Reserve Bank implements automated trading system for Malawi Stock Exchange

By Duncan Mlanjira The Reserve Bank of Malawi (RBM) has implemented Automated Trading System (ATS) for Malawi Stock Exchange which is linked to its Central Securities Deposits (CSD), which keeps details of the securities unlike in the past when trading and recording of securities was all manual. This was disclosed by RBM Governor Madalitso Kabambe on Wednesday during a conference at Sun ‘n’ Sand in Mangochi where RBM gathered digital financial service stakeholders to appraise them on its drive…

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Reserve Bank accelerating shift from paper-based payments to electronic sysyem

By Duncan Mlanjira The Reserve Bank of Malawi (RBM) is on the drive to consolidate the gains from the various innovations in the digital financial services space to accelerate the shift from paper based payments instruments, such as cash and cheques to electronic based services. In that vein, the RBM on Wednesday organised a conference at Sun ‘n’ Sand in Mangochi that attracted digital financial service stakeholders to appraise them that the transaction cost of using cash, whether by…

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Castel Malawi set to retrench more employees this month

By Duncan Mlanjira Castel Malawi Ltd, which is at risk of closure due to continued decline in sales volume, turnover and heavy excise tax rate, will continue to retrench its staff this month. The French company, which took over management of Carlsberg Malawi Brewery just a few years ago, retrenched close to 200 employees in August. In a recent memo dated 30th September, 2019 signed by Director of Human Resources, Naomi Nyirenda, informs the staff members that the second…

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Castel Malawi cuts more jobs

Castel Malawi has announced a second phase of retrenchments. This follows a memo that was signed by the director of human resources Naomi Nyirenda The company claims that this is a result of financial difficulties that they are facing due to the economic situation. The first phase of the retrenchment came in August 2019 when 200 members of staff were retrenched. Castel is also blaming it’s predicament on high taxes. Commentators are speculating that the current trend indicates that…

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NICO Group’s ICON Properties makes K1.28bln profit after tax in just two months

By Duncan Mlanjira ICON Properties, the subsidiary company of the NICO Group that became a limited company in November last year, made profit after tax of K1.28 billion for two months period that ended 31st December, 2018. This was disclosed on Monday at Marriot Protea Ryalls Hotel in Blantyre at the company’s annual general meeting with its shareholders. Standing in for their chairman, Robert Scharar, ICON Properties director, Vizenge Kumwenda, who is Managing Director of NICO Group, said ICON…

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Professionals should be key ingredient in the equation of development in Malawi and Africa in general — Justice Ntaba

By Duncan Mlanjira In her key note address at the opening ceremony of the 2019 Institute of Chartered Accountants of Malawi (ICAM) conference at Sun ‘n’ Sand Holiday Resort in Mangochi on Thursday evening, guest of honour High Court Judge Justice Zione Ntaba said professionalism should not only be evidenced through academic and professional papers but the output they can provide as a result of such glorious qualifications. “It is imperative that professionals should be the key ingredient in…

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Several multinational companies under investigation in Malawi; suspected of externalizing agricultural produce by under-declaring sale of prices

By Duncan Mlanjira At a Financial Services Lawyers conference at Nkopola Lodge in Mangochi on Monday, Deputy Governor of the Reserve Bank of Malawi, Dr. Grant Kabango disclosed that several multinational companies are under investigation under the suspicion of externalizing agricultural produce and products by under-declaring the sale of prices. He said the companies are concealing a goal amount of foreign currency expected to be received by the country. “By extension, the rest of the funds are being retained…

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NICO General sponsors K4.5m for Egenco to host Africa Hydro Symposium

Malawi’s leading financial services provider NICO Group on Tuesday presented a sponsorship package to Egenco for the country’s energy service generators Egenco to host the 29th Africa Hydro Symposium (AHS) scheduled for October 8-10 at the new conference centre at Sunbird Mount Soche Hotel. Presenting the cheque on behalf of NICO Group’s Managing Director Vizenge Kumwenda at their head office in Blantyre on Tuesday, NICO General’s Chief Executive Officer, Donbell Mandala said they decided to respond to the appeal…

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Sycamore Consult’s wealth creation conference in line with planning commission’s successor to Vision 2020

By Duncan Mlanjira The first wealth creation and personal finance conference which was organised by micro finance institution, Sycamore Consult is in line with Malawi government’s successor to Vision 2020 which National Planning Commission is developing. Held at Amaryllis Hotel in Blantyre on Tuesday, NPC was represented at the conference by its Chief Economist, Sipho Billiat, who applauded Sycamore Consult for coming up with the initiative since the successor to Vision 2020 has a new national development agenda, which…

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Malawi’s business guru Thom Mpinganjira offers tips for successful business enterprises

By Duncan Mlanjira First Malawian to establish his own bank, Dr. Thomson Mpinganjira has tipped people to diversify in their business undertakings in order to reduce investment risks in order to succeed in their business endeavours. Mpinganjira, Group Chief Executive Officer of FDH  Financial Holdings Limited, said this at Malawi’s first wealth creation and personal finance conference that was held at Amaryllis Hotel in Blantyre on Tuesday, which was organised by a Malawian owned micro finance institution, Sycamore Consult….

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