Malawi Bankers Association pledges to support Chakwera’s ATM strategy

BAM president Phillip Madinga

* We came to share with the President our role as BAM in supporting the ATM strategy and financial inclusion

* We will continue working with government in achieving its agenda in developing our nation

By Lesnat Kenan, MANA

Newly-elected Bankers Association of Malawi (BAM) president, Phillip Madinga has assured President Lazarus Chakwera of the financial sector association’s support towards implementation and achievement of Malawi’s agriculture, tourism & mining (ATM) strategy.

After meeting the President at Kamuzu Palace in Lilongwe today, Madinga — who is Chief Executive of Standard Bank Plc, described the ATM strategy as crucial for boosting the country’s economy.

“We came to share with the President our role as BAM in supporting the ATM strategy and financial inclusion,” he said. “We will continue working with government in achieving its agenda in developing our nation.”

BAM also offered its condolences to President Chakwera following the tragic death of Vice President, the late Saulos Chilima, former First Lady, Patricia Shanil Dzimbiri and seven others, in the plane crash at Chikangawa Forest in Mzimba on June 10, 2024.

Madinga described the late Chilima as a hardworking and dedicated person who had potential of helping the country achieve the MW2063 national vision.

The BAM entourage also congratulated Chakwera for appointing Michael Usi as the new Vice-President of the Republic of Malawi, who was sworn in last Friday, June 21.

Madinga will lead BAM alongside FDH Bank Plc’s Managing Director, Noel Mkulichi as first vice-president and First Capital Bank (FCB) Chief Executive Officer (CEO) Agness Jazza as the 2nd vice-president.

BAM is a body that advocates for a strong, competitive and innovative banking industry to deliver excellent and equitable outcomes for customers.

In announcing the news of the new office bearers, BAM CEO Lyness Nkungula said the association is optimistic that the new executive team will foster continued growth of the financial sector.

“The team will play a pivotal role in driving the association’s strategic initiatives and fostering continued growth,” Mkungula said in a statement.

BAM and the Institute of Bankers in Malawi (IOB) merged and formed a new entity called Bankers Association of Malawi  (BAM) Limited — a company registered by guarantee, whose current members are: First Capital Bank, NBS Bank, National Bank of Malawi, Standard Bank, Ecobank, Centenary Banking Limited, CDH Investment Bank, FDH Bank and First Discount House.

On its website, BAM indicates that while advocating for a strong, competitive and innovative banking industry it also “promotes and encourages policies that improve banking services for all Malawians, through advocacy, policy expertise and thought leadership”.

“BAM further promotes, encourages and provides opportunities for members to acquire knowledge of the theory and practice of banking and to facilitate the consideration and discussion of matters of interest to bankers and persons associated with banks and financial institutions.”

But just week, BAM — as well as the Reserve Bank of Malawi (RBM) admitted during Times Radio’s Kulinji Program that customers in the country’s banking sector are facing many challenges.

Nkungula told the radio that the development calls for improvement, adding that poor network service provision has also exacerbated the prevailing situation.

In response, RBM’s Director of  National Payments System Fraser Mdwazika assured Malawians through the radio that the regulator is working tirelessly to supervise the industry.

“For example, any delayed refund on some transactions invites interest to be paid to the inconvenienced customer plus K15 million penalty payable to RBM,” Mdwazika said.—Editing by Maravi Express