Malawi’s biggest commercial bank by assets and profitability, National Bank of Bank (NBM), unveiled NBM Development bank which seeks to offer long term financing to businesses

Unveiling the Development Bank in the Lilongwe, NBM Chief Executive Officer, Mcfussy Kawawa who is also the NBM Development Bank Chairperson, said the entity will help business achieve their long term plans.

Kawawa said the Bank seeks to assist the country’s Small and Medium Enterprises (SMEs) and help them grow into big operations.

The Bank is expected to offer loans for periods between five to ten years with a maximum of K150 million.

In addition to offering loans, NBM development Bank will enter into partnerships with private sector players to ensure success in their businesses.

“This is the bank that many Malawians have been waiting for. Unlike commercial banks, this bank will focus on long term borrowing.’’ Kawawa Said

The Reserve bank of Malawi Governor, Dr Dalitso Kabambe said time had come for Malawi businesses to grow.

Kabambe said the coming in of NBM development bank will help actualize the dreams of many businesses who could not pursue long term projects because of the nature of financing that was available on market.

People with business ideas such as coffee growing, opening a lodge in the tourism industry will now have no excuse for not pursuing those dreams.’’

“In addition, the Bank gives a grace period before one starts repaying the loan which is commendable.’’Kabambe said

Finance Minister, Joseph Mwanamveka, said NBM Development Bank had come at the right time when the economy has stabilised.

“What government wants is to start growing the economy. The economy can grow if more businesses start borrowing money to expand their enterprises and create jobs.’’ Mwanamveka said