MyBucks Bank profit grows by 130% in 2019-2020 financial year

By Duncan Mlanjira MyBucks Banking Corporation has recorded a profit after tax of MK1.8 billion in the first six months period ended on 30th June, 2020 compared to MK817 million same period in June, 2019. This represents a 130% growth in profit after tax, according to a published financial statement co-signed by the banks Board chairperson Francis Pelekamoyo; Board Director Morgan Tembo; Managing Director Zandila Shaba and Chief Finance Officer Thomson Kumwenda. The financials say the main driver of…

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NBS Bank wins Euromoney Award for second year running as Malawi’s Best Bank

By Duncan Mlanjira NBS Bank has emerged as Malawi’s Best Bank for the second year running in the Euromoney Awards for Excellence 2020, whose results were unveiled on July 15. Last year, NBS Bank was voted 2019 Best Bank in Malawi by EuroMoney Awards for Excellence and 2019 Bank of the Year Malawi by the Banker Awards. The Bank has been recognised for the great advancements achieved in the 2019 financial year, and generally on its transformation journey which…

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Malawi Red Cross Society distributes cash to Karonga COVID-19 victims

By Andrew Mkonda, MANA Malawi Red Cross Society (MRCS) has distributed over K13 million to communities who have been directly and indirectly affected by Coronavirus pandemic in Ngana and Iponga villages in Karonga District. Karonga’s MRCS district coordinator, Blessings Mlowoka said many people in the district depend on small scale businesses that are currently not running smoothly due to the disease. The cash distribution on Saturday to over 900 beneficiaries included some families whose relations were put on quarantine…

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Government vows to improve transport infrastructure

By Martin Chiwanda, MANA Minister of Transport and Public Infrastructure, Sidik Mia says the current government is geared to improving transport infrastructure which, in turn, will ensure and support the socio-economic growth of the country. Mia made the commitment on Friday when he toured transportation projects in Nsanje District, saying no country like Malawi can develop without having proper or improved transport infrastructure hence the need by the current government to prioritize the same. The minister revealed that the…

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MACRA, Department of Civil Aviation to facilitate safety and security of air flights

By Aisha Amidu, MANA Malawi Communication Regulatory Authority (MACRA) and Department of Civil Aviation (DCA) have signed a Memorandum of Understanding (MoU) to foster security and safety of air traffic. Speaking at the signing of the MoU at Sunbird Capital Hotel in Lilongwe, DCA Director James Chakwera — whose department offers aeronautical telecommunication services to air operators — said the MoU will help in transitory of information to air operators to and from their destination. “This will make the…

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Ray of hope for Malawi’s tobacco industry

Maravi Express Expectations are high that the local tobacco industry will receive a boost from one of the biggest buyers of Malawi tobacco, Phillip Morris International (PMI), following revelations that one of its smokeless cigarette technologies has been authorised by the United States’ Food and Drug Administration (FDA).     The development brings a new ray of hope to Malawi, which has seen earnings from the green gold sharply declining in recent years due to the global anti-smoking campaign…

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COVID-19 seriously disrupts Malawi’s ICT industry

By Duncan Mlanjira Financial operations in most Malawian companies have been affected by COVID-19 and information and communications and technology (ICT) sector has not been spared from it because most of the ICT hardware equipments are designed from the West but manufactured in China. Following national lockdowns in China, USA and Europe since February this year, the ICT industry has had serious disruptions in the delivery timelines. This was said by Wisely Phiri, group managing director of one of…

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FDH Bank Plc officially listed on Malawi Stock Exchange

By Mayamiko Phiri FDH Bank Plc has officially been listed on Malawi Stock Exchange at a colorful ceremony took place in Blantyre on Monday, 3rd August 2020. On the listing day about 900,000 shares were traded. The price went up to K15 from K10 per share allowing shareholders to register a capital gain of 50 percentage on the first day. FDH bank managing director, Ellias Ngalande said this is a good development for the bank as now they will…

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Airtel resumes person to person mobile money transaction fees

Maravi Express Airtel Money has reverted to its original transaction fees and account holding balances following the expiry of provisional measures put in place on 23rd April 2020 to mitigate the impact of COVID-19 for 90 days (3 months). In a statement, Airtel says effective from 1st August, 2020, fees on all Person to Person (P2P) transactions for Airtel Money to Airtel Money customers and from Airtel Money to Mpamba customers are now as was on 22nd April 2020….

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ESCOM employees contributing to illegal power supply connections; Disconnects 20 houses in Bangwe

Maravi Express Electricity Supply Corporation of Malawi (ESCOM) has disclosed that some of their employees, both active and former staff members, are contributing to illegal power supply connections. This was disclosed on Friday, July 31 by ESCOM’s Public Relations Manager, Innocent Chitosi when the power utility supplier disconnected a total 40 houses at Nthandizi in Limbe’s Bangwe township for illegal connections. In its ‘Random Inspections Exercise’ of electricity, ESCOM discovered that some of their customers, Horrace Khan and Mabvuto Kapyepye,…

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