National Bank of Malawi Held cocktail in Mzuzu to interact with customers. During the cocktail, Chief Executive Officer, Mcfussy Kawawa spoke on the current power situation that has affected the bank in many ways. He said that most productivity in most companies has gone down and this has led to reduction in the number of people that are borrowing from the banks.
He said although banks lowered their base lending rates as a reaction to the movements in the policy rate, the decisions have not translated into an actual boots in economic activities. He said
"Most businesses are scaling down operations due to energy crisis. our fear the situation will remain the same in 2018. the year has been challenging with mixed developments."
" This year has been challenging with mixed developments. we have seen the inflation and the interest rates going down, with the exchange rate remaining stable but there has been no meaningful economic activity to write home about. production has not been on the higher level due to the power situation that we have been experiencing and our customers are greatly affected." Kawawa said
Kawawa said NBM will continue to come up with products that meet the needs of its customers, including the recently introduced Mo626 Digital, a user friendly money application that allows NBM customers to make transactions even across boarders