Standard Bank profoundly emphasises that institutions do not grow nations; partnerships do—Chief Executive Madinga

* During the engagement with President Mutharika at Sanjika Palace yesterday

* For an honest conversation about the opportunities as well as challenges ahead on the road to a more prosperous self-reliant and inclusive Malawi

* Today, we are here to reaffirm a simple but powerful message; Malawi is our home, we believe in her potential. And we stand ready to drive her growth — together with Government

By Duncan Mlanjira

Standard Bank, at its engagement with President Arthur Peter Mutharika yesterday at Sanjika Palace, maintained that the leading financial service institution is “deeply conscious that institutions do not grow nations; but partnerships do”.

Chief Executive Phillip Madinga highlighted that the engagement was “an honest conversation about the opportunities as well as challenges ahead on the road to a more prosperous self-reliant and inclusive Malawi and what role Standard Bank, can play as a partner in driving Malawi’s growth”.

He unveiled that the institution has several proposals, which they believe, “if and when, timely executed will be key to meeting Malawi’s aspiration of becoming a self-reliant and inclusive wealthy nation by 2063 and become a middle income country by 2030 despite the challenges we currently face”.

“…whilst I share this optimistic picture and the resilience that we have as a country, Malawi finds herself at a defining moment in her development journey. The past few years have been difficult, marked by macroeconomic instability, debt pressures, foreign exchange constraints, climate shocks, and global disruptions.

“These challenges are real, and they demand honest introspection. But equally important, Malawi remains rich in potential. Why? — because we have:

* A clear long-term national vision in MW2063;

* Enduring peace and political stability;

* Abundant human and natural resources; and

* Significant opportunities across agriculture, energy, infrastructure, mining, manufacturing, tourism, and trade.

“Your Excellency, when I go to speak at regional and international conferences, I remind the World that not many people know that Malawi has, for example, the largest rutile deposit in the World. This is the story we tell at Standard Bank, and I believe it’s a story every Malawian must tell!

“In our view, Malawi is still open for business because of these and many other reasons. And with your decisive leadership, structural and economic reforms you have already embarked, and with a strong publicprivate collaboration, this moment can become a true turning point.”

Madinga, whose executive management was led by Board chairperson, Alex Mkandawire, took note and appreciated that Mutharika’s administration “has developed and articulated key priority areas for action”.

“We also note the tough decisions which have been made under your leader which we believe are necessary to get Malawi back on a recovery and growth path. As your partner in Driving Malawi’s growth, we believe that by staying the course of structural reforms and good governance, we can showcase rebuild of trust of several stakeholders locally but also internationally — but also trust of the investors that Malawi is an attractive investment destination.

“We have also noted that your government through the DPP manifesto has clearly laid out the key areas for economic growth and investment as well as re committing to MW2063 including a renewed focus on agriculture, tourism, mining & manufacturing (ATMM); plus energy and infrastructure.

“However, for Malawi to realise meaningful success and progress, we need intentional dialogue and clear timely plans from both the private and public sector. In this regard, we propose facilitating a dialogue of key players from both private and public sector.

“We believe that urgent private and public dialogue will be key to the success of your vision and plans. As Standard Bank, we stand ready to facilitate and sponsor such a dialogue in partnership with the Malawi Confederation of Chambers of Commerce and Industry (MCCCI), Government (Ministry of Industrialisation, Business, Trade & Tourism, the Ministry of Economic Planning & Decentralisation and other economic ministries).

“It is our belief that by providing all stakeholders with a forum where we can hold meaningful dialogue and share the details around your economic agenda and recovery plan, it would be a clear invitation for private sector to invest in opportunities and engage on the enabling capabilities and conditions for all the key initiatives, priorities and projects.”

Madinga also appraised the President that Standard Bank has a fully-fledged stakeholder dialogue platform, the ‘Growth Conversations’, initiated in 2024, which has “registered some meaningful successes”.

In the energy and infrastructure space, Madinga indicated that through a US$55 million facility, 64 megawatts were added for Kapichira II Hydro Power Station in the mid 2000’s, following the bank’s sponsorship of Power Conferences 1 and 2, through which the review of laws, policies and regulations relating to the energy/power sector were initiated.

Standard Bank also arranged and led a syndicated facility for the six-lane road in Lilongwe through a MK34.5 billion bond facility while in the mining sector development — through the Growth Conversation in 2023 and 2025, several Mining Development Agreements (MDAs) were “concluded within a short space of time”.

“Whilst we acknowledge and agree that there is need to improve some MDAs, we believe these initial agreements have created confidence in how Malawi wants to develop its mining sector but also attract credible FDI in Malawi and enhanced interest from global investors to our critical minerals (rare earths, rutile, graphite) in Malawi.”

He further delved how Standard Bank intends to partner with Government in a very practical and impactful way going forward:

* proposes that Standard Bank should be the lead convener of a constructive Public–Private Sector Dialogue, through the Growth Conversations;

* also ready to partner in the financing of critical infrastructure development including the planned MK200 billion road rehabilitation and maintenance program by Roads the Fund Administration;

* committed to lead sponsor mining, energy and infrastructure conferences planned for later this year;

* committed to be a strategic partner in building Malawi’s digital economy including developing a a roadmap of how as a country we can exploit the benefits of AI;

* committed to continuing its leadership in sustainable finance, promoting climate resilience and to deepening our positive social impact especially in health and education; and

* intends to remain a lead partner and financier for key investments in agriculture and agro-processing/manufacturing, recognising its central role in employment, food security, exports, rural and community development.

Madinga also highlighted that Standard Bank is not new to Malawi’s journey, having been in operation in Malawi for 57 years, making it one of the oldest financial institutions in the country.

“We are Malawi’s second largest bank by assets but also the leading Corporate and Investment Banking & Private Banking franchise in the country. We are part of the Standard Bank Group, Africa’s largest financial services group by assets — operating in 21 African markets, with access to global capital pools, development finance institutions, and international investors.

“But above all else, what defines us is our track record:

* Standing with Malawi through economic cycles;

* Supporting Government and the private sector during moments of stress; and

* Remaining stable, patriotic, and committed — even when conditions were difficult.

The opportunities ahead for Malawi are substantial, especially those that we need to exploit in 2026 — probably a critical turning point for Malawi — agriculture requires nearly MK931 billion in investment; infrastructure requires about MK665 billion; mining & energy requires approximately MK352 billion; and education & health require over MK2.3 trillion.

These figures underscore two realities:

1. The scale of Malawi’s development ambition, and

2. The absolute necessity of mobilising private capital alongside public funding.

“As Standard Bank we are well positioned to play this role — through our balance sheet capability, structuring expertise, successful track record and regional and international networks.”

Madinga also pinned on Standard Bank’s purpose saying it is simple and deeply aligned with Malawi’s aspirations: ‘Malawi is our home. We drive her growth’: “This purpose is not just words — it shapes how we deploy capital, how we manage risk, and how we partner with Government.

“Our strategy is fully aligned to MW2063 (including the MIP1 Accelerator, and your administrations National Economic Recovery Plan), and it is anchored on four priorities:

1. Supporting productive sectors — agriculture, energy & infrastructure (including mining), manufacturing/agro-processing and trade;

2. Expanding digital payments and financial inclusion solutions;

3. Crowding in capital through DFIs, MDBs, and global markets; and

4. Maintaining disciplined risk management, governance, and capital strength

“Growth through partnership is central to our strategy. This is why we believe our partnership with your government compliments our collaboration with other stakeholders including the private sector.

Demonstrated resilience and performance

“Despite economic shocks and market disruptions, we as Standard Bank have remained resilient and our belief in Malawi’s potential has remained unchanged. We have grown earnings and paid dividends back to our shareholders consistently, but also enabling us to be a key contributor to tax revenues for the country.

“Our profitability and capital base remain strong. The market has demonstrated confidence through strong share price performance — even after we completed a 1:5 share split in 2024.

This resilience of business enables us to continue supporting Government and the economy, particularly during periods of uncertainty. Actually, at Standard Bank we believe that in the midst of chaos and uncertainty lies opportunity.”

On how Standard Bank has supported Malawi’s development emphasised that their commitment “is demonstrated, and not just promised. Over the years (and more recently), we have supported the country and government in several ways:

* Fuel imports exceeding US$100 million — ensuring national energy security. This is being done through the facilities we are providing to NOCMA (US$90 million limit that has been increased from earlier US$50 million facilities) and PIL (a US$25 million structured facility).

“We believe we are currently the largest financier of fuel which is keeping the country open for business, despite a few hiccups and the Middle East conflict. We are the true partner fuelling Malawi.”

* Support for agriculture sector — over 40% of Standard Bank customer loan book is invested in this sector, including its support towards the importation of fertilisers and other agriculture activities in the country — with an annual provision in excess of US$100 million to tobacco sector alone.

* Energy and infrastructure projects – in 2008 the Bank arranged and provided a US$55 million to ESCOM towards the rehabilitation and addition of 64 megawatts to Kapichira II Power Station. This was in addition to working with government and other stakleholders to review the legal and regulatory frameworks for the energy sector.

* Also recently arranged and led the first-of-its-kind MK34.5 billion facility for the Roads Fund Authority (for the construction of sixlane roads in Lilongwe) that have created vast economic and social benefits for the country. In recent past, also provided US$80 million guarantee to Vale Logistics for the rehabilitation of the rail line from Moatize in Tete, Mozambique to Nacala which passes through Malawi.

* Mining sector development — leveraging on its Group-wide expertise, the Bank provided some initial funding arrangements for the uranium mine in the mid-2000s. It is also a thought leader for the sector’s development in Malawi and recently joined the Minister of Energy & Mining at the African Mining Indaba 2026 in Cape Town to affirm its support for this sector.

* Tax collections and payments — in 2025 the Bank contributed over MK77 billion in taxes to Government and collected over MK30 billion on behalf of Government during this past year.

* Employment/job creation — the Bank directly employs close to 900 Malawians whilst indirectly also supporting job creation for the youth, women and SME sector through its various financing and incubation programs.

* Social impact projects — beyond providing finance, the Bank has invested heavily in healthcare, education, youth, women, entrepreneurship, disaster response, forest restoration, and food security. Last year alone it invested close to MK900 billion in CSR.

Commitment going forward

Standard Bank thus reaffirmed its commitment to partner Government in its economic recovery and growth plans and to support initiatives and investments in energy, infrastructure, mining, tourism, and agriculture sectors.

More specifically, on the infrastructure front, it is committed to support and advise Roads Fund Administration on the MK200 billion roads rehabilitation projects, the lakeshore road revamp, the toll gates projects, and many other projects.

On the agriculture front, it is ready to support the megafarms programme and committed to support all other agriculture commercialisation initiatives as well as to continue to support and lead trade finance, payments, digitisation, and financial inclusion initiatives.

To crowdin capital from DFIs, MDBs, and global investors; advance climate-smart agriculture and resilience financing; and to remain a stable, patriotic, and responsible institution for Malawi.

Key takeaways

* First, we believe that as Standard Bank, we are starting from a position of strength. For 57 years, Standard Bank has been a trusted and consistent partner to Government — supporting Malawi through periods of stability, reform, and uncertainty — always remaining invested in the country’s long‑term success. We believe given that position, we are more than ready to do more into the future

* Second, the opportunities ahead of us are significant, even in the face of current global and domestic uncertainties. Malawi has a clear long‑term vision, abundant potential across productive sectors, and a reform agenda that, if executed with consistency, can unlock sustainable growth.

* Third, our strategy is clear, deliberate, and fully aligned with Government priorities. It is anchored on MW2063, the National Economic Recovery Plan, MIP‑1, and sector priorities across agriculture, energy, infrastructure, mining, manufacturing, tourism, trade, and digital inclusion.

* Fourth, the Bank has the depth, capability, and leadership to deliver. Our Board and Management team bring decades of experience, strong governance, and local market knowledge — supported by the balance sheet strength, sector expertise, and international networks of the Standard Bank Group.

“Most importantly, we believe in Malawi. We believe and have confidence in your leadership, and we believe that Malawi’s ambitions are credible, achievable, and worth committing capital, expertise, and long‑term partnership behind.”

He assured the President that “the message is simple but firm; Standard Bank stands ready — as a financier, advisor, and execution partner — to support Malawi’s economic recovery and to help drive long‑term, inclusive growth”.

What Standard Bank requires for success

Partnership is a two-way commitment. For Malawi to unlock her full potential, Standard Bank “respectfully ask for:

1. Clear and consistent leadership that stays the course on reforms;

2. Policy certainty and structural reform implementation;

3. A conducive and predictable business environment;

4. Strong PublicPrivate Dialogue, with effective follow through;

5. Infrastructure investment prioritisation; and

6. Adherence to good governance, accountability, and rule of law — “these are not just requests, they are catalysts for sustainable recovery and longterm growth”.

To partner with government, Madinga emphasised that they intend to be the lead convener for constructive public–private sector dialogue, through the Growth Conversations, where they bring together Government, the private sector and development partners to align priorities, unblock constraints, and accelerate implementation in support of national development objectives.

“We intend to play a leading role as arranger and financial advisor for critical infrastructure projects. We are committed to championing Malawi’s mining, energy and infrastructure agenda as lead sponsors of key national conferences in these sectors to position Malawi as an attractive investment destination and connect projects to regional and global capital.

“We intend to be a strategic partner in building Malawi’s digital economy, including developing a roadmap to exploit AI,” said Madinga, adding the emphasis that “sustainability remains integral to how the Bank partners for growth”.

“We are committed to continuing our leadership in sustainable finance and to deepening our positive social impact — supporting communities, strengthening resilience, and ensuring growth is inclusive and responsible.

“Finally, we intend to continue being the lead partner and financier for key investments in agriculture and agro-processing, recognising its central role in employment, food security, exports and rural development. Through value chain financing and innovation, we aim to unlock productivity and long-term sustainability in the sector.

“Your Excellency, this is how we see our role — not as a transactional participant, but as a long term, committed partner to Government, ready to help translate vision into delivery and ambition into lasting impact for Malawi.”

He closed with a reflection that; “‘A nation is great not by its size alone, but by the will of its people, the discipline of its leadership, and the quality of its institutions’. At Standard Bank, we believe deeply in Malawi.

“We believe and have confidence in your leadership and this government. And we believe that your ambitions for Malawi are credible, achievable, and within reach.

”We stand ready — as a trusted partner — to help turn vision into action, policy into progress, and ambition into shared prosperity.”