BLANTYRE-(MaraviPost)-New billionaire Malawi Congress party (MCP) Secretary General and Foreign Affairs minister Eisenhower Mkaka is in the process of opening his own commercial bank, it has been learnt.
This publication is in possession of the certificate of the bank registration from Reserve Bank of Malawi (RBM)’s Registrar of Financial Institution.
According to RBM certificate the bank is namely “Dream Financial Services Limited”.
“A licence is hereby issued to “Dream Financial Services Limited Post Office, Box 377, Lilongwe to operate as deposit taking Microfinance institution. This licence is issued subject to the provision of the Financial Services Act, 2010 and the Microfinance Act, 2010,” reads the certificate dated June 28, 2021.
Mkaka has accumulated so much wealth in the last 12 months after being appointed Foreign Affairs Minister that he now can afford US$10 million (approx. K8 billion) in cash, a Reserve Bank of Malawi (RBM) requirement for one to establish a commercial bank.
Insiders said Mkaka is working with some top RBM officials for the process of establishing the bank.
A cabinet minister’s salary is less than MK1.2 million a month meaning Mkaka has managed to earn K14.4 million in one year and miraculously increase the money to MK8 billion to open a commercial bank.
“The process of establishing a commercial bank for Hon Mkaka has started and some top guys here are working hard to establish this bank soonest,” said our impeccable source from RBM.
A top Capital Hill official who did not want to be named, said Mkaka might have some backers to establish the bank ‘but on his own, he has a lot of money’.
“Remember Mkaka is involved in the oil deals at National Oil Company (Nocma) with the Deputy Chief Executive there Hellen Buluma. He has too much money, some of which is out of the country,” said the official.
President Lazarus Chakwera publicly ordered for the removal of Buluma from Nocma but she stayed put with Mkaka exerting his powerful influence over the Head of State not to remove Buluma.
Mkaka, married, is said to have ‘personal liaisons’ with Buluma, divorced.
The MCP SG is Chakwera most trusted boy in state affairs.
Mkaka however refused to grant an interview with this publication when the matter was brought to his attention.
We will be following the paper trail of this operation and updating you every step of the way.