* Administrative monetary penalties that were imposed for violating competition and consumer protection laws
* Nitro Phos Ltd, CTS Courier Services and Urban Realtors have requested extensions and are negotiating payment terms
By Roy Howa, Malawi News Agency (MANA)
FDH Bank, Standard Bank and Modern Dry Cleaners, who were slapped with penalties in June 2026 for violating competition and consumer protection laws, obtained stay orders as they appeal the determinations.
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The two banks and Modern Dry Cleaners were among six companies to pay administrative monetary fines totaling K361 million for different violations as provided under the Competition and Fair Trading Act (CFTA).
CFTC fined Standard Bank K100 million and FDH Bank K200 million “for engaging in misleading conduct, unconscionable conduct and failure to disclose material information, and unfair consumer contracts”.
While Modern Dry Cleaners was ordered to refund a complainant K18,000, representing the cost of the dry cleaning services which proved to be defective and to pay penalty of K3 million for excluding liability for defective services and engaging in unconscionable conduct.
Three other offenders, Nitro Phos Ltd, CTS Courier Services and Urban Realtors, who were imposed with administrative monetary penalties, have requested extensions and are negotiating payment terms.
CFTC spokesperson Innocent Helema
In an interview with MANA, CFTC spokesperson, Innocent Helema, confirmed the development, saying the companies have not yet complied pending the legal process and the request for the extensions.
“FDH Bank, Standard Bank and Modern Dry Cleaners are appealing the determinations and have obtained stay orders,” Helema said. “Nitro Phos Ltd, CTS Courier Services and Urban Realtors have requested extensions and are negotiating payment terms.”
He added that CFTC has continued engaging some of the respondents on compliance matters and warned businesses that failure to comply with CFTC determinations may result in enforcement action.
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“Determinations of the Commissioners are equivalent to Orders of the High Court,” he emphasised. “Non-compliance with the determinations is serious misconduct and may lead to civil enforcement procedures.”
From the K361 million in total penalties that the CFTC imposed, FDH Bank received the largest fine of K200 million for misconduct linked to a Keyman insurance facility, while Standard Bank Malawi was fined K100 million for nondisclosure after extending a loan term.
Other sanctioned companies include Nitro Phos Ltd, which was fined K50 million for supplying defective fertiliser, CTS Courier Services with a K5 million penalty over lost customer goods, and Modern Dry Cleaners and Urban Realtors, each fined K3 million for consumer-related complaints.—Editing by Duncan Mlanjira; Maravi Express
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