Tag Archives: First Capital Bank

Business

FCB plc aids MK210 million to DODMA for food relief

MaraviPost

BLANTYRE-(MaraviPost)-First Capital Bank (FCB) plc has donated MK210 million to the Department of Disaster Management Affairs (DoDMA) in support of the national food relief initiative aimed at addressing acute food insecurity in Malawi.

The contribution will support the Malawi Food Relief Drive launched by President Arthur Peter Mutharika, which aims to ensure no family goes hungry during the crisis.

Speaking during the cheque presentation ceremony held at Capital Hill in Lilongwe on Monday, FCB plc Chief Executive Officer (CEO) Agness Jazza, said the initiative aligns with the bank’s core values and its dedication to improving the welfare of Malawians facing hunger.

“It is encouraging to see the government and the private sector join hands in this food relief intervention aimed at addressing acute food insecurity.

“Our commitment to this noble cause reflects the values that define FCB plc and our belief in making a meaningful impact in the communities we serve,” said Jazza.

Jazza noted that the country is facing a severe hunger crisis affecting millions of people and commended the government for its leadership and swift response in reaching out to those most affected.

“Supporting charities is at the heart of what the Anadkat family and First Capital Bank do. We believe in Malawi and in supporting the underprivileged,” said Jazza

Jazza said the Bank will also work alongside DoDMA in the distribution of food items as part of its corporate citizenship responsibility and commitment to complementing government efforts in ensuring that all families under threat of hunger are reached.

Jazza expressed gratitude to the government for its leadership and continued commitment to food security.

“Your generosity and strong support for this intervention will continue to make a difference as we build a more caring and inclusive Malawi,” said Jazza.

Receiving the donation on behalf of the government, Minister of Finance and Economic Affairs Joseph Mwanamveka hailed FCB plc for what he described as a timely and generous contribution, noting that the support will go a long way in assisting families struggling to access food.

“Thanks to the Bank for the assistance they have given us today. I know they could have used the resources for other purposes, but they chose to support the government and help those who are suffering and do not have enough food,” said Mwanamveka.

The minister further urged other companies and financial institutions to emulate FCB plc’s example.

“I would also like to encourage other companies to emulate what FCB plc has done, to give us the money and help the people who are suffering. The gap we have is significant, but the support we are receiving so far is quite overwhelming,” said Mwanamveka.

Business

FCB powers Bankers conference with MK7 million

MaraviPost

BLANTYRE-(MaraviPost)-First Capital Bank has reinforced its position as a key driver of innovation and collaboration in Malawi’s financial sector by injecting MK7 million into the 2025 Bankers Lake Conference, which opened yesterday at Sunbird Nkopola in Mangochi.

FCB Head of marketing and Communications Twikale Chirwa said the conference theme ‘Facing the Future Together: The Phenomenal Power of Synergy’ is a fitting reflection of the bank’s belief that collaboration drives innovation, inclusion and sustainable growth in Malawi’s financial sector.

“At First Capital Bank, we see synergy not just as a theme, but as a strategy. The banking sector thrives when we collaborate to innovate, adapt, and deliver value for our customers and communities. Our K7 million sponsorship reflects our commitment to driving that shared progress,” said Chirwa.

First Capital Bank’s contribution is funding critical aspects of the three-day event, ensuring that delegates experience a world-class platform for dialogue on innovation, digital transformation, financial inclusion, and economic resilience.

This year’s Bankers Lake Conference is expected to produce actionable strategies to enhance the banking industry’s responsiveness to the changing needs of Malawians — a mission that First Capital Bank continues to champion.

Bankers Association of Malawi (BAM) Chief Executive Officer Lyness Nkungula hailed FCB for the supporting saying it will go a long way in making the annual lake conference a success.

The Banker’s Lake Conference has become Malawi’s premier annual gathering for financial leaders, regulators, innovators, and policymakers. It provides a unique platform to address emerging industry challenges, harness opportunities, and forge partnerships that will define the future of banking.

Business

First Capital Banks’ 30 years of Belief: From One Branch to six countries

MaraviPost

BLANTYRE-(MaraviPost)-First Capital Bank (FCB) is celebrating 30 years of achievement this month, marking the anniversary of its opening on 26th June 1995.

From its first branch in Blantyre, the bank has grown into a regional financial group operating in six countries with more than 100 branches.

It now has a turnover of more than U$300 million and is listed on the Malawi Stock Exchange (MSE).

“As a Bank with deep roots in Malawi, we take pride in our success both here in Malawi and regionally. It’s truly remarkable to think that this entire journey of growth and regional success began with just one humble branch in Blantyre,” noted FCB Chief executive Officer Agness Jazza.

The story began in 1994, when Malawi had only two major banks, prompting the then Reserve Bank of Malawi (RBM) Governor Dr. Francis Pelekamoyo to advocate for increased competition in the financial sector.

He encouraged the establishment of a merchant bank, a concept that was new to Malawi then. This led Malawian businessman and the bank’s founder, Hitesh Anadkat, to apply for a banking license.

In 1995, First Merchant Bank (FMB) was born. The first branch opened on 26 June at Delamere House, the most prestigious building in Blantyre at the time. In its first 15 months of operation, the bank earned a profit of K5.5 million (about $360,000). It had deposits of over K226 million and a strong balance sheet.

The bank steadily opened more branches in Malawi and in 2001 made its first acquisition – Leasing & Finance Company of Malawi. Five years later, in 2006, FMB was listed on the Malawi Stock Exchange.

The bank embarked on its journey of regional expansion in 2008 when it established Capital Bank in Botswana. This milestone marked the beginning of a broader strategy to extend its footprint beyond Malawi’s borders.

Further growth followed in 2013 with the acquisition of International Commercial Bank’s operations in Malawi, Mozambique, and Zambia, laying the foundation for a truly regional presence. The group made headlines again in 2017 when it bought Barclays Bank of Zimbabwe. This was a major step that expanded the bank’s footprint across the region.  

In 2017, alongside the purchase of Barclays Bank of Zimbabwe, FMB made another significant acquisition back in Malawi — Opportunity Bank International – a move which further strengthened the bank’s foothold in its home country.

By this time, the group was operating under three distinct brand names in five countries. Recognizing the benefits of unity and streamlined operations, the organization consolidated its operations under a single brand – First Capital Bank. This strategic move not only strengthened its identity but also enhanced its ability to deliver consistent services and foster cross-border collaboration.

In 2018, First Capital Bank took another strategic step by establishing First Capital Shared Services in Mauritius, providing centralized support to all FCB operations, focusing on key functions such as technology, treasury, trade, back-office operations, risk and compliance.

Group Managing Director Jaco Viljoen notes that today, four of the bank’s five operating countries each contribute over 20% to the group’s overall performance—a testament to the strength and balance of its regional footprint.

“We have successfully spread risk and built robust cross-border services, making banking simpler and more accessible for our customers across the region. Throughout this journey, ‘Belief comes First’ has been more than a tagline—it has been our compass. It reflects our confidence in our people, our clients, and in the opportunities ahead. That belief continues to power everything we do,” shares Viljoen.

As it enters its fourth decade, FCB remains committed to building strong partnerships.

“We look forward to the years ahead. We want to keep growing with our customers, support their businesses, and strengthen the relationships we have built. We welcome new customers and will continue to be a trusted banking partner in the region,” assures Jazza.

From its humble beginnings at Delamere House, First Capital Bank carries the essence of Malawi in every milestone achieved over the past 30 years. Though now a transnational financial operation operating across six countries, its foundation is firmly planted in Malawi’s soil.

Business, Regional

Botswana, Mozambique drive 12.8% PAT rise in FMBCH F24 results

MaraviPost

BLANTYRE-(MaraviPost)-Strong performances by the First Capital Bank (FCB) franchises in Botswana, Malawi, Mozambique and Zimbabwe, all achieving profits in excess of US$20m, underpinned the full year results of regional banking group FMBCH.

Together, the Group reported a 13% increase in profit after tax (PAT) to US$103.5m in the financial year ending 31 December 2024.

The increase in profit would have been even greater had it not been for the restatement of the 2023 financial results due to the change in the functional currency in Zimbabwe.

FMBCH had previously reported its after tax earnings at $78.74m, which would have translated to a 31.4% increase.

“Profitability has hit the $100m mark and these results once again underscore FMBCH’s status as a hard currency hedge,” Cedar Capital CEO Armstrong Kamphoni said in an interview.

“While Malawi’s profit was up 4% when translated from kwacha to dollars at the official rate, which is unchanged from a year ago, Botswana and Mozambique put in fantastic performances to underpin the group result,” added Kamphoni.

Botswana reported the highest year-on-year profit growth in the group, with PAT up 44% at US$24.09m as a result of payroll lending and syndicated lending, followed by Mozambique with a 36% rise to US$26.12m, which Kamphoni noted was impressive given the political turmoil there in the final quarter of 2024.

“Despite the fallout after the October election, FCB Mozambique had a better second half whereas it would seem FCB Botswana’s performance slowed as it posted a 58% rise in PAT at the interim results.

“Zambia dragged on group performance, but in part that was due to a weak kwacha, which fell to all-time lows during 2024,” remarked Kamphoni.

Kamphoni said FMBCH’s geographical spread was a major enabler for the group and commentary accompanying the results noted as much, pointing out “four of our five banks individually achieved PAT in excess of US$20m”.

FMBCH’s final dividend declaration is still pending, after the group made an interim payout of 0.21 US cents per share.

While net interest income for the group remained robust at US$166.5m (F23: US$136m), non-funded income dropped marginally to $111.8m from $121.1m as net gains on forex transactions dipped to $52.4m from $59.1m.

Kamphoni speculated this was probably due to the situation in Malawi. Expenses were well-controlled at $126.7m, an increase of 9% during high inflationary periods in all markets.

It was also noted that FMBCH’s group balance sheet had exceeded $2bn, a solid increase of 36% as customer deposits rose 38% in the year.

FMBCH remained cautious about lending, with loans and advances rising 8% to $772.1m, while funds were invested in money market instruments, which showed a rise of 115% to $470.9m.

FCB Zimbabwe’s 19% contraction in PAT to $23m came after the functional currency adoption restatements. These restatements recognised a higher F23 profit than previously reported ($28.7m compared to $15.7m) and $15m lower in other comprehensive income. As a result, the restatements reduced closing net assets by $2m.

FCB Zimbabwe reported a strong rise in net interest income and the group onboarded 70 000 new customers in the year, with 80% signing up on the digital platform. However, the new ZiG currency was devalued by nearly 100% in September and there was organisational restructuring as FMBCH continued to realign the formerly Barclays Zimbabwe operation to the FMBCH model.

The FinX newswire, analysing FCB Zimbabwe’s results, said F24 was “a year of pruning – painful, intentional, and perhaps overdue. In doing so, FCB has laid a foundation not just for growth, but for sustainable, risk-aware relevance in Zimbabwe’s transforming financial sector.”

Commenting on the results, FMBCH Chairman, Terence Davidson, said; “We will continue to pursue prudent market share growth across all markets, while remaining open to expansion opportunities that align with our long-term growth strategy.”

Business

First Capital Bank launches Belief Rewards to enhance customer experience

Maravi Post Reporter

By Jones Gadama

First Capital Bank has taken a significant step towards enhancing customer experience with the launch of its new rewards program, Belief Rewards.

The program is designed to offer premier customers exclusive discounts and preferential treatment when accessing services from institutions that are in partnership with the bank. According to Nargis Khan, the bank’s head of Prestige Banking, the initiative is aimed at showing appreciation to customers and growing together with them.

“We know that with our customers we have been growing together and we want to give more to our customers,” Khan said,adding that, “We have partnered with other service providers such as hotels who will be giving these discounts, these preferential treatment to our customers.”

The launch of the initiative was held in Blantyre, and it marks a significant milestone in the bank’s efforts to provide value-added services to its customers.

The Belief Rewards program is a testament to First Capital Bank’s commitment to customer satisfaction.

By partnering with other service providers, the bank is able to offer its premier customers a range of benefits and discounts that will enhance their overall experience.

The program is designed to be flexible and adaptable, allowing customers to take advantage of exclusive offers and discounts that are tailored to their needs.

Khan emphasized that the bank values its relationship with customers and wants to show appreciation for their loyalty. “We are growing together with our customers, and we want to give more to our customers,” she said.

The Belief Rewards program is a key component of the bank’s strategy to build strong relationships with its customers and provide them with a unique banking experience.

The launch of Belief Rewards is also a reflection of the bank’s commitment to innovation and customer-centricity.

By leveraging partnerships with other service providers, First Capital Bank is able to offer its customers a range of benefits and discounts that go beyond traditional banking services.

This approach is expected to set a new standard in the banking industry and reinforce the bank’s position as a leader in customer service.

As part of the Belief Rewards program, premier customers will enjoy exclusive discounts and preferential treatment at partner institutions.

These benefits will be available across a range of services, including hospitality, entertainment, and lifestyle.

The bank has partnered with reputable service providers to ensure that customers have access to high-quality services and experiences.

The Belief Rewards program is designed to be a win-win for both the bank and its customers.

By offering exclusive benefits and discounts, the bank is able to show appreciation to its customers and build strong relationships.

In turn, customers will enjoy a range of benefits and discounts that will enhance their overall experience and provide them with more value for their money.

The launch of Belief Rewards is a significant development in First Capital Bank’s efforts to enhance customer experience.

The program is a testament to the bank’s commitment to customer satisfaction and its willingness to go the extra mile to provide value-added services.

By partnering with other service providers, the bank is able to offer its premier customers a range of benefits and discounts that will set a new standard in the banking industry.

As the bank continues to innovate and put customers first, it is expected that Belief Rewards will play a key role in shaping the future of banking in Malawi.

Regional, Sports

First Capital Bank pumps in MK50 million in four nations tourney

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-One of the leading commercial banks in the country, First Capital Bank (FCB) has today the March 14, 2024 being unveiled as the official sponsors of the forthcoming four nations tournament.

The unveiling ceremony took place at Chiwembe,Mpira Village,Blantyre and the bank announced the sponsorship of the tournament which Malawi will host in the capital Lilongwe from March 21, 2023 to the tune of MK50 million.

Speaking to journalists, First Capital Bank head of Marketing and communication Twikale Chirwa said,the decision to sponsor the tournament is to enhance the socio-economic fabric of the communities in which it operates.

“We have made a significant contribution to society on the back of a business that was the first Malawian bank to open its operations outside the country. Hence,the four-nation tournament is synonymous with our vision, values and moral beliefs.

“We are proud of youth players who break into the main senior team hence the decision to be part of this historical event which will be hosted by Malawi for the first time after many decades”, he narrates.

In his reaction, the Football Association of Malawi (FAM) General Secretary Alfred Gunda hailed the bank for the gesture.

“FCB has been a true partner in football development in the country.We are overwhelmed to accept this gesture from FCB to Sponsor the four-nations tournament. This for tells that the bank believes in football by pumping in mk50 million in this tourney.

“This partnership is a vote of confidence that the bank has in football beyond the boarders of Malawi.As the host,we will deliver the value for the mk50 million that has been pumped into this tournament. The sponsorship is timely”, explains Gunda.

The four nations tournament will draw the Men’s Senior and under-20 teams of Malawi, Zimbabwe, Zambia and Kenya and is anticipated to kick off on 21st March 2024 at the Bingu National Stadium, in Lilongwe.

According to the fixtures which the football association of Malawi (FAM) released on Wednesday, Malawi will lock horns with the Harambe Stars of Kenya whereas the Warriors of Zimbabwe will battle it out against the Chipolopolo boys of Zambia in their opening games.

Business

First Capital Bank launches Tap App

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-One of the leading commercial banks in the country, First Capital Bank on Friday evening, March 1, 2024, launched a Soft Life pay with FCB tap application.

The launch ceremony took place at the Bingu International Convention Centre and it was graced by officials from the bank and the Small and Medium Enterprises customers who are also the beneficiaries of the application at large.

Speaking to the media, the head of Marketing and Communication at First Capital Bank Twikale Chirwa said,

“Today is the official launch of FCB Tap and we are saying welcome to the soft life translated in our local language Chichewa as Kufewa. This product allows SMEs but also self-employed people to receive card payments from their Android phones.

“Our objective as FCB is to be innovative in our customers’ solution, today cash-carrying is something of the past and customers prefer carrying cards wherever they go. The application is fast, secure, and convenient”.

The application is not limited to FCB cards only but all cards from other banks and is also in operation in countries including Botswana, Zambia, Mauritius, Mozambique, and Zimbabwe.

Business

First Capital bank splashes prizes in Zanga Phee civil servants loan promo

Maravi Post Reporter


By Steven Godfrey Mkweteza

BLANTYRE-(MaraviPost)-Eleven civil servants across the country have been splashed with various prizes during the first draw of Zanga Phee civil servants loans promotion which is being run by the first capital bank of Malawi.

The draw which was held at the banks’ head office in Blantyre on thursday, saw Shema Daudi winning a solar panel while the ten other entrants getting each a T shirt.

Speaking in an interview after draw, the head of marketing and communications for first capital bank(FCB), Twikhale Chirwa, said he was very encouraged with the overwhelming entries the promotion has so far received.

Chirwa said the bank wanted to incentive existing customers who would like loan top ups but also encourage potential customers to access the banks’ lending.

“The civil servants loan is fast, flexible and affordable and does not require any form of collateral or security as long as one is permanently employed by the Malawi government,” he said

Chirwa said the loan, which is processed in 48 hours, can be used for purchase of personal assets, school fees, farming activities and business startups among other things.

” This is to offer civil servants and opportunity to partner with us and get the best loans in the country,” he said

According to him, civil servants can now apply for a minimum of MK1,200,000 and stand up to get MK1 million over the next months.

He said customers who consolidate and top up their loans also stand a chance to win some amazing prizes that include gas cookers, solar panels and other consolation prizes

Law and order, Malawi

Sigh of relief! First Capital Bank lauded for agreeing to assist duped Malawian farmer

Maneno Chimulala
Sigh of relief! First Capital Bank lauded for agreeing to assist duped Malawian farmer

BLANTYRE—(MaraviPost)—A Malawian smallholder famer Mr. Kitmass Ngoleka from Lumbadzi in Lilongwe, whose money in First Capital Bank (FCB) vanished into thin air, can at least afford a smile as the bank has agreed to assist him outside the court.

According to the concerned citizen who took the matter to the public, Onjezani Kenani, FCB has agreed to resolve the matter amicably with the client as soon as possible.

 “I’m glad to report that the First Capital Bank (FCB) has undertaken to resolve the matter amicably with their client, first thing tomorrow morning. I am grateful to FCB for taking swift and decisive action.

“Senior management at the bank called Mr. Ngoleka and spoke to him and invited him to the bank for the matter to be settled. I have also been on a call with FCB’s management, who took time to explain to me how their internal controls work.

“In short, FCB has a mobile application designed for customers to conduct self-registration. To have access to the application, the system generates a One-Time-Password (OTP) which it sends to the phone number registered in the core banking system.  The only way fraud can occur is when fraudsters call the customer to ask for the OTP, which they use to access the mobile app,” wrote Kenani on his official facebook page.

In the case of Mr Ngoleka, the bank informed Kenani that the OTP was generated on 5th December, 2020, and was delivered to his mobile number at 09:51 a.m.

“The bank concludes that the customer shared his OTP with the fraudsters,” he said.

Kenani has, therefore, advised the general public remain vigilant and never give up OTP to anyone as technology is advancing at a supersonic speed.

Ngoleka is suspected to have duped money amounting to over K2 million which he deposited in HIS FCB account after selling his maize last year.

According to Kenani, the fraudsters used airtel numbers: +265 995 727 359; +265 995 798 051; +265 997 476 978 and +265 995 276 446 to siphon money from the bank account of the victim.

According to investigation by Maravi Post Reporter the numbers belong to Chimwemwe Kennedy, Sanderson, Ndichitenji Ndichitenji Chibandu and Fane Nsamila respectively.

Kenani was set to seek justice from court through Counsel Sylvester Ayuba James who together with Counsel Khumbo Soko and Shepher Mumba stepped forward to represent the victim pro bono.

Law and order, Malawi

Malawi’s Banks thievery reaches stinking levels: poor farmer Ngoleka duped over K2 million by First Capital Bank

Maneno Chimulala
Malawi’s Banks thievery reaches stinking levels: poor farmer Ngoleka duped over K2 million by First Capital Bank

BLANTYRE-(MaraviPost)—After toiling for a number of years in his farm, trying to change his economic status, a smallholder famer Mr. Kitmass Ngoleka from Lumbadzi in Lilongwe is in financial abyss as his proceeds amounting to over K2 million cannot be traced in his First Capital Bank Account.

According to information from concerned citizen and well wisher, Onjezani Kenani, on 14 January 2020, after the victim sold his maize, he decided to open a bank account at First Capital Bank, or FCB in short, in Lilongwe’s City Centre.

“In the course of one year, he made deposits – no withdrawal, only deposits – nine in total, and by 4 December 2020, his balance was K2,021,985.34.  All from selling his maize. Then on 5 December, something at the bank happened, according to the bank statements he has shown me. His money disappeared!” narrated Kenani, a man who is known for fighting for justice of vulnerable people.

He added: “On the date the money disappeared, Mr. Ngoleka did not know anything. He was home, waiting, like everyone else, for Christmas. In fact, because of his lack of knowledge about what had happened, he sent his brother, Charles, at the beginning of January 2021, to deposit K100,000, and then his sister, Edna, to deposit K500,000.

“It then turned out that one of the sisters wanted to borrow some money, about K600,000, to inject capital in a business of hers that was going through troubled waters, with a promise to pay back as soon as she was able. For the first time, Mr. Kitmass Ngoleka decided to go to the bank to withdraw the money. In the banking hall, the first thing he wanted to do was to know the balance.”

Kenani says Ngoleka was heartbroken after seeing a balance of K621, 500.61 and he asked the teller in disbelief if what was written was indeed his balance, but the teller emphatically said “That is your balance today.”

After a great of deal of enquiries, the teller printed statement which indicated that money amounting to 2 million Kwacha was withdrawn through airtel money accounts with the following numbers: +265 995 727 359; +265 995 798 051; +265 997 476 978 and +265 995 276 446.

According to investigation by Maravi Post Reporter the numbers belong to Chimwemwe Kennedy, Sanderson, Ndichitenji and Fane Nsamila respectively.

“How was this theft possible without collusion with someone within the bank? With all those know-your-client procedures, how did FCB approve the linkage to all these numbers?” wondered Kenani.

Meanwhile, Kenani has asked law practitioners who are willing to take this case pro bono to quickly coordinate with him so that the poor farmer should seek justice in the court of law.

 There have been cases of Commercial Banks and telecommunications company staff colluding to siphon customers’ money from bank accounts and Airtel money and Mpamba accounts.

People have been pleading with the Reserve Bank of Malawi (RBM), as a regulator of commercial banks, to intervene in the nasty deals happening in the banks.

Due to insecurity created in banks by its staff, many people have resorted to Village Banks which appear economically viable and secure.