Cairo, 25 September 2024: –In a move set to significantly boost trade financing in Malawi, African Export-Import Bank (Afreximbank) has signed a landmark US$100-million Trade Finance Facilitation Facility (AFTRAF) agreement with National Bank of Malawi (NBM) Plc, the country’s largest bank by assets.

Representing the largest AFTRAF facility ever to be extended by Afreximbank in Malawi, the US$100-million AFTRAF agreement will enhance and maximize the capacity of NBM Plc to finance trade transactions of its clients in the manufacturing, energy and agriculture sectors.

Additionally, it will allow NBM Plc to issue letters of credit confirmed by Afreximbank, addressing the difficulty posed by a shortage of confirming banks lines. It will also support the importation of critical goods required by Malawi, including intermediate products for the manufacturing sector, fuel, pharmaceuticals and fertiliser.

National Bank of Malawi has donated a K40 million worth blood bank fridge to Mulanje District Hospital to preserve blood for cancer patients, women in childbirth, malnourished children, and accident victims.

The bank's Head of Corporate Banking Division, William Chatsala, highlighted that the donation exemplifies the bank’s commitment to life-changing initiatives.

National Bank of Malawi (NBM) plc has donated a blood bank refrigerator worth K40 million to Mangochi District Hospital to address blood storage challenges in the eastern region.

The Bank made a commitment through the Malawi Blood Transfusion Services (MBTS) to secure two blood bank fridges for Mangochi and Mulanje hospitals.

Speaking after the handover ceremony at the hospital on Friday, NBM plc Chief Executive Officer (CEO) Harold Jiya said they were convinced by MBTS to make the donation after noting that blood transportation and storage is the biggest challenge in the region.

National Bank of Malawi (NBM) plc Chief Executive Officer (CEO), Harold Jiya has unveiled plans to establish a Financial Technology (Fintech) company to help minimize costs incurred when buying systems from different companies.

Jiya, who ascended to the top managerial position this month following the retirement of McFussy Kawawa, outlined the plans during a media interaction session on Wednesday as he also unpacked the Bank’s five-year strategy.

In his presentation, Jiya said apart from the Fintech company,  the Bank anticipates a significant growth to four countries in Africa, growing the profit-after-tax to $100 million dollars from the current $60 million, and grow the customer base to two million the year 2027.

National Bank of Malawi (NBM) has introduced loans that will let Malawians buy shares on the Malawi Stock Exchange.

Speaking during the launch of the Share Purchase Loan Scheme in Blantyre on Tuesday, NBM’s Head of Retail Division, Oswin Kasunda said the bank wishes to have many Malawians own shares in different companies.

“We want as many Malawians as possible to prepare for the future. This is not an elitist product. We want everyone to access the loans and buy shares,” he said.

NBM Chilenga (left) UNIMA Mzaza (centre) and students rep Austin RobenNational Bank of Malawi (NBM) Plc has expressed satisfaction with the innovations done by University of Malawi (UNIMA) Department of Physics and Electronics final-year students.

NBM Plc Information Technology, Organization, and Methods (ITOM) Division gave the students three challenges to solve and bring out innovative solutions with MK2.8 million as funding for the projects.      

On Friday, the students presented the innovations at NBM Headquarters in Blantyre, where Head of ITOM  Designate Christopher Chilenga said part of NBM plc strategy has an aspect called ‘collaborations and partnerships’ recognizing that the Bank cannot have all the answers to the problems in the services but can get someone else on board.

Mabulekesi – Members will get a real investment return

NBM PAL Unrestricted Pension Fund has registered an increase in investment income for the year 2023 to 42 percent from 27 percent in 2022.

This means that, for example, for an individual member with a total accumulated pension benefit of K10 million as of December 31 2023, the total accrued pension benefit has increased to K14.2 million with effect from January 1 2024.

NBM PAL Chief Executive Officer William Mabulekesi said with inflation averaging 30 percent in 2023, members will get a real investment return of over 12 percent.

Jeremiah (right) and members of Tikondane group at the Coconut tree which President Chakwera planted during the opening of the 2022-2023 forestry season

Gogo Christina Mpinganjira recounts her youthful days when they used to collect wild mushrooms and see wild animals from the mountains of Kapirimutu, Nthunzi, Mchenga, Ntcheu, Mwasadzu, and Chipendeko in Dedza.

This was when the hills, popularly known as Seven Hills had its vegetation cover intact, before the community raged on them through charcoal burning, and other human activities.

The sorry state of the Seven Hills, which has rendered Gogo Mpinganjira destitute to find the wild food again, and the diminishing traditional cold breeze of Dedza, is also visible in other forests across the country.