NBM Plc in loan guarantee partnership with African Guarantee Fund to support SMEs
Nairobi, Wednesday 2 October, 2024: – In a move to scale up its lending activities for various micro, small, and medium enterprises National Bank of Malawi (NBM) Plc has entered into a five-year loan portfolio cover partnership with the African Guarantee Fund (AGF).
The cover will support start-ups, women led businesses and green funding initiatives.
AGF is a pan-African guarantee provider that promotes economic development by providing financial institutions with partial credit guarantees and capacity development programs specifically intended to support Small and Medium-sized Enterprises in Africa.
National Bank of Malawi Plc Secures landmark US$100 million financing facility from Afreximbank to support trade finance business
Cairo, 25 September 2024: –In a move set to significantly boost trade financing in Malawi, African Export-Import Bank (Afreximbank) has signed a landmark US$100-million Trade Finance Facilitation Facility (AFTRAF) agreement with National Bank of Malawi (NBM) Plc, the country’s largest bank by assets.
Representing the largest AFTRAF facility ever to be extended by Afreximbank in Malawi, the US$100-million AFTRAF agreement will enhance and maximize the capacity of NBM Plc to finance trade transactions of its clients in the manufacturing, energy and agriculture sectors.
Additionally, it will allow NBM Plc to issue letters of credit confirmed by Afreximbank, addressing the difficulty posed by a shortage of confirming banks lines. It will also support the importation of critical goods required by Malawi, including intermediate products for the manufacturing sector, fuel, pharmaceuticals and fertiliser.
NBM Donates K40 Million Blood Bank Fridge to Mulanje District Hospital
National Bank of Malawi has donated a K40 million worth blood bank fridge to Mulanje District Hospital to preserve blood for cancer patients, women in childbirth, malnourished children, and accident victims.
The bank's Head of Corporate Banking Division, William Chatsala, highlighted that the donation exemplifies the bank’s commitment to life-changing initiatives.
NBM plc gives blood bank fridge to Mangochi hospital
National Bank of Malawi (NBM) plc has donated a blood bank refrigerator worth K40 million to Mangochi District Hospital to address blood storage challenges in the eastern region.
The Bank made a commitment through the Malawi Blood Transfusion Services (MBTS) to secure two blood bank fridges for Mangochi and Mulanje hospitals.
Speaking after the handover ceremony at the hospital on Friday, NBM plc Chief Executive Officer (CEO) Harold Jiya said they were convinced by MBTS to make the donation after noting that blood transportation and storage is the biggest challenge in the region.
NBM plc CEO gets down to business
National Bank of Malawi (NBM) plc Chief Executive Officer (CEO), Harold Jiya has unveiled plans to establish a Financial Technology (Fintech) company to help minimize costs incurred when buying systems from different companies.
Jiya, who ascended to the top managerial position this month following the retirement of McFussy Kawawa, outlined the plans during a media interaction session on Wednesday as he also unpacked the Bank’s five-year strategy.
In his presentation, Jiya said apart from the Fintech company, the Bank anticipates a significant growth to four countries in Africa, growing the profit-after-tax to $100 million dollars from the current $60 million, and grow the customer base to two million the year 2027.
NBM launches share purchase loan scheme
National Bank of Malawi (NBM) has introduced loans that will let Malawians buy shares on the Malawi Stock Exchange.
Speaking during the launch of the Share Purchase Loan Scheme in Blantyre on Tuesday, NBM’s Head of Retail Division, Oswin Kasunda said the bank wishes to have many Malawians own shares in different companies.
“We want as many Malawians as possible to prepare for the future. This is not an elitist product. We want everyone to access the loans and buy shares,” he said.
NBM Plc’s funded UNIMA innovations bear fruits
NBM Chilenga (left) UNIMA Mzaza (centre) and students rep Austin RobenNational Bank of Malawi (NBM) Plc has expressed satisfaction with the innovations done by University of Malawi (UNIMA) Department of Physics and Electronics final-year students.
NBM Plc Information Technology, Organization, and Methods (ITOM) Division gave the students three challenges to solve and bring out innovative solutions with MK2.8 million as funding for the projects.
On Friday, the students presented the innovations at NBM Headquarters in Blantyre, where Head of ITOM Designate Christopher Chilenga said part of NBM plc strategy has an aspect called ‘collaborations and partnerships’ recognizing that the Bank cannot have all the answers to the problems in the services but can get someone else on board.
NBM PAL pension fund income up 42 percent
Mabulekesi – Members will get a real investment return
NBM PAL Unrestricted Pension Fund has registered an increase in investment income for the year 2023 to 42 percent from 27 percent in 2022.
This means that, for example, for an individual member with a total accumulated pension benefit of K10 million as of December 31 2023, the total accrued pension benefit has increased to K14.2 million with effect from January 1 2024.
NBM PAL Chief Executive Officer William Mabulekesi said with inflation averaging 30 percent in 2023, members will get a real investment return of over 12 percent.
