to the Institute of Chartered Accountants in Malawi (ICAM) in support of this year’s ICAM Lake Malawi conference slated from September 15 to 17, 2016 at Nkopola in Mangochi. Continue reading TNM contributes K2.5m for accountants meet→
President Peter Mutharika promotes buy Malawi campaign
BLANTYRE-(MaraviPost)–The Chartered Institute of Marketers (CIM) has reiterated the need for building Malawi as a recognisable international brand for attracting investors, tourists and other businesses into the country, saying if properly implemented money in form of forex will come into the country.
Speaking on MBC Radio 1 on Wednesday during Malawi Panolama program monitored by Maravi Post, CIM president Timothy ngwira said most of the countries are attracting a lot of trade because of the branding and unique positions they have taken in the global village.
“We pioneered the brand Malawi initiative in the sense that as marketers we saw Malawi as a nation is not branded. Most of the nations now are branded.
By branded we mean that the nations are taking unique positions in this global village in the way that they are able to attract investments as they are able to attract trade because of the branding and the unique positions they have taken.
“Kenya is branded, south Africa is branded and a lot of countries are branded. So as Malawi we saw it that we losing out in terms of qualities of resources because these are the channels that investors think can make profit.
So by the end of the day as marketers because we saw as an organization we owe the nation as well, we came in and drafted the concept paper on brand Malawi. We engaged the ministry of tourism two years ago and now government came in and gave a nod to that.
I am happy to state our organization together with government, where government is represented by the ministry of tourism and the office of the president and cabinet and other ministries we have had a lot of meetings this far.
We are now putting together the background how we can carry this forward,” said Ngwira.
Ngwira said if fully embraced, Malawi as a nation will benefit a lot from the branding.
“There are so many benefits because when we brand the nation business activities that happen in the country revolves around that particular branding.
For example if we brand Malawian food, it means that when it goes out there, that particular food or any other type of commodity will be looked at in that perspective, so people will be able to say this is Nali from Malawi, this is another type of pepper from somewhere else.
Which one should I buy? Because the Nali from Malawi will be branded in a certain way, branded around a certain kind of message, branded around a certain kind of perspective that cannot be compared so if a person wants Malawian Nali it will be Malawian Nali.
“A certain thing is that when it comes to investment, you find that let’s say Malawi here, people much as the government has taken an initiative here but maybe we haven’t drummed up a lot of marketing messages around that and probably we need brand Malawi thing to come and support that investment initiative.
When we talk of tourism, specifically is branded in a certain way. In other countries different areas are branded in various ways.
In Malawi we need the same thing, let’s say Nsanje, we can brand Nsanje as a city of salt or a district of salt.
We brand chitipa as land of rolling hills, so when tourists come to Malawi will be saying Malawi is branded in this way but districts are branded in certain ways.
Instead of that tourist just come and visit Mulanje mountain, the tourist will be encouraged to stay on and visit other areas that are branded in certain unique ways,” he said.
Malawi president Peter Mutharika has also been encouraging the business community to be creative so as to attract foreign customers.
Dr. Chikaonda served as a Professor of Finance at Memorial University of Newfoundland in Canada from 1988 to 1994. He holds a PhD in Finance, MBA in Finance, BA in Finance & Economics (Hons); it was with these lofty credentials that many Presidents trusted him to lead many institutions in the country.
The days that begun with so much promise as the savior of Kamuzu Banda’s dream are waning into a goodnight without fulfillment. Chikaonda was proclaimed by many to be the savior of the new Malawi Democracy; however he will leave his latest high profile job at best with a bag of mixed results. Continue reading Dr. Mathews A. P. Chikaonda retirement comes with many unfulfilled promises→
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