Reserve Bank of Malawi launches 2019-2021 strategic plan and Malawi kwacha smartphone App

By Duncan Mlanjira Reserve Bank of Malawi (RBM) officially launched its 2019 to 2021 Strategic Plan to guide its operations for the next three years and has also developed the Malawi Kwacha Smartphone Application in its efforts to bring down counterfeit currency. Launching the Plan and the App at their Blantyre offices, RBM Governor Dalitso Kabambe said the central bank will be reviewing its every strategic plan every three years to ensure that it remains relevant and focused on…

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Reserve Bank of Malawi reduces policy rate to 14.5%

By Duncan Mlanjira Reserve Bank of Malawi (RBM) has reduced the rate at which commercial banks borrow from the central bank as lender of the last resort by by 150 basis points from 16% to 14.5%. Addressing a press conference on Wednesday at their offices in Blantyre soon after a Monetary Policy Committee meeting, RBM Governor Dalitso Kabambe also announced that the central bank has also reduced the Lombard rate from 200 basis points to 40 basis points above…

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National Bank of Malawi’s MO626 now on Airtel Money platform

By Muloyi Magenge  National Bank of Malawi (NBM) has become the sixth Malawian bank to integrate its electronic banking service, MO626 ice platform, with Airtel money service in spirited efforts to reach out to more people with banking services. Airtel and NBM announced their partnership at the country’s leading mobile phone operator’s headquarters in Lilongwe in a move that has excited customers of the two service providers. Head of Airtel Money Chris Sukasuka said the innovation brings more financial…

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Germany to invest in Bio-Energy

The Government of Germany is considering starting a new cooperation with Malawi Government in the field of Bioenergy in order to boost the country’s energy sector. German Federal Minister of Economic Corporation and Development, Dr Gerd Muller said this at Kamuzu Palace in Lilongwe on Monday in an audience with President Prof Arthur Peter Mutharika. The remarks come amidst Mutharika’s acknowledgement of the country’s challenges in the energy sector. Muller said there is need for Germany and Malawi governments…

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AHCX Limited successfully meets procurement target of 32,000 MT of maize for strategic grain reserve

By John Saukira AHL Commodities Exchange (AHCX), Malawi’s transparent market platform for commodities, has successfully completed the procurement of the 32,000 metric tonnes of white non-GMO maize for the Strategic Grain Reserves as per its government contract through the National Food Reserve Agency (NFRA) worth K5 billion. AHCX Limited Research and Communications Manager Mark Ndipita disclosed this on Sunday saying they completed the exercise on November 2, 2018 as directed by NFRA. He said the company bought 7,470 metric…

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MISA Malawi to save K2.6m annually with new office

By John Saukira Media Institute of Southern Africa (MISA) Malawi Chapter says it will be saving about K2.6 million annually once its newly-acquired office structure at Lilaga community, along the Old Lilongwe Airwing Road, becomes operational mid this year. MISA Malawi chairperson Tereza Ndanga said this on Saturday morning when she took journalists on a tour of the new office block where she disclosed that the media body struggles to pay K220,000 every month for its current offices in…

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NBS Bank extends banking hours for the festive season up to 6pm

By Duncan Mlanjira NBS Bank has extended its banking hours up to 6pm at nine of its key service centres in the country to give customers more flexibility in banking for deposits and withdrawals during the busy festive season. A statement from the bank’s Chief Executive Officer, Kwanele Ngwenya, says the service centres are Salima, Mangochi, Blantyre, Limbe, Ginnery Corner, Zomba, Lilongwe, Capital City and Mzuzu up to December 31. Normal banking hours for all NBS service centres are…

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NBS Bank offers special loan facility for people interested to invest in shares in ICON Properties

By Duncan Mlanjira NBS Bank announced on Wednesday, December 19 that it has introduced a loan facility which people can utilize to access a loan in order to invest in ICON Properties shares. NBS Bank together with Standard Bank are receiving banks for ICON Properties, which is in the process of listing on the Malawi Stock Exchange and opened the Initial Public Offer of shares (IPO) from December 7 to 28 and the listing will take place on the…

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FORMER SPEAKER CHIMUNTHU BANDA BOUNCES BACK INTO FRONTLINE POLITICS

By Juliet Mlowoka Chirwa-MEC stringer,NKHOTAKOTA Former speaker of parliament Henry Chimunthu Banda has won Democratic Progressive Party-DPP primaries in Nkhotakota north to represent the party in the coming May 2019 tripartite elections. Chimunthu Banda who retired from from front line politics in 2014 after serving the constituency for 15 years, has bounced back and geared for the forthcoming polls. However, the incumbent parliamentarian for the constituency Frank Mphande, boycotted the elections faulting the party for poor preparations. The party…

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COMSIP Cooperative Union launches microfinance company COMSIV

By John Saukira COMSIP Cooperative Union has launched a micro finance company, whose objective is to give its affiliates access to affordable loans for their legumes production, value chain in production businesses, nutrition, sanitation and health interventions. COMSIP Board chairperson Givemore Chipanga said the decision to form COMSIV came about following requests from their affiliates who were finding it difficult to access loans from financial institutions as capital to start businesses. “COMSIP’s role is to guide its affiliates on how…

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