Kaunda: This partnership will benefit policy holders

National Bank of Malawi (NBM) plc has partnered Old Mutual Malawi to facilitate digital insurance premium collections for its retail products.

NBM  head  of  digital services William Kaunda said  in  an  interview that Old Mutual policy holders will now find a convenient way of paying their  premiums  through the bank’s digital platforms starting with the mobile platform Mo626 Ice.

TIMELY INTERVENTION – NBM officials pose with some students

National Bank of Malawi (NBM) has donated K2 million to the Association of Universities and Colleges in Malawi (Ucam) and another K2 million worth of text books to Chigoneka Community Day Secondary School.

The donation to Ucam is towards the association’s second International Conference on Higher education.

Nyirenda makes a symbolic presentation of the books to Chitwele

National Bank of Malawi (NBM) plc employees on Father’s Day, Sunday, gave a motivational talk and the donated books worth K2 million to Chigoneka Secondary School in Lilongwe.

Senior male employees, led by NBM plc Capital City Servive Centre  manager George Nyirenda, spent time with the learners while emphasising on the importance of school and being a responsible citizen.

Malata (L) and Chinyama displaying the symbolic cheque

National Bank of Malawi (NBM) plc on Friday donated K2 million towards a two-day International Conference on Higher Education  to  be held from June 24 to 25 in Mangochi.

Speaking in Lilongwe during the symbolic cheque presentation, NBM plc Gateway Service Centre manager Tawina Malata said the bank, as a beneficiary of higher education through the staff who graduated from various institutions, believes the conference will help to improve higher education standards in Malawi.

Partridge (centre) addressing the virtual AGM flanked by NBM Chief Executive Officer Macfussy Kawawa (R) and Company Secretary Zunzo Mitole (L)

Listed National Bank of Malawi (NBM) plc on Friday 4^th June 2021 held its 49^th Annual General Meeting (AGM) virtually where it declared a profit after tax of K22.4 billion for the year ending December 2020 despite operating under Covid-19 pandemic and political uncertainty situations.

Addressing the AGM, NBM plc Board Chairman Dr George Partridge said the economic and operational landscape for 2020 was defined by the COVID-19 pandemic and political uncertainty in the run up to the June Fresh Presidential elections and expected economic growth for year 2020 was revised downwards to 0.6% from a pre-pandemic estimate of 5.5%.

Oswin Kasunda, Head of Retail Banking

National Bank of Malawi (NBM) plc on Friday, 28^th June 2021, launched a new product called Kasupe Finance which is a new financing model for Village Banks and other micro-credit groups. The National newspaper Business Editor Chikondi Chiyembekeza sat down with NBM plc Head of Retail Banking Oswin Kasunda to gain understanding on the new offering. Excerpts;

Q: NBM plc has recently introduced a service offering known as Kasupe Finance targeting Village Banks. Why are you reaching out to Village Banks?

A: To start with, Village Banks are basically referred to as informal self-help groups that operate a microcredit methodology in which financial services are administered among themselves. Malawi has experienced an exponential growth in the number of these self-help groups recently. Village Banks have become so predominant because unlike other formal financial institutions, they offer instant funding without stringent terms or conditions such as provision of collateral, proven business track record and other underwriting requirements. Based on extensive research conducted with several Village Banks across the country, NBM plc identified a gap in the Village Bank model on bridging finance and transactional accounts for the groups as most of them did not operate bank accounts. To help facilitate financial inclusion, the Bank designed a service offering that would enable groups to satisfy their demand for funds, (especially at the beginning of their cycle when accumulated contributions are still low), facilitate members’ contributions, loan disbursements, repayments and final distribution of accumulated funds. In a nutshell, NBM plc would like to assist these informal groups with a means to access various financial products and services through the Kasupe Finance.

Kasunda: We saw an opportunity

National Bank of Malawi (NBM) plc has introduced Kasupe Finance Account for village savings and loans (VSL) groups without service fee or collateral but with access to cheap credit facilities.

Speaking at the launch in Blantyre, the bank’s head of retail banking division Oswin Kasunda said the product aims to uplift socio-economic livelihood of Malawians.    

NBM Chief Executive Officer, MUST vice chancellor & MUST duty vice chancellor with the awardees

National Bank of Malawi (NBM) plc has awarded nine students from Malawi University of Science and Technology (MUST) for their outstanding performance in the last academic year.

The students were from the faculties of Academy of Medical Services, Bingu School of Culture and Heritage, Malawi Institute of Technology, and Ndata School of Climate Change and Earth Sciences.

NBM Chief Executive Officer (CEO), McFussy Kawawa said they continue awarding the best students as part of motivating them to work hard in class.